NRAM - consent to let

purchase741

Hello All

Just some advice needed please...

I have recently reserved a plot on a new build property

The is a condtion on my mortgage offer than im not liable for my exisitng mortgage - I was going to sign my mortgage over to my ex partner(who is also on my current mortgage) but this is no longer an option.

The only way out it seems is to apply to Northern Rock for a Consent to Let agreement - i have an appointment with them on Tuesday

My Mortgage is interest only £410.00 p/m & the rent i would recieve is £525.00

Does anyone have any idea whether these generally go through or not?? reason i ask is i have to pay £500.00 tomorrow to reserve my new build plot & im reluctant to do this if im unable to let my house out & therefore not get my mortgage offer??

Many Thanks

Talc1234

Can't you sell the property?

Foxy-Stoat_3

Very much doubt you will be granted consent to let straight away.

AdrianC

How much equity do you have in the house you want to let?

wolfplayer

Even if you got Consent To Let, in my mind you would still be liable for your existing mortgage.

purchase741

thanks guys.... had the house valued this morning @ £100k & mortgage is £85k with a secured loan of 11k - so no equity.

I was going to sell it but the builders Bellway wont let me reserve the plot based on this as it may not sell for when they need the money.

My brokers suggested that letting may be an option as halifax will then overlook my mortgage payment & offer me my new mortgage.

NRAM have said they can look into this for me but the guy couldnt advise me if this was going to be granted but did say that these are happening & being approved every day! I have a phone appointment on tuesday to go thru this?!

tomt

I'm looking for consent to let from NRAM (possibly) - how did you get on purchase741?

happylucky

There was a recent thread on Mortgages & Endowments board "NRAM's Consent to Let Fee increase" (sorry, can't post a link)...


...that suggested NRAM will be moving to permit CTL for 12 month (one time only) or withdrawing it entirely in future.


If you're seeking a CTL solution and don't have option to remortgage elsewhere if NRAM pulls the rug after 12 months, it might be worth clarifying their position on this.

MikeMouse

I did this with NRAM for a few years. They were a pain in the !!! about it and the forms were ridiculous. I think the financial statement form was four pages long in itself.

Eventually said yes and charged me a fee - I really don't remember the amount but is was several hundred quid - to agree it.

I think your rent been well above the mortgage should do it but they will require a registered renting company to state the rent you will receive rather than let you do that for them .....

Peronihull

You also need be mindful that your rental return has enough flex in it for any new mortgage you are getting.