Lettings Interest 1.5% Martin HELP !

Turnbull2000

3%? Holy sh*t, you're complaining about 3%???

If a mere 3% troubles you that much, just don't tell them you're letting it out.

Aberdeenangarse

Headcase wrote: »

;)Well thanks Nationwide I have just been potentially clobbered with an ADDITIONAL 1.5% mortgage interest rent/lettings levy !

Has anybody esle fell foul of this this week ?

Idiot...............!

Accountant_Kerry

leeds put 1% on mine which was already at their svr 5.69% so the OP is very lucky i would say.

littlemissfrugal

Wish my letting rate was that low - I have had to do a BTL with the Nationwide to get my Daughter in a place of her own and I'm paying 4.99% !!!! although its far cheaper that the FTB mortgage we looked at for her of 6.39%

In summary stop moaning and be glad you have got off lightly ( no £1495 arrangment fee) or stay where you are

paul1964_2

G_M wrote: »

I also like the OP's thread title "Martin HELP "

A Is this in expectation that Martin is constantly monitoring the forum?
B And does the expectation go as far as hoping Martin will start a consumer campaign against Nationwide?

..... or Martin could chip in and help with the mortgage.

tbs624

Headancer wrote: »

Well thanks Nationwide I have just been potentially clobbered with an ADDITIONAL 1.5% mortgage interest rent/lettings levy !

Has anybody esle fell foul of this this week ?

I wanted to rent my residential property out as I cannot sell, ...

Do you mean that you have an overinflated idea of what the property is worth and are unwilling to accept less? Or do you mean that the likely sale price will leave you with a massive neg equity?

Headancer wrote: »

I am outraged this will more than double my current 1.5% mortgage to 3% and makes renting out a complete farce !

I am stuck !

I am not in the habit of lawbreaking but I am balistic, after 12 months unemployement I have just about got back on my feet and now this !

If I dont actually tell them where does that leave me?

Breaking the Ts and Cs of your mortgage is never recommended.

It would be pretty simple for the NW to cross check whether your property is let out. As a starter , who is listed on the electoral roll, who is responsible for C Tax, for payment of utility bills etc? Will you be declaring your property rental to HMRC btw? (Note that you can only set down the interest portion of your mortgage.)

The NW is not a charity and there is a greater risk with a properties that are rented out than with a bog standard residential mortgage.

If you were applying for a BTL mortgage you'd need a hefty deposit - c30% plus a rental fig set at least at 125% of the mortgage repayments. The increase on your mg repayments in return for CTL will of course come as a blow but as the others say, you have still got a pretty good deal.

JQ.

Have you stress tested your investment? Does it still work when your interest rate doubles to 6% (if NW pull the plug that's what you may end up paying) and what about if the rate hits 12% - that's quite unlikely with current Gov Policy but not unheard of. I believe they hit those kind of levels during the last recession.

Renting out a property is a business and should be treated as such. It sounds to me like you have a very good deal at the moment, but you may not have that deal available to you forever.