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CTL NW
RezJila
Posts: 14 Forumite
Hi guys,
The completion date of my property purchase was toward the end of May 2023, two months later, due to work and personal reasons, and I decided to rent out my property through a letting agent.
The tenant was found rather quickly and I was only given 3 days' notice that the tenant are moving in.
I have informed NW that the tenant is moving in by filling out the form and mailing it to them a day before the tenant moves in and makes the first payment.
As I read the website on NW about the CTL, the wording suggests this is almost an optional procedure, and they only add 1% to the current mortgage interest rate. The website says, as long as the leasehold allows tenancy (which they do), the account is not in arrays, and I do not have any other pending application with the bank, they shall give the permission.
However, as I was talking to one of the representatives, they advised because I have only purchased the property recently bank might reject the CTL.
Any ideas about this?
also if the bank rejects the request, what happens to the tenant in the property?
Thank you in advance.
The completion date of my property purchase was toward the end of May 2023, two months later, due to work and personal reasons, and I decided to rent out my property through a letting agent.
The tenant was found rather quickly and I was only given 3 days' notice that the tenant are moving in.
I have informed NW that the tenant is moving in by filling out the form and mailing it to them a day before the tenant moves in and makes the first payment.
As I read the website on NW about the CTL, the wording suggests this is almost an optional procedure, and they only add 1% to the current mortgage interest rate. The website says, as long as the leasehold allows tenancy (which they do), the account is not in arrays, and I do not have any other pending application with the bank, they shall give the permission.
However, as I was talking to one of the representatives, they advised because I have only purchased the property recently bank might reject the CTL.
Any ideas about this?
also if the bank rejects the request, what happens to the tenant in the property?
Thank you in advance.
0
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