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Nram Consent to Let

bullenbsh26
bullenbsh26 Posts: 3 Newbie
in House buying, renting & selling
Help

I have a Northern Rock Together mortgage (105% LTV) which is made of two parts, a secured element (88%) and the balance which is unsecured.

I want to sell the property but not in today's climate, therefore I have been advised to go for a consent to let.

I have found a tenant which covers more than the secured element but need to apply for a consent to let from Nram.

Has anyone obtained one and will I get one with this criteria.

Can anyone help me???

Thanks

Comments

  • gwernybwch
    gwernybwch Posts: 215 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    I got a consent to let from NRAM, but this was based on the rental income being in excess of the mortgage payment (interest only) of 125% and because I could prove that I wished to rent it due to job relocation.

    Do a search on this forum as queries regarding NRAM consent to let crop up relatively regular.
  • zappahey
    zappahey Posts: 2,254 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Has it always been your ambition to be a landlord? Does the rent cover all of your expenses, not just the mortgage? Don't forget that you'll also need to start doing annual tax returns and lots of other landlord type stuff.

    Good luck.
    What goes around - comes around
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