Applying for consent to let with Nationwide

Dot2183

Hello advice please if anyone has applied for a consent to let from Nationwide? What is their terms and conditions and how likely is it that I will get consent?
I brought the property in 2004 and my partner has just secured a fantastic job elsewhere in the country (he is not on mortgage) I want to move with him and have applied for consent to let. Any advice from Nationwide customers who have done this recently? Or advice from anyone who has tried to do this with a building society. I am aware of the fee for application and 1-1.5% interest they add on after 6months but figure I can deduct the additional interest to my self assessment but I'm new to all this so advice appreciated thank you

Thrugelmir

Every application is treated on it's own merits. No reason for it not to be granted.

Do you intend to manage the property yourself. Being a distance away potentially could be a bigger issue.

Dot2183

Yes but I would only an hour away and all family live in the area my house is so i would be back often to do checks etc. I really do hope I'm successful. I would sell but the houses just aren't selling by me.
And thank you for reply

LittleMax

We got permission from Nationwide, no hassle at all. We bought a new house 30 miles away, and took out a second mortgage for it also with Nationwide. We had sufficient income to cover both mortgages so we were not dependent on rental to fund mortgage payments - the mortgage adviser said that this would have been an issue. After 3 years permission was automatically extended for a further 3 years without us even asking (we didn't ask as we were selling it by this point).

As others have said, each case will be different, so you just need to ask Nationwide.

Getting consent to let is the easy bit, if this is concerning you, I suggest you read up on what being a landlord entails; there are much harder things to come!

Useful threads;
Tenancies in Eng/Wales: Guides for landlords and tenants
Letting? Your top tips please.

[Deleted User]

I got consent to let from Nationwide last year, just had to fill in a form about the property, and since it was leasehold, provide proof of the freeholders consent too.

The consent was for 3 years, which takes me to 1 year left on my fixed deal. I'm hoping they'll allow me to renew, otherwise I'll face a hefty early repayment charge. But I've got a while to weigh up the options!

Dot2183

How daunting are the forms? We would be moving to work that supplies accomodation so no rent to pay leaving money to pay mortgage if house is empty or tenants fail to pay. Im petrified they will refuse consent and I will be stuck

TheSageMan

I have a consent to let from Nationwide, IIRC the form was a single side of A4 with literally a handful of questions, in any case nothing to be concerned about or overly complex. I do recall you will need to provide a moving in date for tenants...

It was kind of a chicken and egg situation as you kind of get the impression you're asking to be allowed to let, however the forms ask for when the letting will or has commenced.

There was a small fee to pay (administration) and you may be charged a percentage figure over and above your current mortgage rate. This can all be confirmed when speaking to Nationwide to request the form.

Nike79

Yes, all the applications are judged on its own merits. speaking of experience of my friends i have never heard the lenders rejecting CTL
At the end of the day they appreciate the fact that if you need to let the property you may let it anyways without the bank even knowing and also the important thing for them is that the mortgage is paid on time

LittleMax

TheSageMan wrote: »

I have a consent to let from Nationwide, IIRC the form was a single side of A4 with literally a handful of questions, in any case nothing to be concerned about or overly complex. I do recall you will need to provide a moving in date for tenants...

It was kind of a chicken and egg situation as you kind of get the impression you're asking to be allowed to let, however the forms ask for when the letting will or has commenced.

There was a small fee to pay (administration) and you may be charged a percentage figure over and above your current mortgage rate. This can all be confirmed when speaking to Nationwide to request the form.

I agree, my impression of Nationwide was more one of, I am going to start letting my property on x date and will need to start paying a premium on the mortgage 6 months later, rather than please can I let the property.

jacko74

Dot2183 wrote: »

Yes but I would only an hour away and all family live in the area my house is so i would be back often to do checks etc. I really do hope I'm successful. I would sell but the houses just aren't selling by me.
And thank you for reply

I think you'll find it's just overpriced houses with deluded vendors that aren't selling in your area

strawberries1

It appears things have changed going by this https://forums.moneysavingexpert.com/discussion/5618836