NRAM + consent to let

crazyhazy

I just wondered if anyone here had recently got consent to let from nram and how strict their terms are? If they have a max ltv they will consider or if there is a charge etc? Thanks x

gwernybwch

I put in my application last week after speaking to them first.

They have the usual rent should exceed mortgage payments (130% I think) and need to get confirmation from a ARLA letting agent that the rent is achievable.
No premium on your interest rate, but they charge £100 or £250 if your application is successful.

When I get a decision on my application I will post back.

crazyhazy

Thanks, 130% is quite a bit isn't it, no way we'd achieve that, current mortgage is about to reduce to £540 and rent would be about £400. Do let me know how you get on with them though.

gwernybwch

On all Buy To Let mortgages the lender expect the rent to exceed the mortgage payments with quite a bit spare. Therefore with a mortgage of £540pcm, they would expect to see a rent of at least £700pcm.

With a consent to let of a residential mortgage, maybe they aren't quite so strict, providing that you can prove that you can cover the difference between mortgage and rent.

I phoned NRAM today and they have confirmed that my consent to let has been agreed (due to job relocation). In my circumstances, I have a permanent job and the rent more than covered the mortgage payments. I initially spoke to them prior to putting in an application and seemed more than willing to help.

Hope this helps.