Letting on a Nationwide residential mortgage???

Vincenzo

My wife and I remortgaged in January with Nationwide on a five year fixed rate. We have now decided to move, have found a house and are applying for a fast track mortgage with Bristol & West. We would like to keep both properties and let the one with the Nationwide mortgage. I spoke to Nationwide and they said I will need to write to them asking permission to let it out. We are concerned that if we ask for permission they may say no which would mess up all our plans. Has anyone had experience of this?

Are there any risks involved in going ahead and buying the new house and letting the flat with the Nationwide mortgage but not informing them? Is this illegal?

Old_No.7

Hi Vincenzo, I've done this with an Alliance & Leicester mortgage. Getting their Consent to Let was a formality, and costs £125 for 3 years, so not too much of a cost to be legal.

Vincenzo

Will Nationwide want to know about my new mortgage arrangements and take that into consideration?

regularsaver1

They may change your rate also - as you entered that mortgage on a residential basis

they shouldn't need to know about your new arrangements

Vincenzo

Thanks guys - Anyone out there requested a consent to let from Nationwide?