Rental quotes?????

jmanlfc · 3 March 2011 at 11:55AM

I need to rent out a flat i have just moved out of, but northern rock are asking for a rental/price to be able to switch to a BTL, even though, the mortgage is 3k and the value of the flat is 80k ....

Where can I obtain this online??? I dont want to start getting estate agents etc,.... out as a friend of ours will be renting of us from the switch over.....

Help???:mad:

Wh05apk · 3 March 2011 at 12:30PM

Normally they will want a letter from an ARLA letting agent, stating they would expect the property to rent for £x, given the low mortgage amount, would they accept a printout from rightmove or similar showing what similar properties locally are renting for?

GuidoT · 3 March 2011 at 12:36PM

Just invite an agent over and get them to confirm the expected income in writing.

You are under no obligation whatsoever to utilise the agent's services.

Ensure you have an AST in place. I know it is a friend, but sometimes these are the ones you need the most protection from.

If Northern Rock plan on charging you any fees, you should just consider paying off the £3K, it might be cheaper to get a personal loan.

herbiesjp · 3 March 2011 at 12:53PM

Based on those figures, this is simply a box ticking exercise from Northern Rock.

Get a letter from an agent stating potential market rental income.

You can then let out for whatever you want.

jmanlfc · 3 March 2011 at 12:57PM

the difficulty is a: i just dont have the imte to get agents out etc....

and the 2nd issue is i would have to pay a 2k early redemption charge for the mortgage as we paid off 70k of this a few months ago.

Wh05apk · 3 March 2011 at 12:59PM

jmanlfc wrote: »

the difficulty is a: i just dont have the imte to get agents out etc....

and the 2nd issue is i would have to pay a 2k early redemption charge for the mortgage as we paid off 70k of this a few months ago.

Will they accept a printout from rightmove given the low value?

Could you not get your "tenant" to let a valuer in?

herbiesjp · 3 March 2011 at 1:02PM

You need to help the lenders verify their lending criteria is being met.

Otherwise they cannot tick the box and agree to what you want.

The agent does not need to see the property, they give you a letter based on similar properties they let out in the immediate vicinity.

jmanlfc · 3 March 2011 at 1:14PM

#6

Wh05apk - the property is empty at the moment, I wouldnt feel comfortable having someone else there with the agent.

#7

herbiesjp - But I would be wasting an estate agents time, I suppose I could ring a few but they would want to see the property surely???

Wh05apk · 3 March 2011 at 1:27PM

jmanlfc wrote: »

#6

Wh05apk - the property is empty at the moment, I wouldnt feel comfortable having someone else there with the agent.

#7

herbiesjp - But I would be wasting an estate agents time, I suppose I could ring a few but they would want to see the property surely???

Well you are sort of limiting your options, if that is what the lender wants, all you can do is try to talk to them, and see if they will accept anything else.