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Renting out my house - Will I lose my tracker?

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  • 11-11-2010 3:35pm
    #1
    CBYR1983
    Registered Users Posts: 336 ✭✭


    I have a house from before I married, it is in my name with a reasonably small mortgage, as I iwas gifted half of the house, and borrowed to buy a family member out of the other half.

    I have a tracker mortgage.

    I recently married and my wife wants to move into a larger house. I don't want to sell the house I have, as the equity value is depleted since I got it, and I have put a lot of money into it over the years.

    I am considering letting this property and having my wife buy another house in her own name, with me as guarantor on her mortgage, only her on the deeds.

    Is my bank likely to try to rescind the tracker mortgage on my house given that I would no longer be owner-occupier?

    Any thoughts on what I could do to avoid this?


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    #2
    Cookie_Monster
    Registered Users Posts: 24,501 ✭✭✭✭Cookie_Monster


    Depends on the contract with the bank but I imagine they would try and remove the tracker.

    Personally I think its a bit mad to be buying a second house when you admit you have a fairly cheap mortgage on the current one just cos its a bit small. Now certainly is not the time to be considering anything anyway until the full consequences of this budget (and maybe the next) are out in the open and taking effect.


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    #3
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Generally the trackers are for properties you are residing in so may be able to force you off the trackers.


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    #4
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    OP I have done this and not lost tracker. This comes up a lot on boards, but I have never heard of anyone losing a tracker due to renting as long as the terms of the mortgage stay the same.


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