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Nationwide Consent to Let Criteria

AJMB13579
Posts: 2 Newbie

Hello,
Does anybody know the following regarding Nationwide's CTL criteria?
Does anybody know the following regarding Nationwide's CTL criteria?
- Do they have a minimum LTV requirement? Some lenders do but there is nothing on their CTL form
- Do they require monthly mortgage payments to be a certain % in excess of rental income? Again, some lenders stipulate this in their criteria but Nationwide's form does not
- Will they allow you to reapply if you are rejected on either of the two criteria above, but meet the criteria at a later date? If so, is there a minimum timeframe between applications?
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Comments
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Dunno but £1 to a penny Nationwide (and other lenders) will change their systems and rates etc from time to time. And probably different measures for different characteristics of the requested deal.
In answer to your question "" Does anybody know the following regarding Nationwide's CTL criteria?
"" - yes, Nationwide.
When you asked Nationwide, what did they tell you, please??0 -
strangely there is some readily available info on this topic:
Mortgage letting your property | Nationwide1 -
Thanks for your comments. You’ll notice that neither the website nor the forms state either of these things hence the questions…0
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AJMB13579 said:Thanks for your comments. You’ll notice that neither the website nor the forms state either of these things hence the questions…
Best regards0 -
AJMB13579 said:Hello,
Does anybody know the following regarding Nationwide's CTL criteria?- Do they have a minimum LTV requirement? Some lenders do but there is nothing on their CTL form
- Do they require monthly mortgage payments to be a certain % in excess of rental income? Again, some lenders stipulate this in their criteria but Nationwide's form does not
- Will they allow you to reapply if you are rejected on either of the two criteria above, but meet the criteria at a later date? If so, is there a minimum timeframe between applications?
I can’t say for sure about the LTV but CTL isn’t like applying for a BTL mortgage. CTL is meant to be a temporary situation and Nationwide will charge you an extra 1% interest. Once your fixed term ends you’ll be stuck on their SMR (currently 7.49%) + 1% for the CTL which is pretty high so if you want to continue letting the property you’d want to be able to switch to a BTL mortgage where things like LTV and rent being 125%+ of the mortgage payments will be taken into account.1 -
CTL is granted on a case by case basis. You'd expect a maximum LTV of around 75%. Given the expected period to be >36 months. Before the property is reoccupied.0
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