We are meeting with AIB on Friday about the possibility of selling our Dublin apartment. We are hoping buy a house in countryside.
We moved abroad for 3 years and continue to rent the apartment to the same tenants even now on our return.
We think we will get selling the apartment for whats currently owed on the mortgage outstanding, so little or no neg equity.
My concern is that our mortgage is a Tracker mortgage 0.5%
We have paid all the associated charges with being a landlord like NPPR, PRTB and have informed Revenue to cancel TRS (which they did) and paid tax on the rental income.
I have just seen in another thread here a poster was asked to submit accounts and proof of various items and then the bank said they were in breech of their mortgage t&cs and pulled the tracker from them.
We did go through the contract to see did it say anything such as 'must ask bank for permission to rent the property' etc but couldn't see anything obvious.
But I would guess that if they wanted an excuse they can aways refer to t&c that says 'you must tell the bank of any change in circumstance'.
Probably doesn't make much difference but always be on time with repayments etc.
Im just nervous going near AIB and don't particularly want to be giving them more info than they need. But it seems obvious that they will ask about employment and we will have to tell them we were in Australia and then they'll ask about the apartment. i guess we will have to tell them it was rented and pray they don't take tracker of us.
Anyone experience of this happening.
Thanks in advance.
We moved abroad for 3 years and continue to rent the apartment to the same tenants even now on our return.
We think we will get selling the apartment for whats currently owed on the mortgage outstanding, so little or no neg equity.
My concern is that our mortgage is a Tracker mortgage 0.5%
We have paid all the associated charges with being a landlord like NPPR, PRTB and have informed Revenue to cancel TRS (which they did) and paid tax on the rental income.
I have just seen in another thread here a poster was asked to submit accounts and proof of various items and then the bank said they were in breech of their mortgage t&cs and pulled the tracker from them.
We did go through the contract to see did it say anything such as 'must ask bank for permission to rent the property' etc but couldn't see anything obvious.
But I would guess that if they wanted an excuse they can aways refer to t&c that says 'you must tell the bank of any change in circumstance'.
Probably doesn't make much difference but always be on time with repayments etc.
Im just nervous going near AIB and don't particularly want to be giving them more info than they need. But it seems obvious that they will ask about employment and we will have to tell them we were in Australia and then they'll ask about the apartment. i guess we will have to tell them it was rented and pray they don't take tracker of us.
Anyone experience of this happening.
Thanks in advance.