Will I lose my tracker mortgage if I rent out my house with ulster bank ?

Jimmydiggler

I have a mortgage since 2008 initially with First Active fixed for three years and then tracker since then.(became Ulster Bank )
I have commuted to the city centre from Arklow since then but, it's come up a point that'd be cheaper to rent in Dublin with fuel costs etc.
I had a management company in today, could have my house rented in two weeks but just found out that it might be a problem with my bank.
I'm just wondering has anyone got recent experience with Ulster Bank in a similar situation.
Thanks.
J

3DataModem

I rented out my house in 2010 with an ulster bank tracker, didn't lose tracker.

Just wrote to revenue to cancel MIRAS, changed my postal address to my new address, and changed my house insurance to landlords insurance.

UB didn't care one jot.

Jimmydiggler

3DataModem wrote: »

I rented out my house in 2010 with an ulster bank tracker, didn't lose tracker.

Just wrote to revenue to cancel MIRAS, changed my postal address to my new address, and changed my house insurance to landlords insurance.

UB didn't care one jot.

Thanks 3
I've seen a lot of posts online about them threatening to change their mortgage rates as trackers are only for people living in their houses?
Have heard they'll change to a variable rate ....
Did you have to write to them to change your address, I'm thinking of calling them to let them know , what ya think ?

phormium

Have a read of your loan offer if you have it, however I consider it unlikely there is any clause there that would say you would lose it. FA were offering BTL tracker rates at the same rate as home loans at the time so to the best of my knowledge nothing is written in to those offers that say you will lose it if you rent as the same deal was available to people who were buying to rent.

3DataModem

Jimmydiggler wrote: »

Thanks 3
I've seen a lot of posts online about them threatening to change their mortgage rates as trackers are only for people living in their houses?
Have heard they'll change to a variable rate ....
Did you have to write to them to change your address, I'm thinking of calling them to let them know , what ya think ?

I wrote to them; "please note my new correspondence address". Got a letter of acknowledgement. No big deal.

I've posted a lot on this topic. I have yet to see proof of a single person who rented out their place and had a bank force them off a tracker. Lots of "I heard" or "my mate" but not a single confirmed case.

cloonton

3DataModem wrote: »

I wrote to them; "please note my new correspondence address". Got a letter of acknowledgement. No big deal.

I've posted a lot on this topic. I have yet to see proof of a single person who rented out their place and had a bank force them off a tracker. Lots of "I heard" or "my mate" but not a single confirmed case.

+1. I rented out mine in 2008, changed correspondence address, cancelled my mortgage interest relief, paid my NPPRs, PTRBs, Household Charge etc ect, filed my Income tax returns and generally did everything above board. Nobody from Ulster Bank's come after me yet to change my rate.

Maaaaan, being an accidental landlord sucks

Jimmydiggler

phormium wrote: »

Have a read of your loan offer if you have it, however I consider it unlikely there is any clause there that would say you would lose it. FA were offering BTL tracker rates at the same rate as home loans at the time so to the best of my knowledge nothing is written in to those offers that say you will lose it if you rent as the same deal was available to people who were buying to rent.

I don't have the loan offer only a copy if the mortgage, where can I get a copy if it ?

phormium

Your solicitor might still have a copy of the terms and conditions, if not you'd have to request it from the bank.

murphaph

Jimmydiggler wrote: »

I don't have the loan offer only a copy if the mortgage, where can I get a copy if it ?

UB will provide you a copy on request. I thought I lost mine after a move and requested a copy no problem...then my original turned up of course.

Jimmydiggler

murphaph wrote: »

UB will provide you a copy on request. I thought I lost mine after a move and requested a copy no problem...then my original turned up of course.

Thanks guys, I called ulster bank this morning and asked anonymously was I entitled to move out was told that I could rent no problem bit as ulster bank own the house I was asked to write a letter to inform them of my plan .
When she told me, I gave her my name and will be receiving my t's and c's in the next week which she also said didn't contain anything that states my mortgage will be affected so happy feckin days .

Kebab

Jimmy, did you get a copy of your mortgage conditions? I got a copy from our broker a while ago and it says we have to be the residents of the house to have the tracker. I can’t remember does it say anything about what they’d move us to, but it’s pretty obvious from the clause that they are saying we can’t rent out the house and keep the tracker. We badly want to move, and the only way is to rent it out and rent somewhere else, but am really worried about losing the tracker.

Jimmydiggler

Kebab wrote: »

Jimmy, did you get a copy of your mortgage conditions? I got a copy from our broker a while ago and it says we have to be the residents of the house to have the tracker. I can’t remember does it say anything about what they’d move us to, but it’s pretty obvious from the clause that they are saying we can’t rent out the house and keep the tracker. We badly want to move, and the only way is to rent it out and rent somewhere else, but am really worried about losing the tracker.

Hi kebab....received them today ....there's nothing in the them about being a resident of the house....I've spoken to many people about this....I'd say go for it, do everything above board, say nothing to the bank.

Kebab

Thanks Jimmy - we are going to go for it. Got my husband to ring UB anon yesterday and enquire about it. They said they weren't going after people YET about it, but that wasn't to say they never would. So a vague answer, but it'll have to do. We've found somewhere to move to, and just need to get this place rented now.

We're doing everything above board alright. Was tempted not to but don't need that worry!

thanks again

K

blackis200

Did UB ever move people off tracker for renting the property out?
We have a tracker and we are considering moving to Australia for 2 years.
I'd hate to lose the tracker.

_Brian

How would they know ??

We've been renting the mortgaged house out now for 10 years and never informed UB, they never asked either.

As long as the payments are made they will stay quiet.

Kebab

Blackis200, nope they never moved us off the tracker - as other posters have said, it seems as long as you keep up to date with repayments that's all that matters.

Enjoy Australia, we loved it there 👍🏻

blackis200

Kebab wrote: »

Blackis200, nope they never moved us off the tracker - as other posters have said, it seems as long as you keep up to date with repayments that's all that matters.

Enjoy Australia, we loved it there 👍🏻

Thanks. If we like it, we'll stay there..