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Consent to let denied by RBS
Comments
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Move your mortgage to another lender?0
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Thank you troll fever. I suppose I could think of this, but I will have to pay a hefty penalty for early redemption and would expect that a new mortgage will take longer to obtain in any case than I can afford to wait and still keep this tenant.0
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Thank you pinkshoes. however, I did offer that remedy to the bank, who declined. They seem to want to have the monthly payments on time, nothing else. I do believe that the individuals one talks to have no authority to overrule what the department that posted the written response states, so maybe my letter will elicit a useful response.
So you offered the bank 3 mortgage payments upfront, and they declined and said they want them paying monthly instead?!?
I would be writing a letter to someone higher up the RBS foodchain, as this sounds daft!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
So you offered the bank 3 mortgage payments upfront, and they declined and said they want them paying monthly instead?!?
I would be writing a letter to someone higher up the RBS foodchain, as this sounds daft!
http://news.bbc.co.uk/1/hi/scotland/7708232.stm0 -
Or you could just rent it and to hell with the mortgage lender?
Mailman0 -
Had news today from the bank in response to letter I wrote complaining of their decision and pointing out the weaknesses in their logic, politely. They now say they will issue the consent to let letter on condition mortgage payments are received on time for next 3 months.
I will wait to see what the letter says, but this may be enough to keep the tenant.
Thanks for all the helpful advice.0 -
OP - you dont mention house valuation and outstanding mortgage.
Most lenders are flexible but they would want the property to meet their regular BTL criteria (which have toughened of late for some strange reason:D )
They usually want the rent to be aat least 125% of the repayment mortgage. At least thats what they asked me for.
I think you may have also hit their (we dont want any more BTL business in our portfolio) line as well and while yours is let to buy they still get nervous.
Glad its all been sorted out though.0
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