Need Help?
Need professional advice for your consent to let with Nationwide Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to Nationwide Building Society consent to lease
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My wife and I have a Nationwide Building Society home loan and are never missed a loan payment, both employed etc. Do you know how much the fees are and if Nationwide Building Society usually grant consent to let without porting the loan to a commercial rate?
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Having endured living in a rough area for 3 years now, we are keen to relocate. As selling the flat will result in redemption penalties to Nationwide Building Society of £5000, we considered that it would best to rent it out. In the circumstances we need consent to let from Nationwide Building Society only a year. What can I do to get consent?
- I have a consent to let from my current mortgage provider which is about to come to an end. Since I took this out to travel and start a family. I'm not earning enough just now to pay the mortgage by myself. My lender has advised me that I can't extend my consent to let and if I continue renting out I will be in action would be taken for breaching my mortgage contract. Due to affordability I it is likely that I will be refused to transfer to a BTL product. One option I am considering remortgaging to Nationwide Building Society. Are they likely to grant consent to let from the start?
- Me and my sister are presently 1 year into a year fixed rate mortgage with Nationwide Building Society. We would like to buy a bigger second property in the coming months however would like to retain the first home and I was wondering what reason we could put down on the consent to let application to get their approval
- Interested to know if I would be able to get consent to let from Nationwide Building Society in order to move back to my mum and dad for 12 months and save the cash to extend the lease on my flat?
- I'm possibly going to NYC for a year with work. Planning on taking the husband with me and hoping to rent our Enfield property in the meantime on a temp basis to make matters more cost effective. I was just wondering whether Nationwide Building Society currently allows consent to let
- I am trying to investigate if it is possible to get a consent to let mortgage with Nationwide Building Society rather than a buy to let mortgage
- Do you know if there is normally a required loan to value amount before Nationwide Building Society will give consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Nationwide Building Society consent to let Info
Tax and Legal
There may be various tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
One thing to remember when arranging a consent to let mortgage with Nationwide Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property
Leasehold properties
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Nationwide Building Society