A couple who rented out their mortgaged home without permission have been placed on a financial blacklist for eight years, financial complaints board Kifid ruled this week.
Rabobank cancelled the mortgage and demanded full repayment after discovering the unauthorized rental, which breached the terms of the loan contract.
Years of warnings
The borrowers secured financing in 2016 for a new joint home and the refinancing of an existing property owned by one partner.
As is standard practice, the mortgage agreement included a clause requiring bank approval before renting the property out, because tenanted homes carry higher financial risks and sell for significantly less.
Rabobank discovered the property was being rented out as early as 2017 and told the couple to stop as soon as possible. Instead, the pair brought in a new tenant without consent in 2020.
After years of correspondence and formal reminders, Rabobank terminated the banking relationship in early 2025. The bank noted that the couple failed to follow the rules of honest and reliable banking.
Complaint rejected by Kifid
The customers filed a complaint with Kifid, demanding that the mortgage cancellation be overturned, that they be removed from the blacklist, and that the bank issue a formal apology.
Kifid rejected all their demands, ruling that Rabobank acted lawfully and had even tried to assist the couple.
In 2025, the bank offered an advisory meeting to explore converting the loan into a buy-to-let mortgage, but that proved financially unfeasible for the pair due to higher interest rates and lower borrowing limits.
The couple sold the property in late 2025 to pay off the debt. Because they already owned another home and were not left without housing, Kifid found the termination acceptable and confirmed that Rabobank owed them no apology.
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