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Does Bank allow BOI mortgaged property to be rented out under the RAS Scheme

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  • 12-09-2019 12:45pm
    #1
    trevorm
    Registered Users Posts: 2 ✭


    I have an apartment. I met with a BOI advisor to discuss options for a new mortgage to buy a house and we also discussed keeping my existing property to rent out. I was told it was all possible and the bank need a valuation on the monthly rental income the apartment would generate.

    I've been looking at the rental options and I'm considering the RAS scheme with the County Council. The County Council advised that they need written confirmation from my lender agreeing that I can enter the scheme to rent out the property. Is this scheme something BOI allows mortgage customers to enter in to or would I need to rent the apartment privately?


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    #2
    Bank of Ireland: Jennifer
    Closed Accounts Posts: 490 ✭✭Bank of Ireland: Jennifer


    trevorm wrote: »
    I have an apartment. I met with a BOI advisor to discuss options for a new mortgage to buy a house and we also discussed keeping my existing property to rent out. I was told it was all possible and the bank need a valuation on the monthly rental income the apartment would generate.

    I've been looking at the rental options and I'm considering the RAS scheme with the County Council. The County Council advised that they need written confirmation from my lender agreeing that I can enter the scheme to rent out the property. Is this scheme something BOI allows mortgage customers to enter in to or would I need to rent the apartment privately?


    Hi trevorm,

    Thanks for getting in touch with us here on Boards.

    Can we ask that you leave this query with us and we would be happy to look into this with our Mortgage team for you. Please be assured that as soon as we have a response we will come back to you here.

    Thanks Jen


  • Options
    #3
    trevorm
    Registered Users Posts: 2 ✭trevorm


    Bank of Ireland: Jennifer wrote: »
    trevorm wrote: »
    I have an apartment. I met with a BOI advisor to discuss options for a new mortgage to buy a house and we also discussed keeping my existing property to rent out. I was told it was all possible and the bank need a valuation on the monthly rental income the apartment would generate.

    I've been looking at the rental options and I'm considering the RAS scheme with the County Council. The County Council advised that they need written confirmation from my lender agreeing that I can enter the scheme to rent out the property. Is this scheme something BOI allows mortgage customers to enter in to or would I need to rent the apartment privately?


    Hi trevorm,

    Thanks for getting in touch with us here on Boards.

    Can we ask that you leave this query with us and we would be happy to look into this with our Mortgage team for you. Please be assured that as soon as we have a response we will come back to you here.

    Thanks Jen
    Sure, no problem


  • Options
    #4
    Bank of Ireland: Jennifer
    Closed Accounts Posts: 490 ✭✭Bank of Ireland: Jennifer


    trevorm wrote: »
    Sure, no problem


    Hi trevorm,

    Apologies about the delay in responding to you. We have checked this out with our Mortgage Team, as this can depend an the terms of the mortgage agreement our mortgage team have requested that you call them on 016113333 and one of our colleagues will be more than happy to discuss the details of this with you.

    I hope this helps.

    Thanks Jen


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