£100 for permission To Rent

Tcs

I want to rent my house and on ringing Woolwich/ Barclays for pemission to rent they said that i would have to complete a form and send £100 that is not refundable if my application is denied, This seems a high fee , anyone else had this problem ?

poppysarah

It's not a high fee. Sell your house if you don't want to pay it.

HappyMJ

It is a high fee. I paid nothing 5 years ago for this permission and now it's £100. I'd say that something that increased in cost by £100 is a lot.

N79

poppysarah wrote: »

It's not a high fee. Sell your house if you don't want to pay it.

Agreed - this is a fairly low fee for this sevice. Your other option is to remortgage to a BTL mortgage.

anselld

Tcs wrote: »

I want to rent my house and on ringing Woolwich/ Barclays for pemission to rent they said that i would have to complete a form and send £100 that is not refundable if my application is denied, This seems a high fee , anyone else had this problem ?

It would be worth at least asking what typical grounds there would be for an application to be denied, just to make sure you don't say anything silly on the application.

But compared with the numerous other costs you will have for letting it is trivial.

You can probably claim it as a tax deducatable expense in the first year of let.

hostman

hmmm. Our lender Nationwide, don't charge at all for this. I have within the last few days requested details on this, as I'll be moving for job reasons within the next year. All they want is a form filled in with details on the length of tenancy and the agent if we're using one.

QTPie

It really depends on the lender...

Oyr current lender (Intelligent Finance) do not have an application charge, BUT - if you are successful in receiving "consent to let" - they charge 0.5% of the remaining balance (upfront) EVERY 6 months!

So on a £130k mortgage, £650 every 6 months. Plus IF wouldn't allow be to draw down equity OR fix the rate. Compare this to going onto a good 5 year fixed rate BTL mortgage with LloydsTSB/C&G (who would allow extra equity release down to 60% LTV) for £3250 for the 5 years (or £270 per 6 month period).

So IF isn't very attractive regarding "consent to let"...

QT

Robert_Sterling_3

Perhaps you could offer to pay £200 if the answer is yes but nothing if the answer is no.

McCoisty

Robert_Sterling wrote: »

Perhaps you could offer to pay £200 if the answer is yes but nothing if the answer is no.

Now I like that thinking...


Except if they say Yes and you're now £100 more out of pocket!

:D

salduck

Norhtern Rock is £100 for one year or £250 for ongoing.
Double check the LTV and income requirements for consent to let
Sal
x

basilsauce

Halifax wouldn't do permission to let - all they would let me do is move to a BTL mortgage, fixed for 3 years at nearly 7% interest, so I think £100 sounds really good!