RBS consent to let

argomatt

Hi.
Does anyone have experience of obtaining consent to let on mortgages from RBS?
I'm about to finish the fixed rate period of my 2 year fix and go on to the standard variable rate.
I would like to know if its possible, if there are charges, and if there are time limits.
Thank you for the help.

gardunlop81

Hi,

The wife and I did this a couple of years ago with RBS. Firstly, she had previously been a member of staff but I think all perks had expired anyway.

We were in exactly the same position-our fixed rate had ended and we were moving on to standard variable anyways, at the time that was 4% (think it still is).
As I recall, the main criteria was that we had to have 20% equity - 80% ltv essentially - which we did.
There was an 'admin fee' which was either £100 or £150, I'm not sure which as we just consented to this being added to the mortgage balance.
We did it all over the phone, the mortgage centre is in Greenock and they were quite helpful. Paperwork was posted out which we both had to sign and send back. We then received the written consent back saying we could let it out.

There were a few conditions included, the were fairly standard- the only one that stands out from memory was that there was no defined timescale to the consent, it was indefinite unless they said otherwise (there were no reasons quoted as to why this might be).

Hope that answers your questions?
With you going onto standard variable anyway I'm sure you'll be fine, I suspected at the time they were just cautious of people potentially trying to circumvent high by-to-let rates.

We then took out a 2nd mortgage for our new house also with RBS, it wasn't the most competitive but wasn't awful, but we felt it the easiest option as they would see the history and consent on our notes.
That was about 25 months ago now.

Hope that helps, feel free to ask anything I may have missed.
(Wrote this on a phone, excuse typos!)

argomatt

Thank you for the information,
It does seem like you have done exactly what I would like to do, so that is reassuring.

:beer: