Need to move out of primary residence for work, will TD mortgage allow it?

Jun 30th, 2021 9:24 pm

#1

richyrich123 [OP]: Newbie; Sep 29, 2020; 38 posts; 8 upvotes

Jun 30th, 2021 9:24 pm

Need to move out of primary residence for work, will TD mortgage allow it?

Long story short I bought a place 2 months ago and now my partner needs to move closer to the city for work.

I got my mortgage with TD which requires the place to be owner occupied. If I move out of it and rent it out, would TD allow this? Are there fees associated with it?

Jun 30th, 2021 10:16 pm

#2

kangarooz: Deal Addict; Apr 12, 2013; 2924 posts; 1907 upvotes; Moon

Jun 30th, 2021 10:16 pm

No offense but why wouldnt you just call/email your mortgage specialist/broker they should give you a definitive answer/amount.

Koodo, Public Mobile, Lucky Mobile Customer

+4

Jun 30th, 2021 10:19 pm

#3

kr0zet: Deal Fanatic; Jan 16, 2011; 7205 posts; 9218 upvotes; The NORTH

Jun 30th, 2021 10:19 pm

kangarooz wrote: ↑ No offense but why wouldnt you just call/email your mortgage specialist/broker they should give you a definitive answer/amount.

Makes sense.

Jul 1st, 2021 1:54 am

#4

fogetmylogin: Deal Addict; Nov 13, 2013; 4400 posts; 2977 upvotes; Ottawa

Jul 1st, 2021 1:54 am

Don’t ask don’t tell.

+5

Jul 1st, 2021 2:43 am

#5

seatiger: Deal Addict; Mar 30, 2017; 1214 posts; 975 upvotes; GVA

Jul 1st, 2021 2:43 am

fogetmylogin wrote: ↑ Don’t ask don’t tell.

as long as you have rental property insurance it is fine.
Having a mortgage doesn't mean you are prisoned there for the term.

profit on 6/23/2021 = 117.61% since 11/10/2020 to be exact😎

Jul 1st, 2021 4:06 am

#6

fogetmylogin: Deal Addict; Nov 13, 2013; 4400 posts; 2977 upvotes; Ottawa

Jul 1st, 2021 4:06 am

seatiger wrote: ↑ as long as you have rental property insurance it is fine.
Having a mortgage doesn't mean you are prisoned there for the term.

Yes your insurance may not allow you to continue and you will have to find other insurance. But mortgage issuer won’t care that this is rental insurance. They just want to see fire coverage.

Jul 1st, 2021 10:06 am

#7

oasis100: Deal Fanatic; Mar 27, 2004; 8912 posts; 7112 upvotes; Toronto

Jul 1st, 2021 10:06 am

richyrich123 wrote: ↑ Long story short I bought a place 2 months ago and now my partner needs to move closer to the city for work.

I got my mortgage with TD which requires the place to be owner occupied. If I move out of it and rent it out, would TD allow this? Are there fees associated with it?

did you get a First time home buyer ltt credit?

Full-time Realtor

Jul 1st, 2021 11:08 am

#8

richyrich123 [OP]: Newbie; Sep 29, 2020; 38 posts; 8 upvotes

Jul 1st, 2021 11:08 am

fogetmylogin wrote: ↑ Don’t ask don’t tell.

Can they really terminate your mortgage? What would you have to do if that's the case, just sell the house?

Jul 1st, 2021 11:08 am

#9

richyrich123 [OP]: Newbie; Sep 29, 2020; 38 posts; 8 upvotes

Jul 1st, 2021 11:08 am

oasis100 wrote: ↑ did you get a First time home buyer ltt credit?

Yes I did: would I have to return it?

Jul 1st, 2021 11:40 am

#10

senasena: Deal Addict; Feb 19, 2019; 1971 posts; 3097 upvotes; Stouffville ON

Jul 1st, 2021 11:40 am

richyrich123 wrote: ↑ Yes I did: would I have to return it?

The requirement is that you must occupy the property as a principal residence within 9 months of the title transfer, but it doesn't say for how long you have to occupy it.

Full Time and Full Service Realtor

Jul 1st, 2021 11:52 am

#11

richyrich123 [OP]: Newbie; Sep 29, 2020; 38 posts; 8 upvotes

Jul 1st, 2021 11:52 am

senasena wrote: ↑ The requirement is that you must occupy the property as a principal residence within 9 months of the title transfer, but it doesn't say for how long you have to occupy it.

Right, this was what I understood as well. I did fully have the intent to live here as my primary residence, but it'd be too far for my partner with the work change to commute everyday.

Jul 1st, 2021 2:16 pm

#12

nick227: Deal Addict; Dec 26, 2008; 1258 posts; 145 upvotes

Jul 1st, 2021 2:16 pm

You lived there within the 9 months, you’re good. Circumstances change. The chances of them ever even questioning you on it are slim to none.

Jul 1st, 2021 3:13 pm

#13

Mosho1: Sr. Member; Dec 23, 2012; 517 posts; 514 upvotes; RICHMOND HILL

Jul 1st, 2021 3:13 pm

I had to sign something with my lender saying I have to live in the house I bought for the first 6 months, so unless you signed something like that you should be good

Jul 1st, 2021 3:19 pm

#14

ZxExN: Deal Addict; Nov 30, 2005; 1884 posts; 1459 upvotes; Ottawa, ON

Jul 1st, 2021 3:19 pm

As long as it was true at the time of underwriting, its fine. People's situation and circumstances change all the time, that is baked into the risk the banks took. Ex. they gave you the mortgage based on the fact you were employed at x place for x salary but say you move to another company or you chose to quit? As long as you keep paying your mortgage, they don't care. Your insurance might need to know though but not the bank.

Jul 1st, 2021 3:41 pm

#15

BrokeMillennial: Member; Jan 7, 2019; 368 posts; 374 upvotes

Jul 1st, 2021 3:41 pm

Pretty sure TD won't care as long as you keep up with your mortgage payments.

Don't think TD will send someone to come audit your home to see if you are there....

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Need to move out of primary residence for work, will TD mortgage allow it?

Need to move out of primary residence for work, will TD mortgage allow it?

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