NRAM Consent to let

jp1982

Hi,

I was just wandering if anyone has experience of applying for consent to let with NRAM. In particular the question i have is, how long in your experience did it take for them to reach a decision? I submitted my application about 5 weeks ago. NRAM replied within 7 days asking for a proof of rental income from an ARLA registered agent, which i sent back immediately, and I have not heard from them since other than to acknowledge receipt of these documents. The frustration is that we have viewed 2 properties within this time that we would of made an offer on but not having consent were not in a position to pursue. Inevitably they have since been sold subject to contract. Am i being optimistic expecting them to have made, and submitted, a decision in this time or is this period of waiting normal?

Thank you in advance for an replies to this post.

J

WelshNic

Call them?

jp1982

I did but was told that my application was been considered and that i would be informed in writing. They were, or rather the person i spoke to, not particularly helpful.

TwistedPsycho

They were helpful enough when I enquired.
As I am about 99%LTV.... they said no without any figures.

jp1982

Further to another NRAM mortgage poster, on a different thread, i too have now been granted 'consent to let'. It is only on a 12 month agreement, and I have to re-apply every 12 months thereafter, but it gives me options. I do not meet their standard criteria (i.e: 70 % LTV or 125% rental income) so its always worth giving it a go if you need to let your property and don't meet the BTL demands. I just want to give all of you in a similar position to myself, who was unfortunate/naive enough to sign up to a NR Together mortgage, hope that there are alternatives out there.

I must add since my previous post regarding unhelpful staff all of those that i have since spoken to have been very helpful and given sound advise. I must of caught the initial person on a bad day!!

Werdnal

jp1982 wrote: »

Further to another NRAM mortgage poster, on a different thread, i too have now been granted 'consent to let'. It is only on a 12 month agreement, and I have to re-apply every 12 months thereafter, but it gives me options. I do not meet their standard criteria (i.e: 70 % LTV or 125% rental income) so its always worth giving it a go if you need to let your property and don't meet the BTL demands. I just want to give all of you in a similar position to myself, who was unfortunate/naive enough to sign up to a NR Together mortgage, hope that there are alternatives out there.

I must add since my previous post regarding unhelpful staff all of those that i have since spoken to have been very helpful and given sound advise. I must of caught the initial person on a bad day!!

I have seen this 12 month CTL deal mentioned before and I cannot get my head around it! What happens if after the initial 12 months, they refuse to continue with CTL? You cannot just throw tenants out on the street!

Data_Boy

Hi JP1982

I'm in the process of requesting a CTL From NRAM. May I ask the ground on which you applied for CTL? Ie new job location etc

Many thanks

silvercar

Werdnal wrote: »

I have seen this 12 month CTL deal mentioned before and I cannot get my head around it! What happens if after the initial 12 months, they refuse to continue with CTL? You cannot just throw tenants out on the street!

Which is why the whole CTL issue is pathetic.

Just imagine a lender granting temporary CTL and then tenants moving in. The CTL runs out and the tenants stay put. Would the lender go to court to get possession on the grounds that there are tenants in the property who they granted permission for and the mortgage is being paid? Would a judge give possession in those circumstances?

I would expect that a lender be aware of landlord tenancy law when granting CTL and couldn't put themselves in a position when a borrower would have to break the law of the land in order to comply with the lenders T&Cs.