First plus loan wants £100 admin fee!

gb12345

UsetheFORCE wrote: »

.....don't forget the disclaimer, the OP might think you are being serious!!!

True - suitable disclaimer added.;)

DCFC79

Apples2 wrote: »

Are you expecting different answers this time?

https://forums.moneysavingexpert.com/discussion/comment/61389825#Comment_61389825

I shall give it 11 days before the OP asks the question again.

DCFC79

jackie2029 wrote: »

I have a first plus loan secured on my house, i recently moved and informed them of me renting out my house, they told me i have to apply to rent it out because of the loan and i have to pay a £100 admin fee for the previlege! what a cheek, it is me doing all the work, i have to find and send in a mortgage statement, fill in some forms and sent them off and i feel i have been railroaded into this and the fee seems very high, i have questioned whether i have to do this and they explained sortof no but they will have to inform my tenants as they will be illegally renting of me, i have asked to see the paperwork on this with regards to terms and conditions of renting but just feel it is very unfair, they have me over a barrel and i cant do anything about this admin fee, any advice?

For future reference.

_Andy_

OP couldn't be arsed to reply or even thank anyone on previous thread. Will assume same will apply on this one

PoorCharleyBear

I let my property which is mortgaged and think you are getting a bargain. My mortgage company changed me onto a buy to let rate which is higher than their usual rates- and this is a big lender. They have to give me permission, I have to have special landlords insurance and have the mortgage lender noted on this insurance. £100 is a complete bargain.

antrobus wrote: »

I'm not that convinced that this statement is correct. I'm not aware of anything in tax law that places such a restriction on anyone.

Obviously you are not versed in letting and tax system. Rent received is subject to your marginal rate of tax. ie you pay tax on this income.
You are allowed to offset certain costs- management fees, insurances, running repairs and INTEREST payments...but not capital.