Northern Rock mortgage - permission to let

angel.cake_2

Hello

Have any of you got a NR mortgage on a property that you initially lived in but then decided to rent out?

I know you have to get their permission and pay the fee, but according to their questionnaire, I will automatically get rejected because the LTV is nearly 100% (has to be 70% i think).

I am tempted to just let it out anyway and move to my parents as I am struggling a bit so I just wondered if anyone else has let their property without permission from NR?

VIGILANT22

You will find plenty of posts on here regarding this matter..The fact remains you will be breaking the terms & conditions of your mortgage if you let this without permission.........

angel.cake_2

VIGILANT22 wrote: »

You will find plenty of posts on here regarding this matter..The fact remains you will be breaking the terms & conditions of your mortgage if you let this without permission.........

Yes, I am completely aware of that. I am just asking if anyone has done this.

VIGILANT22

and if they said yes, would that make you feel it is ok to do so?

Thrugelmir

angel.cake wrote: »

Yes, I am completely aware of that. I am just asking if anyone has done this.

Potential tenants are just as likely to ask if you have permission as well (and see evidence of).

angel.cake_2

Didn't realise it was such hard work to ask a question on here.

Many thanks for your informative replies.

Thrugelmir

angel.cake wrote: »

Didn't realise it was such hard work to ask a question on here.

Many thanks for your informative replies.

Its an open forum. So there's varied views and opinions.

angel.cake_2

Thrugelmir wrote: »

Its an open forum. So there's varied views and opinions.

Totally agree with you however an answer to a question would be a little more helpful than a patronising comment!

I realise that some people probably come on here to specifically do that though so I will ignore in future :cool:

VIGILANT22

You know you're not allowed to let without permission what more do you need to know...do you want to know what would happen if you had tenants and had a claim on you insurance ....it would null and void...the purpose of this site is not for improving your scamming skills!.

A couple of unscrupulous lurkers may tell you....no problem just do it!...is that what you're waiting for???

Thrugelmir

angel.cake wrote: »

Totally agree with you however an answer to a question would be a little more helpful than a patronising comment!

I realise that some people probably come on here to specifically do that though so I will ignore in future :cool:

If you choose to break the terms of your mortgage contract then you have to consider the risks.

Personally the one I would stress is the black mark that could go on your credit file for life. Virtually all the major lenders share credit data. So if your decsion backfired the repreccussions could last for a very long time.

So think very carefully, before choosing the easy option now and paying for a long time in the future.

MissMoneypenny

angel.cake wrote: »

I am tempted to just let it out anyway and move to my parents as I am struggling a bit so I just wondered if anyone else has let their property without permission from NR?

If you are struggling now, just think how much you will be struggling when the mortgage rate goes up and you try to remortgage. Or when you need to find the money to carry out repairs to your tenanted property, like paying for a new boiler. Or when you have voids or the tenants' don't pay their rent.

You need to work out the pros and cons of any financial action you are planning.