Nationwide Consent To Let Extensions

Leicester123

Hi,

Just wondering if anyone has recently (since the reduction in the CTL loading rate from 1.5% to 1%) renewed their CTL arrangement with Nationwide?

From reading some older threads in the forum it would appear that they have usually allowed customers to extend their CTL arrangement for a second 3 year period without too much trouble.

Just keen to understand whether this stance may now change following the loading rate reduction?

Not sure if it is relevant but I am currently on their BMR and I have also read they are keen to get people off this rate. Again does anybody know if they are less flexible with BMR customers CTL requests in order to get people off this rate?

Thanks in advance for any insight.

Thrugelmir

Consent to Let is granted at the lenders discretion. On terms set by the lender. Consent to Let is a temporary arrangement.

I doubt that the NW is singling out borrowers on particular product terms for special attention. After 3 years is up the NW may well decide that an arrangement is not temporary if there's no justification for an extension. Therefore could move the mortgage onto a BTL product or up the interest loading.

Leicester123

Surprisingly enough I know what a CTL is having had one for the last 2 years.

Sounds like you have no idea what the answers are to my questions but thanks for the reply.

kingstreet

You may be waiting a while for someone in a similar position who can answer both your questions and calling the lender and asking them their policy may get you a faster response.

Then you can come and post the outcome in your thread for future readers in the same position.

Thrugelmir

Leicester123 wrote: »

Sounds like you have no idea what the answers are to my questions but thanks for the reply.

Hence why I said at the lenders discretion as there are many different scenarios.

Brighty

I too have a mortgage sat on BMR with CTL. I've renewed the CTL with no issue whatsoever, but not since the rate reduction. Not sure why they reduced the rate, but surely if they were wanted to force people off the BMR and onto either a BTL product or a different lender, then they'd up the CTL loading not reduce it.
Think we'll be up for renewal again next year, see how it goes then.
About to ask for CTL on another property with Nationwide too, that could be fun.


Brighty

owitemisermusa

Do all banks formally renew CTLs?

Leicester123

In case anyone is interested in the outcome, I applied last week for a 3 year extension and it was accepted so no issues here.