Northern Rock Consent to Let

Susiegirl

I just want to clarify with those people who have asked NR for a consent to let and where they have been told that they need.to put some money towards the mortgage.

Do thjey want sufficient to bring the loan to within 75% of the valuation. If so do they want an up to date valuation or do they just accept the valuation they have?

Or is this 75% of the amount currently owing, so if you only borrowed 75% in the first place (say £75k on a £100k house) do they then want to put it down to £56,250 (i.e. 75% of £75k).

Thanks

Berkshiregirl

I believe they just want you to reduce your LTV to 75%.

eg £100k house, £100k mortgage = no go
£100k house, £75k mortgage = ok