Nationwide Mortgage - new fees and charges

Vincenzo

Poppy_Kennedy wrote: »

Hey Vincenzo

I did post on the other thread earlier but cant find it

but im a bit confused and want to be clear because i write to Nationwide

Their letter to me says:

records show that as at December 2010 you will have been renting for 3 years or more and the additional interest rate will be applied blah blah

so just to clarify what was mentioned on the other thread, if i write to them to say that my 3 years CTL has expired please can i reapply for another 3 years, and do this before September, than it means i shouldnt be charged the extra interest rate fee?

Sorry if i am being dim but wanted to get this right

thanks alot

Poppy, unfortunately I cannot say with any certainty. I only speak from my experience and what I have read here and the PMs I have received. It appears this has been the experience of some.

Read smapjb's post on the other thread. If I were you I would call them first and if the answer is negative, follow smapjb's advice. If it is positive, get that form off asap!

AlisonPrince

I just rang Nationwide in regards to the Letting Fee. We have been letting our property for three years now and our period of 'consent' ends in August. The consultant told me that as long as we apply for 'consent' again, this fee won't apply for another three years - as long as they receive the paperwork before September. The consultant has sent the 'permission forms out into the post so we will see what happens and I will let you know if this is the case.
Also, thanks for the advice. I am living overseas and only let my property out so that I would have something to come back to eventually. I'm on a fixed interest rate and with the letting fee will be on 7.13% so have been pretty stressed! The advice has been a great help.

Nitramak62

Hi,

Been reading through this thread as I move in september & am going to keep my existing nationwide mortgage house to rent. (couldn't sell)

Am I right in thinking that if I apply to let my property before 1st september, I don't get charged a fee & my 2.5% mortgage will not be affected by the 1.5% rise until Septmeber 2013?

Does it matter that I'm not actually moving into new property until 17th september & old property will not be available to let until 1st October?

Vincenzo

Nitramak62 wrote: »

Hi,

Been reading through this thread as I move in september & am going to keep my existing nationwide mortgage house to rent. (couldn't sell)

Am I right in thinking that if I apply to let my property before 1st september, I don't get charged a fee & my 2.5% mortgage will not be affected by the 1.5% rise until Septmeber 2013?

Does it matter that I'm not actually moving into new property until 17th september & old property will not be available to let until 1st October?

Nitramak,

It does appear to be the case that if you are granted CTL before 1st September you will receive 3 years without the charge.

You raise an interesting point regarding the timing of the letting. I have previously applied for consent to start from a future date and had it granted so I see no reason for this to change now.

The important thing is that you apply for consent before the rule change. This would be worth checking with Nationwide first though!

If CTL must begin before the 1st Sept, this is fine too since just because you have consent does not mean the property must be let. Just put the date in as 31st August to give yourself the maximum period of consent.

Nitramak62

Vincenzo wrote: »

Nitramak,

It does appear to be the case that if you are granted CTL before 1st September you will receive 3 years without the charge.

You raise an interesting point regarding the timing of the letting. I have previously applied for consent to start from a future date and had it granted so I see no reason for this to change now.

The important thing is that you apply for consent before the rule change. This would be worth checking with Nationwide first though!

If CTL must begin before the 1st Sept, this is fine too since just because you have consent does not mean the property must be let. Just put the date in as 31st August to give yourself the maximum period of consent.

Thanks Vincenzo,

Will fill in form tonight and post off with start date for consent as 31st of August, just to be on the safe side.

Poppy_Kennedy

hi all -

i called nationwide today and they said even if i reapply i will still be charged the 1.5% - i have been letting for just over 3 years and she said anyone letting for longer than 3 years even reapplying will be charged the 1.5.

I mentioned that i 'knew' some people who were told by Nationwide staff if they reapply before Sept 2010 they would not be charged 1.5%.

it seems some may be misinformed or why am i the only one who are reapplying to be definately charged?

she seemed very sure so now im confused

who else can i contact - if some of you are reapplying and not being charged it seems a great big mess that some are and some arn;t?!
thanks

Vincenzo

Poppy_Kennedy wrote: »

hi all -

i called nationwide today and they said even if i reapply i will still be charged the 1.5% - i have been letting for just over 3 years and she said anyone letting for longer than 3 years even reapplying will be charged the 1.5.

I mentioned that i 'knew' some people who were told by Nationwide staff if they reapply before Sept 2010 they would not be charged 1.5%.

it seems some may be misinformed or why am i the only one who are reapplying to be definately charged?

she seemed very sure so now im confused

who else can i contact - if some of you are reapplying and not being charged it seems a great big mess that some are and some arn;t?!
thanks

Poppy, see post #94 from smapjp here...

https://forums.moneysavingexpert.com/discussion/comment/33588545#Comment_33588545

Worth a try?

Or try calling Nationwide again and ask the same question to see what response you get from someone else.....if positive, make sure you get their name/reference number keep a record and apply for CTL.

Poppy_Kennedy

on the phone to them now and they are telling me the same thing - they only have my name not my actual records in front of them

im asking her to double check - im on hold

Poppy_Kennedy

woo hooo im in!!

all sorted - you guys were right, she is sending me a new form to fill out and the charge will NOT be applied

seems they didnt tell there staff so that most people would end up with the charge - very sneaky if you ask me, they should have just let it apply to all new BTL people

anyway - im happy

new worry... what if they turn me down for BTL EEEKKKKKKKK

Vincenzo

Poppy_Kennedy wrote: »

woo hooo im in!!

all sorted - you guys were right, she is sending me a new form to fill out and the charge will NOT be applied

seems they didnt tell there staff so that most people would end up with the charge - very sneaky if you ask me, they should have just let it apply to all new BTL people

anyway - im happy

new worry... what if they turn me down for BTL EEEKKKKKKKK

Great news. They will not turn your request for consent down as T&Cs explicitly state consent will not be unreasonably withheld.

As you say, very sneaky of Nationwide. I wonder how many people will needlessly end up paying this?