Consent to let - NatWest

[Deleted User]

TMB_1972 wrote: »

Have just come across this. Im in the same situation.

Surprised to read about "having cake, eating it",and some of the other obscure comments.

Its simply a question of legally, can Natwest do this, or not.

I had a long call with them, and asked them to specifically confirm which element of the legal documentation between the two parties allowed them to do this. They went all over the place, but could not (on the call, at least) tell me what allowed them to do this.

So I asked them to note that I declined the £120 charge, until they could tell what Ts and Cs allowed them to unilaterally charge whatever they wanted to me.

They will of course charge this to me. And I will, of course complain to the Banking Onbudsman, unless they can tell me specifically what allows them to unilaterally apply new charges to this account.

Would you prefer it if NatWest simply revoked their consent to let?

csgohan4

TMB_1972 wrote: »

Have just come across this. Im in the same situation.

Surprised to read about "having cake, eating it",and some of the other obscure comments.

Its simply a question of legally, can Natwest do this, or not.

I had a long call with them, and asked them to specifically confirm which element of the legal documentation between the two parties allowed them to do this. They went all over the place, but could not (on the call, at least) tell me what allowed them to do this.

So I asked them to note that I declined the £120 charge, until they could tell what Ts and Cs allowed them to unilaterally charge whatever they wanted to me.

They will of course charge this to me. And I will, of course complain to the Banking Onbudsman, unless they can tell me specifically what allows them to unilaterally apply new charges to this account.

Lenders money, their rules as you are requesting something outside of your usual residential mortgage and it is their discretion to give you a Consent to let on their terms.

Also if your worried about £120 from renting, your in for whole world of hurt if you have a bad tenant, eviction costs are not cheap and can come into 5 figures

Thrugelmir

TMB_1972 wrote: »

Its simply a question of legally, can Natwest do this, or not.

Yes they can.

Read the relevant section in your your mortgage terms and conditions. Fully compliant with English law. Has been in place for decades.

TMB_1972

Thanks for some of the constructive (and unfortunately, some not so constructive) posts on my original comment.

If its in the legal contract (as some have pointed out - I haven't gone through it myself) that they can do this, unilaterally, then they will be able to point it out to me, when they charge the £120.

Dead simple.

csgohan4

TMB_1972 wrote: »

Thanks for constructive (not) comment.

If you can't afford £120, can you afford to evict your tenants?

https://forums.moneysavingexpert.com/discussion/5896992/evicting-tenants-via-court-and-bailiffs

Thrugelmir

TMB_1972 wrote: »

I haven't gone through it myself) that they can do this, unilaterally, then they will be able to point it out to me, when they charge the £120.

Dead simple.

I'll doubt they'll bother. They'll simply enforce recovery of the money owed. Some customers fall into the category of too much trouble to deal with. Relationships being two way.

slinky_crazy

Did anyone have a positive resolution from this? We are in the same, incredibly stressful, situation and I'm so upset by it I'm really struggling. 
We found a house locally that needed ALOT of work but would give our kids some space (I was pregnant with our second). We loved our 2 bed terrace and weren't sure if we were taking on too much with the new house so we went to natwest to enquire about a buy to let mortgage (remortgage) from another supplier and a residential mortgage on our new house. As there was a crossover where we would still be living in our terrace house the mortgage advisor suggested we consider taking 2 residential mortgages and applying for a permission to let. This was, marginally, cheaper and she explained it was a one off fee and would last the duration of the mortgage. We had never heard of this but we liked natwest, I've banked with them for years, and went with this. It's important to point out that natwest were NOT the cheapest option at this time, we were opting for them due to reputation and the advisor was good. Less than 12 months later we got the letter to say that one off fee is now annual. We are renting the first house out for 350 a month as it needs things doing to it too, we are using the rent money to make repairs and it is a friend who is letting it currently. The new fee effectively raises the interest rate in real terms (As in, if we factor the fee into the cost of the mortgage over the 5 years it reflects a significant in increase - a month of interest on the whole mortgage in fact) so it makes it seriously uneconomical. Mostly I just feel conned, I feel like we were persuaded to take this mortgage, that we knew nothing about, and then they slipped this fee in the back door after the fact. We wanted a buy to let mortgage and would have been happy with one, instead we've ended up with 12 months of stress and it's still on going. They wrote to say they wouldn't add it to the mortgage. Then they wrote to say it was due but we could pay in the next 12 months. Then they added the fee to the mortgage and we got a letter several days after saying they would add the fee from the date of the letter (the letter they hadn't yet sent) or we could pay in 12 months. It's bloody awful and I'm so mithered but we can't even leave the mortgage as we are fixed for 5 years. There are lots of cheaper mortgages buy to let than this one but they won't even let us leave without paying so I'm just stressed and upset. Please tell me someone else has had some joy?