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Nationwide Buy to let rates
spacehopper_2
Posts: 10 Forumite
Hello,
I am thinking of renting out my flat and going abroad for at least 6 months maybe more.
My mortgage is a fixed with Nationwide and I am stuck with it for another 2 years.
I looked at their 'permission to rent' application and they want to charge £50 for the first 6 months then if I continue to rent will add a whacking 1.5% onto my mortgage payments. I noticed from another forum site that some people had complained to FOS and also directly to Nationwide and they had backed down on some of these cases and said they wouldn't apply the fee's until the term of the mortgage had ran out, therefore people were free to go elsewhere, yet these outrageous terms are still on the website and when I spoke to someone at a branch yesterday he confirmed the 1.5% after 6 months.
Has anyone here had experience of this? Any advice would be appreciated as I really feel held over a barrel and disgusted with Nationwide
Spacehopper
I am thinking of renting out my flat and going abroad for at least 6 months maybe more.
My mortgage is a fixed with Nationwide and I am stuck with it for another 2 years.
I looked at their 'permission to rent' application and they want to charge £50 for the first 6 months then if I continue to rent will add a whacking 1.5% onto my mortgage payments. I noticed from another forum site that some people had complained to FOS and also directly to Nationwide and they had backed down on some of these cases and said they wouldn't apply the fee's until the term of the mortgage had ran out, therefore people were free to go elsewhere, yet these outrageous terms are still on the website and when I spoke to someone at a branch yesterday he confirmed the 1.5% after 6 months.
Has anyone here had experience of this? Any advice would be appreciated as I really feel held over a barrel and disgusted with Nationwide
Spacehopper
0
Comments
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I believe that anyone who had a permission to rent agreement in place prior to the fees being introduced has been allowed an exemption until the fixed rate comes to an end. But any new requests will be subject to the charges.0
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spacehopper wrote: »Hello,
Has anyone here had experience of this? Any advice would be appreciated as I really feel held over a barrel and disgusted with Nationwide
Either
(1) Take out a proper BTL mortgage and treat it like a business.
(2) sell the property.0 -
Im guessing that both Poppysarahs advice will cost a ERC of substantial amount, which might cost more than just paying the extra charges over the 2 year period.
This might be mean but most landlords do this, but pass the charge onto the tenant by increasing the rent. I tend to not do this to my tenants as they always pay on time and cause me no problems. They are happy and I am happy, I dont want to risk losing them and getting someone who never pays etc. Anyway going off on a tangent there.
Basically bite the bullet, pay the charges and make sure you have a BTL mortgage when your fixed rate expires.0
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