Owner occupier mortgage for rental property

egg102530

would love some help on this question about fixing an owner occupier mortgage when now renting property out:

Scenario: 

homeowner buys a property to live in, gets an owner occupier variable mortgage at the time and a year or so later moves out and rents property. Mortgage remains unchanged (owner occupier mortgage)

Years later mortgage rates are shooting up and property owner wants to fix. Mortgage provider is offering to go onto a fix rate. 

Q. Can the owner fix the mortgage as an owner occupier (far better rate) even though no longer living in the property? 

Q. Are there any consequences, legal, financial or otherwise in doing this? 

Note - property is fully registered with TRB so shouldn’t be any tax impacts/things that revenue would care about. 

pat_sconce

Generally banks will allow you continue on the main rates as this was the original drawdown.

If they query it you can say you intend moving back into the property in a couple of years, but most banks won't query it as long as the original designation was correct.

No legal or tax consequences.

Peregrinus

(But make sure you have told your insurer that the property is rented out. They'll likely disclaim liability if this only emerges when a claim is made.)

Jim2007

https://www.boards.ie/discussion/comment/120802349#Comment_120802349

There are legal consequences if you deliberately try to deceive them and they decide to take if further.