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Consent to Let with Nationwide - Rate dropped
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Brighty
Posts: 755 Forumite
Anyone else with consent to let with Nationwide and paying the 1.5% extra have a letter recently?
Currently have a mortgage with them we took out back in 2002 that is now sat on their BMR of 2.5% for many years, which we have been renting for 6 years and paying the extra 1.5% since March last year, so rate of 4%.
Got a letter from them yesterday to say they have reviewed the 1.5% fee and they are reducing this to 1% from Jan, so new rate 3.5%
Happy days
Don't know why they would do it when they don't have to, but I'm happy with that.
Brighty
Currently have a mortgage with them we took out back in 2002 that is now sat on their BMR of 2.5% for many years, which we have been renting for 6 years and paying the extra 1.5% since March last year, so rate of 4%.
Got a letter from them yesterday to say they have reviewed the 1.5% fee and they are reducing this to 1% from Jan, so new rate 3.5%
Happy days
Don't know why they would do it when they don't have to, but I'm happy with that.
Brighty
0
Comments
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Yep, I got one too. Drops me from 3.7% to 3.2%. Perhaps they're starting to lose too many BTL people.0
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Is it time limited in any way, or open ended?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
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Not sure what you mean by time limited kingstreet? Letter just stated that they have reviewed the 1.5% extra rate for letting and have reduced it to 1%, 2nd page was then a statement of account showing new interest rate, remaining term, new monthly payment etc.
Brighty0 -
Is the consent time limited?
Does it run for ever, or until DD/MM/YYYY?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 -
Consent is granted for 3 years at a time (in my case at least) and they seem happy to renew it (how many times I don't know, but I had consent to let for an initial 3 years which ran out about a year ago, they sent me a new consent application form and were happy to give me another 3 years)
I haven't had any such letter as yet though, my current consent loading is still 1.5%.0 -
Ah, I see, nationwide consent runs for 3 years at a time I think it is, maybe it was 2?, they then send you a form to fill in and send back and you get another 2/3 years, done it a couple of times now and was straight forward and no indication that they can/would decline. On the statement, under the interest rate heading it says '3.5%, includes an additional 1.00% due to this property being let. Letting agreed on this property until 20/01/2016' So I assume that's when my current consent runs out and will need renewing
Brighty0 -
Hi could I just ask what the consent to let form asks for? I've just requested form and praying it's accepted so want to be prepared for what info they want0
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