Permission to Let?

househunter2013

I’ll be applying for permission to let from Nationwide very soon and was hoping for some advice on how they base their YES/No decisions?

For example; do they look at equity in the property? do they look at rental income vs mortgage payments? Etc….

FYI – I’m on the Nationwide BMR 2.5%, and have had the mortgage since 2006.

Thanks in advance

Dave_Ham

Hi there,

Unfortunately, I know many of the lenders criteria well on permission/consent to let but not that of Nationwide.

What I would say is that many lenders have been tightening up their policy, so would check in advance first (anon)

Especially where you have such a competitive product I feel the policy will be rigid.

Rental Yield is unlikely to come into it, although loan to value could be a consideration for them.

Let us know how you get on, at least personally I will know more next time.

Good luck..

GMS

They may well apply a loading to your rate. I believe they were adding 1.5% for consent a while ago.

househunter2013

Hi,
Yes i'm aware of the 1.5% increase. I just want to understand if I'm likelly to be turned down.

Thanks

househunter2013

Not to worry guys.

I've spoken to Nationwide and as long as you are not in arrears then they will grant you the permission to let. Subject to a 1.5% rate rise of course.

Armed forces members to not need to pay the 1.5% extra BTW.

Cheers