Will Bank of Ireland let us rent out house?

pingua

We are on the BOI 2.99% rate. We are looking at moving areas and would be renting this house out whilst renting another ourselves.

Does anyone know if the BOI will let us do this ?? Do they charge - oh probably a million questions but shall stop there for now!
Never done this type of thing before so any info would be appreciated.

diable

If you rent your property out then you should tell your bank and they will charge you more for the "risks" involved.

minibbb

Im also with the bank of Ireland at 2.99%. I remember when I took out the mortgage they stated I could rent it out at 1% above the rate im paying. I'd imagine that'll be the same for you.

pingua

Oh thats got my hopes up. But I moved over from a Bristol and West one - wonder if thats going to make a difference.

Suppose I should bit the bullet and phone them - just nice to know whats what before hand incase they try and move us to a silly deal or something!!

handytips

You will still be bound by the T&C's Of the Bristol and West deal. Phone the lender and get permission to Let, they may charge you a fee for this, usually around £200. But remember when you let the property make sure you change your insurance to a Landlords insurance as a normal residential insurance will be null and void.

somethingcorporate

We let out on our Residential terms with BoI mortgage, it was really easy and straight forward. No increase in rate although the term was for 2 years before a review (on a 5 year fix).

There were a couple of admin type fees to pay, less than £200 but you couldn't hope for a better experience than the one we had with them!

Good luck

pingua

Oh good news then it seems. Excellent stuff.

scrabblers

I wondered if you had any update on this? Just done a search and found you as I'm facing exactly the same issue ...

Many thanks!

northernali

Hi There,
I also have similar prob and looking for some advice... I currently have a 2 year fixed residential mortgage with Ulster Bank ( 1 yr left) for approx 75k on a property that is worth around 130k in todays market.
My boyfriend has just recently bought a property and I am keen to move in with him and rent out my own property. Would it be best to change to a buy to let mortage in a years time when my fixed rate is up or can I keep on a residential mortgage and rent to friends/ family .. and still call the property my primary residence to avoid tax implications on the income generated?
I've read elsewhere that some lenders give permission to let.. does ulsterbank do this?
If I was to change to a buy to let mortgage I understand that the rates would be higher, however would I also need a deposit as I know alot of lednder have a low LTV rate??????
Any advice greatly appreciated!!

Ps. The property would achieve £800 a month rental income at least.