Will AIB take Tracker if we move abroad ?

G

Greekwife

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My husband has applied for a secondment abroad. It would be for between 1 and 3 years. We are trying to decide if the kids and I will go too.

We have a good Tracker with AIB and 21 years left on the Mortgage. We plan on NOT renting the house out as the secondment is in Europe and the kids and I will be over and back. The salary is good enough to financially allow this. We also plan on returning to live in the house once the secondment is over.

So my questions are :-

1. Do we have to notify AIB that we have moved ?
2. If we do will they but us on their Variable Rate as we won't be living in the house ?
3. If we don't tell them will they be notified by our Ins Co or Revenue ?
 
AIB: You would have to look at your letter of offer to see if there arny conditions about non ocupation and renting - but you are clearly stating that you wont be renting and that you will be back and forth and you will continue to pay the mortgage. I do not see any reason why you would have to say anything at all to AIB. In fact the people you should be more concerned with are your insurers.

Revenue: It could be argued that Revenue could view that your 'principal private residence' for the period of absence could not in fact be your own house. That said, the only relevance it would have is CGT on a future sale. There is already an exemptions for periods of non occupation where it the consequences of employment once you reoccupy on your return. I dont see why you would say anything to them as this appears to be temporary; you intend occupying for a portion of the year; and you intend returning.
 
Its still your PPR as you are just visiting your husband on extended holidays.
Its all in the way you tell it :D
 
Greekwife said:
3. If we don't tell them will they be notified by our Ins Co or Revenue ?
Click to expand...

Not sure how revenue comes into this if you are not renting. But revenue can not discuss your tax affairs with your bank.

If you're not living in the house then you MUST inform your insurance company. Even for say the summer months as they have all kinds of small print about long vacations. Be very careful on this. I don't see how your house insurance will inform your bank though.
 
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