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Has anyone rented their home out and lost their tracker?

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  • 29-11-2010 5:22pm
    #1
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭


    I've read a number of comments on this forum suggesting it is general practice for banks to force borrowers off trackers if they move out of their home and rent it out.

    e.g. (no disrespect to Chris85 intended)
    chris85 wrote: »
    If they are not living in the property then its considered an investment property rather then main residence and would more than likely lose the tracker.

    One of the terms of most trackers is that it is the primary residence and not an investment property.

    Has anyone, anywhere, any evidence of this happening? Not conjecture or rumour, but evidence?

    I know that people have lost trackers for going interest only, or getting a payments break.

    What I'd like to know is has ANYONE lost a tracker due to ONLY moving out and renting out the place?


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    #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,280 Mod ✭✭✭✭Jim2007


    3DataModem wrote: »
    Has anyone, anywhere, any evidence of this happening? Not conjecture or rumour, but evidence?

    I would expect that the best evidence to have is to see what it says in your agreement! What does it say? In the end that is the rules that will apply and it really does not matter what happened to others.

    Jim.


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


    I wasn't asking about my own... just curious if any of the hearsay repeated here is actually based on anything concrete.

    (I have two mortgages, both RILs, one (a keenly priced tracker) was my main residence until March. No change in terms, despite moving abroad and renting it out.)


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    #4
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Nope. I've not seen any examples of this. Very hard to prove and enforce in alot of cases.


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    #5
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    hey good to see my posts creating more discussion, all good.

    It depends on the lender to be honest but it does happen. Depends the terms of your mortgage so check them out. I think BOI will allow you keep it but unsure about others.

    See thread below.

    http://www.askaboutmoney.com/showthread.php?t=140086


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