Will C&G let me rent out my flat?

windowwindow

Hi,

I have a mortgage with C&G and I want to move in with my boyfriend and rent out my flat.

I phoned them a while back and said if for example I wanted to work abroard could I rent my flat out. They said I would need to fill in a form and apply, and it would cost £250.

The girl said most applications were approved if you weren't in arrears and made it sound very easy.

She said it was just a change in terms and the rate would stay the same indefiniately unless I wanted to change products (i'm currently on a tracker) at which point I would have to take a BLT product.
(I know this is risky given I'm prob in negative equity, although not by much, and I'll be worried if rates shoot up but I don't think staying in my flat will make things much better... I'm just saving lots to make sure I have a buffer)

I asked if they would value the flat and if I would need to prove a certain level of rental income, but she said no. (Rental income will cover the mortgage)

I'll be delighted if this works out but I fear it can't be this simple. Anyone have experience of this? I really don't want them to say no!

Thanks in advance....

WW

socrates

How long ago is a while back?

I would ask again anonymously and take it from there.

Negative equity may well play a part and should be mentioned (albeit anonymously)

theartfullodger

Err... 'scuse me but am I thick:

How do you enquire "Anonymously", "Can I rent out 37 Acacia Avenue, east Cheam". Think they'd know your name.... If you refused to give your name I suspect they would decide some fraud was about to be executed...

Cheers!

Lodger

PS Don't think it is a BLT product but more likely a BTL product. Not so tasty mind!

socrates

theartfullodger wrote: »

Err... 'scuse me but am I thick:

How do you enquire "Anonymously", "Can I rent out 37 Acacia Avenue, east Cheam". Think they'd know your name.... If you refused to give your name I suspect they would decide some fraud was about to be executed...

Cheers!

Lodger

PS Don't think it is a BLT product but more likely a BTL product. Not so tasty mind!

Erm

Good morning - its a general enquiry if I have a mortgage with you and decided to rent it out - what is your policy- and if it is in negative equity?

If they want specifics put the phone down and call back until you get someone who will help without taking specifics

Quite simple really - I could call and I do not even have a mortgage with them

windowwindow

Hi,

They have already told me, having given them my mortgage number that it should be ok, and so I don't think calling will tell me anything more.

They have said they won't look for a valuation, and given that it was bought 18 month ago with a 10% deposit, I think the girl must have assumed I was in negative equity.

To get a decision I need to submit the form, and was just asking if anyone, or any MAs has experience of this situation and could reassure me that its a formality as they have implied, or if C&G usually do ask for a valuation, as I'm afraid in case the person I talked to painted a rosy picture of the process!

Aoife.

PS BLT - I wish!

MissMoneypenny

socrates wrote: »

I would ask again anonymously and take it from there.

What do you mean by "take it from there"?

socrates

MissMoneypenny wrote: »

What do you mean by "take it from there"?

assess her options - I sometimes think you feel like you are an almighty overlord on these boards.

You assume that every person who rents out their property without consent from their lender is going to default on their mortgage.

This poster has already been told they are ok - so there is no need for you to worry yourself.

You can sleep easy on this one.

It would be nice to see you post a couple of times about BAD tenants of which there are a thousand times more than people letting without consent and getting repossessed.

A pointless debate will follow so good luck - thats my final post on this subject

alared

Rent it out and don`t tell them.

Why should you pay £250 to these money grubbers who have virtually brought the country to it`s knees

MissMoneypenny

socrates wrote: »

You assume that every person who rents out their property without consent from their lender is going to default on their mortgage.

FYI

1. People don't have to default on their mortgage to brought to the attention of their mortgage lender that they rented a property out without Consent to Let.

2. Everybody thinks they will be able to pay their mortgage. Sadly, it is not always the case.

3. Ask the insurer to put in writing that they will still pay out on a claim if the mortgage lender hasn't given Consent to Let.

socrates wrote: »

This poster has already been told they are ok - so there is no need for you to worry yourself.

I wasn't commenting on the poster, who seems to be doing everything correctly, I was commenting on the advice you gave them.

socrates wrote: »

It would be nice to see you post a couple of times about BAD tenants of which there are a thousand times more than people letting without consent and getting repossessed.

I have never had a bad tenant. Mine have always been kind and decent people. Why don't you write about yours?

happybroker

alared wrote: »

Rent it out and don`t tell them.

Why should you pay £250 to these money grubbers who have virtually brought the country to it`s knees

be very very careful if you take this advice.

• It will be a condition of your mortgage that you seek consent
• you could struggle to claim on a buildings insurance policy if consent is not obtained
• your tenancy agreement may well be unenforcable if you do not seek consent..............the list goes on.

If you want sensible advice which is what this forum is about then you do things by the book and if they won't consent to the let (and the rights and wrongs of this and how much they charge are a different matter all together) then you need to look at other options.

windowwindow

happybroker wrote: »

If you want sensible advice which is what this forum is about then you do things by the book and if they won't consent to the let (and the rights and wrongs of this and how much they charge are a different matter all together) then you need to look at other options.

Words are being put in my mouth!

If you read my post I have no intention about letting without consent - thats why I'm worried - if they say no, I can't move in with my boyfriend.

I wanted was reassurance more than advice - I know what I need to do, I just value the experience of the many helpful people on the board and thought some of the MAs might be able to tell me that C&G usually do give consent to let in situations like this with few conditions, or alternatively that they do usually require a valuation, and rent cover etc.

Forget about it. Consider this closed.