Nationwide Consent to Let Terms

madmish00

We are about to apply for Consent to Let from Nationwide but I was wondering if anyone knows if this affects any other terms of the mortgage specifically overpayments and the borrow back facility which we currently have. I ask because I was told that once we have consent to let we wouldn't be able to apply to amend the term of the mortgage or the repayment type and it has got me thinking whether we lose any other facilities.

The rental income from the property will be in the region of £190 more than our current mortgage repayment and I don't know whether to overpay this off the mortgage or put into savings in order to pay for any maintenance work required on the property. We are currently able to borrow back any amount overpaid so I am thinking I might aswell overpay and borrow it back if and when required rather than save it 'just in case'.

Planning to speak to the bank on Monday but if anyone knows whether the overpayment/borrow back terms are retained it would be really helpful.

Thrugelmir

madmish00 wrote: »

The rental income from the property will be in the region of £190 more than our current mortgage repayment

Consent to let will result in a 1.5% increase in rate charged on the outstanding debt. So may make your idea less profitable.

madmish00

Consent to let will result in a 1.5% increase in rate charged on the outstanding debt. So may make your idea less profitable.

The 1.5% premium is only applied after the first 6mths but I have already factored that in to the £190 (actually £187). For the first 6mths we would have £253 over.