Consent to Let Charges

NateDoggftWarrenG

Hi all,

I've got around 240k left of a mortgage on a £400k property and my mortgage deal is up next month.

I'm currently with Nationwide, who I have found quite good, like the overpayment reserve options etc

I suspect that in the next two years however I may need to rent out the property due to work/travel reasons, and Nationwide now add 1% to your interest rate while the property is let which for me adds up to about £140 extra per month. When I let my property out before it was free for the first six months but no longer.

I know anecdotally that other banks e.g. NatWest will charge a flat fee of £130 a month, which is clearly a big difference.

Unfortunately it doesn't seem possible to find a current comparison of consent to let charges, so I wondered if anyone else has any recent experience of this? Also what would happen to my overpayment reserve if I switch, presumably lose the option to take payment holidays/underpay if needed?

Thanks!

NateDoggftWarrenG

NateDoggftWarrenG said:

Hi all,

I've got around 240k left of a mortgage on a £400k property and my mortgage deal is up next month.

I'm currently with Nationwide, who I have found quite good, like the overpayment reserve options etc

I suspect that in the next two years however I may need to rent out the property due to work/travel reasons, and Nationwide now add 1% to your interest rate while the property is let which for me adds up to about £140 extra per month. When I let my property out before it was free for the first six months but no longer.

I know anecdotally that other banks e.g. NatWest will charge a flat fee of £130 a month, which is clearly a big difference.

Unfortunately it doesn't seem possible to find a current comparison of consent to let charges, so I wondered if anyone else has any recent experience of this? Also what would happen to my overpayment reserve if I switch, presumably lose the option to take payment holidays/underpay if needed?

Thanks!

Gaaah - I did of course mean that Natwest would charge £130 per YEAR, not month (not sure how to edit posts on here). Apologies!

Thrugelmir

CTL is at the discretion of the lender and on terms that the lender chooses to set. An interest % loading has been the historical approach taken by lenders. 

NateDoggftWarrenG

Thanks - was hoping for an examples of what lenders currently charge. 

dimbo61

Your problem would taking out a new residential mortgage and then asking for consent to let shortly afterwards. 
Have you considered a BTL mortgage ?

NateDoggftWarrenG

No, because I would be living in it for the most part and only letting it out for a few months or so