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Need professional advice for your consent to let with Nedbank Private Wealth Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.

Questions and Answers: Nedbank consent to let

  • Under what conditions will consent to let for a property be issued from Nedbank? How long do you have to have had the mortgage before consent to let can be obtained from Nedbank? In order to give you some history:We were living in a very small apartment which is too small for our family, my wife is also unwell and we are far away from family who could provide a bit of relief, in the form of babysitting. I am looking at obtaining consent to let initially in order to put a tenant in it to offset the costs of the Nedbank mortgage.
  • I have a current mortgage contract with Nedbank and need clarify if it would be possible to gain consent to let out our garden flat in Southwark.

    The purpose for wanting to let out the property are are due to: -

    • My family and I will be moving to Melbourne in 3 months.
    • In letting out the property this will facilitate savings to support the migration process.
    • It would be pointless from a financial point of view to discharge the mortgage for a property which we are not living and by leasing out the home this would be viewed as an ongoing investment.

    If Nedbank agreed that we are able to proceed with renting we would propose some financial commitments to include: -

    • Continue to pay the monthly mortgage payment by direct debit.
    • Use an approved letting agent who will provide a rent guarantee scheme as a further financial safeguard.
    • Supply our forwarding address for when we relocate.
  • Is it possible? The property has a mortgage against it with Nedbank (with quite a bit of equity). I want to buy and live in a second house but keep my old house and rent it out. What is the best way to fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
  • Last December I moved out my property in a rush and rented out the property. I am aware I needed consent to let via Nedbank but was not sure what my plans were and I simply forgot about it. I find myself in a situation where I wish to sell that house and switch the Nedbank home loan to a new property. I can't see a way through without being at the behest of Nedbank for failing to obtain consent to let. When switching, at the time of completion of the sale, you must declare your intention to "port the rate" and endure fresh set of affordability checks. Although I do not foresee concerns with affordability, the credit check may show I no longer resident at the property.
  • My lender refuse to grant consent to let until I have a move in date confirmed with a tenant. How can I confirm this in the absence of consent to let? I am not certain but I think my friend had a similar issue with Nedbank.
  • I have tenants ready to move in and I have mortgage offer from Nedbank on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
  • Nedbank - consent to let potential. Are you able to advise on the process with this lender? Do they have a minimum period prior to changing to this and a minimum LTV?
  • I have only recently completed my mortgage with Nedbank since when my boyfriend has proposed and we are deliberating whether to reside in his house or mine. Would I be allowed consent to let if I decided to move in with him