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permission to let from NRAM
pete50_2
Posts: 31 Forumite
any on here applied for it with them? what was the charges? and did your interest rate change?
with thanks
Pete
with thanks
Pete
0
Comments
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Hi Pete.
I've currently got consent to let with NRAM. If you have LTV ratio of 70% on a repayment mortgage, they will give you indefinite permission to rent your house for a fee of £250.
If your LTV is higher (as mine is), the admin fee is £100 per year, and you have to fully reapply for the permission each year (which is a bloody pain).
Be warned they will demand a letter from an ARLA-registered letting agent stating what they believe the achievable rental income to be for the property in order to support your application.
Mostly though it's just proving that you have sufficient assets to keep paying the mortgage even if you're receiving no rent (either from some kind of tenant protection insurance, savings, or just enough spare cash in your budget).
If the rent is also below your minimum mortgage repayment, they will ask you how you plan to cover the deficit.
Good luck!0 -
Aren't NRAM's consent to let fees and rates under review?
I'm sure I saw a post about £750 a year or something the other day.
Try a search.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
A quick search of NRAM's Tariff of Fees confirms what I said is correct. £100 and £250 for yearly and indefinite respectively.
Sadly I cannot post the link as I am apparently a new user. Ha!0 -
thanks everyone for the info0
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https://forums.moneysavingexpert.com/discussion/comment/57837835#Comment_57837835
It may be worth a call to check.they have recently written to us to inform us that CTL fees have been increased (along with other fee changes). I phoned them to see how much it will now cost us per year to let our property and they estimated that it could be at least £750 per year(possibly anywhere up to £1300 per year)I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Hmmm, strange that this is nowhere on their website. The Tariff of charges there is effective from 1st October 12. I bleedin' hope it doesn't go up to some rip-off variable charge a year. They're going to struggle to justify that!0
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