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Nationwide Consent to Let
kate273
Posts: 2 Newbie
Hi,
I'm after a bit of advice! I currently have a mortgage with Nationwide, which I have only had for 4 months. Due to unforeseen circumstances (family member becoming ill), I am looking into moving back out of that property and obtaining a Consent to Let. Is there a minimum amount of time I should have had the mortgage before CTL is granted? If it was granted, would the rent need to be over the monthly mortgage payment, or would I be able to top it up myself? I look forward to any replies.
Thanks, Kate
I'm after a bit of advice! I currently have a mortgage with Nationwide, which I have only had for 4 months. Due to unforeseen circumstances (family member becoming ill), I am looking into moving back out of that property and obtaining a Consent to Let. Is there a minimum amount of time I should have had the mortgage before CTL is granted? If it was granted, would the rent need to be over the monthly mortgage payment, or would I be able to top it up myself? I look forward to any replies.
Thanks, Kate
0
Comments
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From what I gather most lenders required you to have held the mortgage for a least a minimum of 6 months. Whether they will allow you before then may depend on the circumstances.
Be aware that if you have a tracker mortgage with Nationwide they will increase your interest rate by 1.5%. I am not sure if they do if you are on a fixed though. They will also charge an admin fee.
Usually the rent would need to cover 125% of the interest element of your monthly payment. They may also need you to have a certain percentage of equity in the property.0
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