Northern Rock - Consent to Let

theartfullodger

still with the existing buildings insurance.

Unwise: Unless otherwise covered for the risks, If (eg) the place burns down & damages a tenant/visitor your "existing" policy probably won't pay out:
Soo..
- No House
- Still owe the mortgage
- Being sued for everything you had by burnt ex-tenant..

Not worth the risk..

Re: Not telling NR. We are all NR shareholders now (sadly...): We'd like you to do the decent, fair British thing of being open & honest with us, please. Surely the British way??

Anything else you ain't doing?? (EPC, Gas safety, tax man..) No, thought you'd have sorted them all, that''s OK then...

Cheers!

Lodger

silvercar

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

Use a broker. Or try allanboswell.com or directlineforbusiness

You need the correct building insurance so you are covered for something linked to having a tenant eg a fire, where the insurance will cover the costs of providing alternative accommodation.

want2bmortgage3

any idea where i can find the rebuild value for my property? i tried one online calculator but it wasnt suitable for flats/maisonettes. i remember the survey when i bought the place and it was something like 70,000 or possibly 90,000 i cant remember and cant find any paperwork relating to it.
will my mortgage company be able to tell me this info if i phone them?
or is there another way i can find it out?

starnac

we got consent to let with NR about 2 years ago and found them very helpful. we were on a fixed term at the time and it stayed the same until it finished then we moved onto the SVR just the same as we would have if we still lived there. i don't think CTL will affect the interest rate but you will have to pay them a fee for granting the CTL.

just to say although we had no problems we did this before all the problems NR had so they may have changed their policies now. you'd be better off contacting them with regards to your own situation and asking them.

gary1983

Is there much flexibility with Northern Rock and consent to let? I might be in a position to take up a 3-5 year secondment abroad on a healthy salary. I wouldn't have more than 20% equity in the house and would be unlikely to get 120% of the mortgage payment as rent. I should easily be able to cover the mortgage on my salary but I'd like to rent the house out to keep it occupied rather than leaving it empty which is not allowed by Northern Rock. Is it worth explaining my circumstances to them or are the 30% equity 120% of mortgage payments the only thing they're interested in?

Thrugelmir

You are reading a thread from 2009, so hardly uptodate.

Suggest you ring them and enquire to ascertain their current policy.

Isleman

Just asked today for a consent to let from NR and it seems there won't be any problems as I have 70% equity and the rental will be more 120% ( based on an interest only-basis) .
I am trying to upgrade from a one bedroom flat to a three bedroom house but the market does not look good for sellers so I rather keep the flat for better times.
I asked NR couple of times over the phone if by getting a consent to let means I can still go and buy a three bedroom property without my afordability being affected and they said that is OK.
Did anybody gone through the same scenario ?
I don't want to go and pay £250 and than find that I will be rejected for another mortgage based on affordability.
I need to mention that I already got a mortgage aproved in principle with them but that was based on the fact that I would be selling the flat.