Has anyone with NRAM had any luck arranging a consent to let: either 1 year or perpetual?
They still have the forms on the website but you have to search for them. My suspicion is that they would say no regardless. If it's relevant I can provide the full details but as far as I can see *factoring out the unsecured loan* we have about 75% LTV and a lodger who is willing to rent the place for something like 130% of the current interest costs including the unsecured loan. So in theory we meet the criteria.
Failing that, I know "let to buy" mortgages exist in which case does anyone have good recommendations for providers and rates in the 75% LTV range.
Standard remortgaging is not an option. We need to either move or sell.
I asked about this recently with them.
I believe they require the rent to cover 120% of the payment (based on your current payment/repayment method). As you have an unsecured element, that will be on capital and interest, but the secured element could be either.
The policy at the time was that you could not switch to interest only (for the secured element) unless you are in financial difficulties.
Deleriad Posts: 38 Forumite Thanks for the comment. I guess there's not much sign of anyone having tried this route. cheekymonkeyemma Posts: 2 NewbieI applied for consent to let in Sept 2011 with negative equity on property wanting to rent it out to move into another rented prooperty more suited to our growing families needs. Without any question after completing the application we were granted 12 months temporary consent. My anticipated rental income estiomated by a managing agent was 115% of the monthly mortgage repayment.
This month our renewal came up so I applied again, this time quoting actual rental figures for the last 12 months - our rental being just over 105% of the mortgage figure. I cheekily asked, given that we could never move back into the property, could we be granted ongoing consent even though we did not meet the LTV criteris or rental income criteria. To my amazement today I receiving written confirmation that, for a one off £250 fee, ongoing permanent consent had been granted!! With no increase to my mortgage rates!!
Fisrt time ever I have felt that NRAM are in my corner!!
With both applications I sent a very detailed letter with personal circumstances, local rental market activity and sales activity to justify why I needed to rent, why I felt renting would be successful and why I couldn't sell. Not sure if that did the job.
In my experience,be open and honest with them and they seem to be happy to try and help.
I applied for consent to let in Sept 2011 with negative equity on property wanting to rent it out to move into another rented prooperty more suited to our growing families needs. Without any question after completing the application we were granted 12 months temporary consent. My anticipated rental income estiomated by a managing agent was 115% of the monthly mortgage repayment.
This month our renewal came up so I applied again, this time quoting actual rental figures for the last 12 months - our rental being just over 105% of the mortgage figure. I cheekily asked, given that we could never move back into the property, could we be granted ongoing consent even though we did not meet the LTV criteris or rental income criteria. To my amazement today I receiving written confirmation that, for a one off £250 fee, ongoing permanent consent had been granted!! With no increase to my mortgage rates!!
Fisrt time ever I have felt that NRAM are in my corner!!
With both applications I sent a very detailed letter with personal circumstances, local rental market activity and sales activity to justify why I needed to rent, why I felt renting would be successful and why I couldn't sell. Not sure if that did the job.
In my experience,be open and honest with them and they seem to be happy to try and help.
Hey everybody and especially cheekymonkeyemma!
I wondered if you have seen the new Tariff of Mortgage Fees sheet from NRAM? It comes into effect from next month and the old £250 "long" consent item appears to have been removed completely.
Both the old "12 months" (£100) and "long" (£250) consent to let items have been replaced with a "letting fee" which is charged ANNUALLY of £375.00 - £1,250 _pale_ (based on theoutstanding balance at the time the request is made).
Do you (or anyone else) know what this means for existing holders of the £250 "long" consent agreement, which has no expiry date on the agreement letter (ar at least mine doesn't)?
Is the consent letter which as already been granted still valid?
Has anyone spoken directly to NRAM about this? I'm not sure I can phone them, party because the 0845 number on the sheet does not work from my (non-UK) phone, and also cos they always make me want to scream
In a nutshell, I'd like to know can a previously agreed ongoing consent to let with no expiry date (which £250 has been paid for# be:
a) revoked on this basis #i.e. am I letting illegally if I don't reapply for a "new" consent to let?)
b) charged additional fees on top of what has already been accepted as payment for this agreement?
I would be extremely grateful for any advice on this!
Has anyone got any clarification from NRAM about this?
Many thanks in advance, guys.
Hopefully I'm just worrying unnecessarily.
.
ETA: I cannot believe it could possibly be legal for NRAM to tear up a "perpetual" agreement of consent which has been offered and accepted.
Still, I'd love to hear other opinions either here or by PM. Many thanks!