Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Jo_ellie
    • By Jo_ellie 8th Mar 18, 9:26 PM
    • 2Posts
    • 1Thanks
    Jo_ellie
    Consent to let Nationwide
    • #1
    • 8th Mar 18, 9:26 PM
    Consent to let Nationwide 8th Mar 18 at 9:26 PM
    Hi,

    We have an appointment with a mortgage advisor soon to look at a new deal as our 2 year fixed is coming to an end but we’re thinking about renting the house out this year for a while. When I spoke to them last year they said that as long as nothing changes before we request to let then we would get permission. At the time she said changes such as payment arrears, which we don’t have. But we’re concerned that changing our deal now so close to requesting permission, in the next couple of months for the summer, will count negatively towards their decision.


    Does anyone know if changing our deal will go against their decision to give us permission to let?
Page 1
    • Thrugelmir
    • By Thrugelmir 9th Mar 18, 12:46 PM
    • 58,449 Posts
    • 51,823 Thanks
    Thrugelmir
    • #2
    • 9th Mar 18, 12:46 PM
    • #2
    • 9th Mar 18, 12:46 PM
    There's nothing to stop the lender loading the interest rate as a condition of granting CTL, i.e. adding another 1%, 1.5% etc to the rate you are paying.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • pink_pirlie
    • By pink_pirlie 9th Mar 18, 3:17 PM
    • 160 Posts
    • 102 Thanks
    pink_pirlie
    • #3
    • 9th Mar 18, 3:17 PM
    • #3
    • 9th Mar 18, 3:17 PM
    I got consent to let with nationwide when I had a career break (aka running away from making change of career decisions).
    They gave me 6 months with no interest loading and then 1% extra after that.
    Ended up being let for 3.5 years during which time I was unable to remortgage as I effectively had no income and after I came back I didn’t earn enough due to the career change - so really consider the implications of moving out.

    If you are coming to the end of your deal and are seriously considering letting it, it may be worth considering buy to let mortgages which could be cheaper than resi + loading - you’d need to look into that to see.

    Why are you thinking about letting it out for only a short while?
    • Jo_ellie
    • By Jo_ellie 9th Mar 18, 4:44 PM
    • 2 Posts
    • 1 Thanks
    Jo_ellie
    • #4
    • 9th Mar 18, 4:44 PM
    • #4
    • 9th Mar 18, 4:44 PM
    We’re letting it out long term to pay off the mortgage, we’re moving into parents, but don’t have 40% equity yet to do a buy to let ... as most require.
    • pink_pirlie
    • By pink_pirlie 9th Mar 18, 5:49 PM
    • 160 Posts
    • 102 Thanks
    pink_pirlie
    • #5
    • 9th Mar 18, 5:49 PM
    • #5
    • 9th Mar 18, 5:49 PM
    Change your deal first bearing in mind you will be stuck with that rate long term as you won!!!8217;t be able to change your deal once the property is let and you will find it harder to get a buy to let later on if you aren!!!8217;t an owner occupier.
    • Thrugelmir
    • By Thrugelmir 9th Mar 18, 6:00 PM
    • 58,449 Posts
    • 51,823 Thanks
    Thrugelmir
    • #6
    • 9th Mar 18, 6:00 PM
    • #6
    • 9th Mar 18, 6:00 PM
    We’re letting it out long term to pay off the mortgage,
    Originally posted by Jo_ellie
    Crunch the numbers and consider the downside risks. Letting property is not a guaranteed pot of gold.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,714Posts Today

7,918Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin