Confused about concent-to-let and new mortgage

haras_nosirrah

You could move out, let someone move in and then re approach it but downside there is that you have to find somewhere else to live and the new person will be on a 6 month tennancy agreement so if it falls through you can't take your house back.

Why not just try a different lender?

haras_nosirrah

Ask your mortgage broker to put in writing that she will refund any fees charged if Nationwide are right and she is wrong - that will test her confidence that it will be ok.

selbailey

Well I was thinking I could move into my Partners house.. makes it easier for when we get the mortgage (if we do).. then if they do have to stay their for 6months then so be it.. im only here 3 days a week these days anyway cos I always stay at my partners..

So chances are they are going to come back to her and say.. because of the house etc we cant get the amount we need - if she then went back to them and said.. right ok then shes prepared to move out today .. the tennant is ready to move in and is willing to pay the rent in advance etc.. that way I will be able to show the payment and the signed contract? will they accept that do you think?

haras_nosirrah

If you have somewhere else to live it makes a difference

If you are set on Nationwide the only way would be :-

Move out of existing property - tennants move in
Get a signed tenancy agreement and one months rent transferred into your account from their account
Present a bank statement showing this income to Nationwide and as long as it covers 125% of interest only rental they will ignore
Get Arla letter, evidence of consent to let etc
Apply for new mortgage

selbailey

Thanks.. only problem being the form has already gone in.. and obviously my address and the propery address im renting is the same - which is why I queried it!

So obviously they will come back and say affordibility isnt their etc.. would they then keep that case open.. if we put forward to them I can move out today and by the end of the week they will have everything to them? and obv chanign my main address to my partners?

or would it mean putting in a whole new app? which i didnt want to do because of the credit search AGAIN.. if u get me?

haras_nosirrah

It is possible to put the app on hold - maybe get it agreed subject to you moving out and getting tennants in e.g. make sure the rest of the case is ok.

They won't issue the offer until you have moved out and have rental income on your bank statement coming from tenant

selbailey

phew thats ok then.. aslong as they can put it on hold whilst I sort it.. I cant see any other reason.. the other 1 we went to came back great but affordability came into it just because they would only take 50% of my partners business aswell as the house.. so fingers crossed!! im so stressed with all this.. where do I sort out an ARLA letter? x

haras_nosirrah

find an arla registered agent in your area - google it. They may charge £50 for the letter. Is just to say the rental income is such and such and it is a rentable property.

selbailey

Ok thankyou so much! I will get the Arla letter asap and sort out a tenacy agreement.. then I shall sort out them moving in asap! then fingers crossed it will all be hunky dory!

Thrugelmir

haras_nosirrah wrote: »

Your broker will not get it through with Nationwide without you having someone already in there.

Sorry to side track the post.

Would the NW offer a mortgage on a residential basis if the property is already let, or do they redirect applicants to the Mortgage Works, their BTL arm?