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Northern Rock will not grant us consent to let
mgb
Posts: 13 Forumite
We have a maisonette in Edinburgh which our student son stayed in, he has now moved to get work in another part of Scotland, and the property is empty.
The property is in 3 names, me and my hubby, and our son's.
Our son hasn't started work yet, technically he is unemployed, but he is going to work as a self employed agent starting in January. My hubby and I live and work overseas now, hubby works for a national oil company and his (generous) salary is not paid into a uk bank.
We asked Northern Rock if we could let out the property, they have said "NO" as we do not have a uk income. We have approached a couple of specialist lenders for expats, but because of the low amount required (25k on a 110k property) and the type of property (ex council) and where it is (Scotland) they are unable to offer us anything. We sent a copy of this
email to Northern Rock, at their request, and they still said no.
It's a crazy decision in our eyes, an ARLA agent has given us a letter stating the rental we would get is £700, and our mortgage is £149!
It looks like we are going to have to sell the property, which is a pity as it is in a great location and we planned to keep it in case we have to come back to the UK in the next 5 years. The other alternative is for me and my younger son to come back to the UK and live in it, and my husband fly home every 3 months to see us. This would benefit us financially as he could rent a much smaller and cheaper property overseas, and in the UK I could work and possibly earn a good salary. But that would mean splitting our family up, which is not a good situation.
Do you think it is worth asking Northern Rock if they would reconsider?
The property is in 3 names, me and my hubby, and our son's.
Our son hasn't started work yet, technically he is unemployed, but he is going to work as a self employed agent starting in January. My hubby and I live and work overseas now, hubby works for a national oil company and his (generous) salary is not paid into a uk bank.
We asked Northern Rock if we could let out the property, they have said "NO" as we do not have a uk income. We have approached a couple of specialist lenders for expats, but because of the low amount required (25k on a 110k property) and the type of property (ex council) and where it is (Scotland) they are unable to offer us anything. We sent a copy of this
email to Northern Rock, at their request, and they still said no.
It's a crazy decision in our eyes, an ARLA agent has given us a letter stating the rental we would get is £700, and our mortgage is £149!
It looks like we are going to have to sell the property, which is a pity as it is in a great location and we planned to keep it in case we have to come back to the UK in the next 5 years. The other alternative is for me and my younger son to come back to the UK and live in it, and my husband fly home every 3 months to see us. This would benefit us financially as he could rent a much smaller and cheaper property overseas, and in the UK I could work and possibly earn a good salary. But that would mean splitting our family up, which is not a good situation.
Do you think it is worth asking Northern Rock if they would reconsider?
0
Comments
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So, get a loan for the o/s mortgage of £25K (with your husband's "generous" salary that should be easy enough) or use savings and then pay it off - you'll own the flat outright and the £700 rental income should more than cover any repayments and/or give a good return on the monthly investment.:hello:0
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Be quick, or wait a while, Edinburgh prices fell 12% last quarter...0
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