Tracker rate and letting out old family home

A

APM007

Registered User
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Hello all,

I was hoping someone might have an idea how PTSB are currently dealing with tracker rates for properties moving from being a family home to a rental property.

Am I likely to lose the tracker rate?

I will have to sell the house if so. The monthly cost will be prohibitive. I would prefer to keep the house and the tracker rate!

Any advices would be most welcome.

Thanks.

APM007
 
Whether you agree with it or not, the general advice is : they won't know if you don't tell them.

You would need to check the specific terms and conditions of your mortgage, but it appears that some PTSB mortgages don't have a clause that the house must be your PPR, as some other banks do. PTSB are especially sensitive now about removing tracker mortgages.

Example from a long time ago:

Key Post - Has anyone lost their tracker through renting out their home?

A few posters have referred to people losing their cheap trackers if they let out their home. Is there a definitive answer on this? Do the terms and conditions usually specify that it must be your home/ Brendan
www.askaboutmoney.com
 
make sure that your house insurers are aware though, as you probably need liability cover as Landlord. If current policy is with PTSB, then take out another as Landlord with a different insurer. When renewal of the PTSB one comes around, let it lapse and then have PTSB put on the newer policy as Lender.
 
You will not lose your tracker rate if changing your home to a buy to let hope this helps happy new year all Padraic
 
@APM007

There are hundreds of thousands of mortgaged properties in Ireland. They have no way of knowing who is living in which at any point. Once you pay your mortgage on time and in full the bank will not care.

I know a guy who is so honest he rang his bank in the UK up and told them he had let out his PPR. For the privilege they now charge him £2,000 a year extra on his mortgage. Nothing would have ever happened if he hadn't made that call.
 
NoRegretsCoyote said:
@APM007

There are hundreds of thousands of mortgaged properties in Ireland. They have no way of knowing who is living in which at any point. Once you pay your mortgage on time and in full the bank will not care.

I know a guy who is so honest he rang his bank in the UK up and told them he had let out his PPR. For the privilege they now charge him £2,000 a year extra on his mortgage. Nothing would have ever happened if he hadn't made that call.
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That may be so but loan conditions state you must inform the lender if creating a lease
What has caused the issue is that some lenders did use this change of purpose as a reason to take or alter the tracker rate PTSB do not
 
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