Fixed rate PPOR - moving out and making it an IP

Discussion in 'Property Finance' started by Bris Jay, 5th Nov, 2018.

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  1. Bris Jay

    Bris Jay Well-Known Member

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    I'm just wondering if banks ever chase people up to pay the IP rate if they move out of a PPOR? I'm considering fixing my PPOR but might not live here for the full term. Do banks ever chase this up to charge the higher amount?
     
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    case by case

    but typically, NO right now

    ta

    rolf
     
  3. GetRIDof5CENTpiece

    GetRIDof5CENTpiece Well-Known Member

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    Nope - I got off for 8 years on PPOR rates on IP property.

    Apparently they are stricter post RC.
     
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  4. jazzsidana

    jazzsidana Mortgage Brokers - Investment Savvy Business Member

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    Generally speaking banks won't go back in time to chase but when application is reassessed for whatever reasons (equity release, refinance bla bla) that's when application will be updated and IP rates applied ..

     
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    with the RCIB working toward good client outcomes, I dont think paying higher rates is on their working list of outcomes ?

    ta
    rolf
     
  6. Mcube

    Mcube Well-Known Member

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    Hello, is it possible to switch the IP loan to owner occupier interest rate once the current owner occupier loan has been paid off even though they are in different states? Thanks!
     
  7. Terry_w

    Terry_w Mortgage broker licenced 4 tax/legal advice Business Member

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    If you can prove you are living in it then yes.
     
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