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Old 25.04.2019, 10:43
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Re: Building to own... Then renting it out later...

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I'm aware that the banks usually want 40% to 50% down for a home which is intended for renting/income. However, say after 6 months or whatever time period, I decide to rent my own.... Is the bank really going to come back and ask for 20%? How will they even know I am renting the place... If this is your only property, I'm a bit perplexed as to this grey area...
It's not a grey area at all, a mortgage for your own home is not a mortgage for an investment property. The Bank could withdraw the mortgage as you breached the T&C's. If any deposit was taken from your pension fund, this money also needs to be repaid before the property can be rented.
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