Northern Rock - Consent to Let

Doublespresso

my mate is on NR's SVR and is considering asking them to grant him "consent to let" however I said that he would be better off to wait to see if NR will offer existing clients some better deals (as per rumours)

Am I right in thinking that he can get a deal, say a fix for 2 years, and then after a while apply for the "consent to let"?

Wouldn't this be a better way of doing it?

clairet707

Doublespresso wrote: »

my mate is on NR's SVR and is considering asking them to grant him "consent to let" however I said that he would be better off to wait to see if NR will offer existing clients some better deals (as per rumours)

Am I right in thinking that he can get a deal, say a fix for 2 years, and then after a while apply for the "consent to let"?

Wouldn't this be a better way of doing it?

That I couldnt say as I am useless at stuff like that - I leave it all up to the OH. I think though the requirements for the consent to let might be the same no matter which way he does it...

Doublespresso

clairet707 wrote: »

That I couldnt say as I am useless at stuff like that - I leave it all up to the OH. I think though the requirements for the consent to let might be the same no matter which way he does it...

well, for a start it would be a lot easier to achieve the 120% of Rent vs Mortgage payments, plus there will be an element of security if he took a fixed deal especially if it falls for exactly on the same period in which the property is let out.

I suspect that if he applied for the CTL first, he probably will not be allowed to switch product after that.

bluecow1000

We just got agreement from Northern Rock to an initial 12 month consent to let, although we have negative equity plus a Together loan.

sahne

We are in the process of asking NR for consent to let and were wondering if it was straight forward? We are in negative equity and have a together mortgage.

Doublespresso

bluecow1000 wrote: »

We just got agreement from Northern Rock to an initial 12 month consent to let, although we have negative equity plus a Together loan.

were you given the same rate as before?

anyone else can comment on the % applied?

Susiegirl

bluecow1000 wrote: »

We just got agreement from Northern Rock to an initial 12 month consent to let, although we have negative equity plus a Together loan.

Can I ask - What reason did you give them for asking for CTL?

Doublespresso

any more contributions regrading CTL by NR?
Posts form people who have had any recent actual experience would be appreciated.

andybird

What is the downside to NOT having official consent?

How would Northern Rock ever find out such a thing? Im guessing they have bigger fish to fry than chasing up mortgage holders to find out if they have a lodger.

Sorry, that sounded facetious, but my missus is currently thinking of letting her NR mortgaged flat out and on these criteria looks unlikely to get official consent.

Does it affect insurance? What are the penalties if they find out?

want2bmortgage3

on the same subject.. i'm already renting out my property without getting 'consent to let' and still with the existing buildings insurance. as an above poster said how will NR find this out and would they care? all NR wanted initially was proof of buildings insurance, and even when i didnt renew this after a year they didnt know and i didnt have buildings insurance for a few weeks before i got round to getting new quotes and new policy.

so now i'm wondering whether to keep it quiet as there is under 2 years left with NR and even whether to leave the buildings insurance as it is, or could i just 'upgrade' the buildings insurance to a landlord policy but not inform NR that i'm letting it out? as for building insurance, why is it not possible to compare landlords insurance on sites such as confused, they all seem to point you directly to insurance companies, meaning loads of quotes taking a lot of time.