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Anyone renting out their house???

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Anyone renting out their house???

Postby LadyGaga2010 » Thu Mar 08, 2022 6:03 pm

We are thinking of renting out our house so we can move to another area and rent ourselves there. Has anyone done this and if so how has it worked out? I know we would lose TRS but would we also have to give up our tracker??? Mortgage is with BOI
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Re: Anyone renting out their house???

Postby Momster » Fri Mar 09, 2022 8:49 pm

Hi Ladygaga

i haven't done this myself but have some experience in the property profession - regarding losing your tracker, this will depend on your letter of offer i.e. whatever you signed with the bank when you took out the loan. alot of banks will put in a clause to state that if your house goes from being your principal private residence to a residential investment property then you move on to an alternative rate. perhaps contact the customer services section of bank of ireland mortgages and ask for a copy of the final letter of offer to be sent out to you so you can check.

note you will also have to pay income tax on the rent. see this:
http://www.revenue.ie/en/tax/it/leaflets/it70.html

hope that helps! :)

last thing - dont forget that you need to register the tenancy with hte PRTB!!! https://www.prtb.ie/
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Re: Anyone renting out their house???

Postby disney08 » Sat Mar 10, 2022 1:00 pm

Momster wrote: last thing - dont forget that you need to register the tenancy with hte PRTB!!! https://www.prtb.ie/


also, the NPPR charge will also be due on the property: www.nppr.ie

I'd recommend the www.askaboutmoney.com message board for any specfic queries you might have about renting out your property.
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Re: Anyone renting out their house???

Postby hopeful1973 » Sat Mar 10, 2022 1:14 pm

LadyGaga as Disney said, there are loads of threads on askaboutmoney.com about this topic. As Momster said as well, it'll depend on what your mortgage agreement says. We have wanted to move for ages but when we got a copy of our agreement (tracker with UB) it said we could only hold onto our tracker while our house was our PPR, i.e. we couldn't rent it out and hang onto it. So we've just stayed put. You really need to check your mortgage agreement.

There is then the whole discussion about whether to tell the bank, most people give up their mortgage interest relief which might flag it with the bank, or might not. You are supposed to sign up to the PRTB as well, and pay the NPPR.

The tracker is so valuable these days a lot of people don't' want to lose it so are renting out their properties without telling the bank and hoping they don't find out. It's a minefield really...
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Re: Anyone renting out their house???

Postby LadyGaga2010 » Sun Mar 11, 2022 11:41 pm

Thanks for all the advice girls. Found my loan document over weekend and there does not seem to be any clause that it has to be PPR. Am going to ring Bank tomorrow and just say we are thinking about it and ask what story would be. Would not give up my tracker for love nor money so it might be the decision maker as to whether we can move or not.

Thanks again
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Re: Anyone renting out their house???

Postby hopeful1973 » Mon Mar 12, 2022 6:59 pm

Did you ring your bank LadyGaGa? Interesting to know what they said, it's great it isn't mentioned in your contract, as really it means that you should be able to rent out your house and keep the tracker. Just be careful, the bank will do what it can to get you off the tracker...

Hx
Me 38, DH 38
AMH 4.8 Feb 2010
IVF No. 1 Sims, Dublin: BFN 13th March 2010
IVF No. 2 Sims, Dublin: BFP 26th July, m/c 14th August 2010
Sept 2010: Chicago bloods results show elevated TNF Alpha cytokines need Humira injections. Started Humira evening 30th Sept... Chicago retest 26th October. 3.11.10: Got retest results, have only dropped to 39.4 from 42.9 (needs to be under 30) two more Humira injections taken.
IVF No. 3 January/February 2011 Gennet, Prague: OTD 5th Feb. BFN...
IVF No. 4, ARGC London. Monitored cycle Chicago bloods showed very elevated cytokines - 64! On Humira. HSG 13th May 11 shows left tube open yay! 20.6.11: Hysteroscopy, all fine. 24.6.11: Chicago retest shows cytokines down to 44. Another 2 humira prescribed. 28.7.11: Started fourth IVF cycle. Two blasts transferred 13.8.11. 23.8.11: BFN

Oct' 11: Consult with ZW clinic. Started Napro charting. 18.1.12: Appt with Dr. B. Have my Napro plan of action, come on my BFP!!!

Dec bloods: Prog: 42 Oestradiol: 606
Jan bloods: Prog: 55 Oestradiol: 386
Feb bloods (first month on napro meds): Prog:59.8 Oestradiol: 956 (cholesterol: 4.86 yay!)
March bloods: Prog: 164.4 Oestradiol: 1701 (?!) (Cholesterol 5.92 boo)
April bloods: Prog: 18.5; Oestradiol: 410.
May bloods: Prog: 90; Oestradiol: 1495; TSH: 2.1; Testosterone: 1.9; Dhea 10.
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Re: Anyone renting out their house???

Postby LadyGaga2010 » Mon Mar 12, 2022 10:19 pm

Hi Hopeful, I tried ringing today and was supposed to get a call back but it never came, hopefully will hear something tomorrow. Have decided I am not taking no for an answer though :)
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Re: Anyone renting out their house???

Postby Maggs065 » Thu Apr 12, 2022 4:27 pm

Hi,

I wouldn't even broach the 'tracker' subject with the bank if I were you.
I've my house rented for the last few years - I'm not on a tracker, but I certainly don't want to be moved to an investment rate!
They're enough costs associated with renting as it is.
To be honest, I think most banks are happy if the mortgage is paid every month and if there's nothing in your contract about it, then I'd keep quiet.
As regards trs, it is revenue that needs to be informed of that, not the bank.

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