mortgage help!! scared...

lolipop2

scared!
hi all

I am wondering can anyone give me some advice - we have rented our house out and moved back in with parents. there was a couple of reasons for this.we bought our house back in 2006, paid was over the odds for it as did alot of people and we bought in a town that neither of us had family/friends.

Move on to 2012 and we have an adorable little baby, im unemployed and my husband is working thank god. We had got a reduced rate on our mortgage so at the moment we are paying half mortgage payments We decided to rent out our house and move to parents as it was closer to dh work, i cud get help with baby plus the area where our house is has become very rough and we just didnt feel safe there anymore especially now with little baby. anyway we are getting rent from tennents which still isnt covering mortgage even though we are on a reduced rate.

the mortgage guy called me the other day and told me that he wantd to come to our house for a chat but he is not aware of the house been rented out!

so currently we are on reduced rate, gettig rent which we never told the bank about and guy wants to come to see us in our house and we dont even live there anymore! so im scared now to tell the bank our real situation, its a mess.

any advice?

Stheno

Be truthful with the bank, and work with them?

km79

lolipop2 wrote: »

scared!
hi all

I am wondering can anyone give me some advice - we have rented our house out and moved back in with parents. there was a couple of reasons for this.we bought our house back in 2006, paid was over the odds for it as did alot of people and we bought in a town that neither of us had family/friends.

Move on to 2012 and we have an adorable little baby, im unemployed and my husband is working thank god. We had got a reduced rate on our mortgage so at the moment we are paying half mortgage payments We decided to rent out our house and move to parents as it was closer to dh work, i cud get help with baby plus the area where our house is has become very rough and we just didnt feel safe there anymore especially now with little baby. anyway we are getting rent from tennents which still isnt covering mortgage even though we are on a reduced rate.

the mortgage guy called me the other day and told me that he wantd to come to our house for a chat but he is not aware of the house been rented out!

so currently we are on reduced rate, gettig rent which we never told the bank about and guy wants to come to see us in our house and we dont even live there anymore! so im scared now to tell the bank our real situation, its a mess.

any advice?

Arrange to meet him at the bank instead ?

Me Tilty

km79 wrote: »

Arrange to meet him at the bank instead ?

Exactly. He has no right to come to your house. Get the guards involved

lolipop2

thanks for replies.

just wondering has anyone ever used redoak.ie to help with tax returns? im clueless in this area and if i tell the bank we are renting out the house now we will loose the trs probably - i only realised today fro doing some research that u cant claim trs if u are not living in the house - it will prob cost us more to rent this house out and all we wre doing was trying to afford the mortage payments because we have only one income

chris85

Me Tilty wrote: »

Exactly. He has no right to come to your house. Get the guards involved

The guards? Seriously? The bank official probably thought it easiest for the customer to not have to travel and they would travel to the customers house. I am sure they would have been happy to have the customer travel to meet the bank.

Op, meet the bank at their office and see what they want to do. Be honest about the situation and they will work with you. Many people are in same situation and are renting out their properties.

On a side note, be sure to have sorted any tax implications for the rental income from the property. Otherwise this could be another issue for you down the line.

Howjoe1

lolipop2 wrote: »

scared!
hi all

I am wondering can anyone give me some advice - we have rented our house out and moved back in with parents. there was a couple of reasons for this.we bought our house back in 2006, paid was over the odds for it as did alot of people and we bought in a town that neither of us had family/friends.

Move on to 2012 and we have an adorable little baby, im unemployed and my husband is working thank god. We had got a reduced rate on our mortgage so at the moment we are paying half mortgage payments We decided to rent out our house and move to parents as it was closer to dh work, i cud get help with baby plus the area where our house is has become very rough and we just didnt feel safe there anymore especially now with little baby. anyway we are getting rent from tennents which still isnt covering mortgage even though we are on a reduced rate.

the mortgage guy called me the other day and told me that he wantd to come to our house for a chat but he is not aware of the house been rented out!

so currently we are on reduced rate, gettig rent which we never told the bank about and guy wants to come to see us in our house and we dont even live there anymore! so im scared now to tell the bank our real situation, its a mess.

any advice?

Banks do allow mortgage interest options etc for investment properties. Best just to tell the truth and I'm sure it can all be sorted out without too much pain.

You probably have a tax issue in relation to claiming TRS. Also, you have requirements to address since the property is now let, PRTB & NRP etc.

Not familiar with Redoak, but you should be able to get it sorted without too much costs from an accountancy angle. I have a rented property and file my own tax returns without too much trouble.

rameire

regarding claiming the trs and not living in the house, if the revenue find out, you will be in trouble, as you are defrauding the revenue.

they may just ask you to pay back all the trs you have received since letting out the property,
they may go further.