Nationwide Consent to Let - had mortgage less than 6 months

09lansaunders

Hi all,


I have recently bought my first property under a 25% deposit residential mortgage with Nationwide. I moved in a month ago but now my work have asked me to go abroad for approx. 6 - 12 months. I feel my best option would be to rent out my property short term until I am back in the UK permanently as I will barely be here. From researching the forums it seems Nationwide are quite good with approving Consent to Let but wondered if anyone has had it approved who have only had their property for such a short time?


Note I could still afford the mortgage if it wasn't rented out, it just seems a waste. Thank you!

user1168934

Best thing to do is to speak to a mortgage advisor. Normally lenders have a minimum period during which they will refuse cosent to let. This is to stop people from getting residential mortgage with the intention of letting the property. From what I know this period is normally first six months.

09lansaunders

Hmm.. that's what I was afraid of! Thank you

anna42hmr

09lansaunders wrote: »

Hmm.. that's what I was afraid of! Thank you

I too would suggest that you have a word with the lender, but if you have only been advised recently by work, i would suggest that you ask your employer to put this request in writing and that way you have something in the post from them that shows that this situation change was not on the cards prior to the mortgage (and therefore reduce their concerns about mortgage fraud).

PS you are not in the military are you as if so some lenders have different processes as accept that this may be the case with serving personnel and if so may have less of an issue.

muhandis

I think lenders look at CTL applications on a case by case basis. I have come across cases on this forum where consent to let has been given by lenders soon after completion.

For instance, in the thread below a broker comments that his client was given a CTL by NatWest just a week after completion.

https://forums.moneysavingexpert.com/discussion/5534426

09lansaunders wrote: »

Hi all,

I have recently bought my first property under a 25% deposit residential mortgage with Nationwide. I moved in a month ago but now my work have asked me to go abroad for approx. 6 - 12 months. I feel my best option would be to rent out my property short term until I am back in the UK permanently as I will barely be here. From researching the forums it seems Nationwide are quite good with approving Consent to Let but wondered if anyone has had it approved who have only had their property for such a short time?

Note I could still afford the mortgage if it wasn't rented out, it just seems a waste. Thank you!

Thrugelmir

09lansaunders wrote: »

I moved in a month ago but now my work have asked me to go abroad for approx. 6 - 12 months.

You had no idea that this maybe the case? That's exceptionally short notice.

FBaby

My understanding is that Nationwide will increase your rate for Consent to Let.

09lansaunders

I guess all I can do is ask and if the answers no it will just have to sit empty while I am away. Thank you for all of your replies!

09lansaunders

Thrugelmir wrote: »

You had no idea that this maybe the case? That's exceptionally short notice.

Unfortunately not; they are not asking me to go away right now, this is their notice that in the new year a project will be starting. I can turn down the opportunity, but that would be very silly of me career wise.

09lansaunders

anna42hmr wrote: »

I too would suggest that you have a word with the lender, but if you have only been advised recently by work, i would suggest that you ask your employer to put this request in writing and that way you have something in the post from them that shows that this situation change was not on the cards prior to the mortgage (and therefore reduce their concerns about mortgage fraud).

PS you are not in the military are you as if so some lenders have different processes as accept that this may be the case with serving personnel and if so may have less of an issue.

I'm not in the military no but I am sure a letter can be arranged from work as evidence. Thank you.

amnblog

I suspect Nationwide will be OK with this as you have a legitimate reason for leaving the property short term.


Expect them to load the rate by 1.5% after 6 months of letting.