I think people have already spoke about this. But I have been amazed by this building society. I switched my mortgage from Natwest (I was paying around £495 per month) to nationwide and my monthly payments have dropped to £345 and I'm paying 1.24%!! Which could knock 11 years off my mortgage.
If you haven't already check you're not paying more than you should!
Top comments
sniperpenguin
17 Feb 1712#7
Be careful of using Nationwide if you ever want to consider letting out your property in the future.
There is a component called "Consent to Let" whereby you ask permission from your lender to rent out your property for a short time (say you move away, or life event, or simply move and want to keep the existing property). It is used regularly, especially if you dont yet have enough equity to move to a BTL mortgage.
Usual practise is the bank to either:
1. say yes in exchange for caveats (say, no DSS etc)
2. charge a nominal fee for admin (say £100) and issue you a cert. Some do it free.
Nationwide, on the other hand, throw a 1% penalty onto your mortgage rate for consent to let, and can cost thousands..... Beware.
jrw to sniperpenguin
17 Feb 174#14
Just let it out anyway
1. Likelihood is they won't find out (I rented mine out and got a new house with another mortgage through Nationwide and at no point was it ever questioned)
2. If they did find out they wouldn't care. They may send you a letter as my mate did and he just politely asked them what they wanted him to do as he said he couldn't afford a BTL mortgage, nor the 1% price hike. They just said nothing
In respect of the other comment @M_z - you have no idea. Like myself there are a lot of people that suffered from the market crash in March 2007 (I bought my house in Feb 2007) and when trying to sell in April 2012 the market was totally dead but needed to move. After 10 months i rented it out. Put it up to let and it was let within 2hours of going on the market. I kept it for 2 years until the market picked up and sold in June 2015 and managed to break even on it.
So thats why.
Kamilione
17 Feb 173#40
I moved my mortgage recently from TSB to Nationwide, but kept the same monthly payment and instead decreased the term from 10 to 9 years + £250 one-off reward for taking the mortgage and no fee - really happy with this move so far.
marathonic
17 Feb 173#19
What great advice.
The worst case scenario isn't really going to hinder you is it? I mean, the worst case scenario is that a tenant burns the house to the ground and your insurance won't cover you due to the small print buried deep in a lot of landlord house insurance policies regarding the requirement that you MUST have a BTL mortgage or consent to let.
All comments (57)
cliosport65
17 Feb 171#1
11 years :confused:
ArthurDent1 to cliosport65
17 Feb 17#15
If they can knock 11 years off my mortgage that'd be awesome - I'd get all of the last 2 years' payments back!
Deedie
17 Feb 17#2
I don't see any mortgages at 1.24%
Franken to Deedie
17 Feb 171#3
There's plenty of fixed rates there at 1.19% and 1.24%.
razk2k16 to Deedie
17 Feb 171#8
It depends on how much you have left and how much your house is worth
ArthurDent1 to Deedie
17 Feb 173#18
Base rate plus 0.99% for the first 2 years only. Plus a £999 fee. Needs to be quite a big mortgage to justify that fee for such a short term.
bbsutton
17 Feb 173#4
i am more intrigued by the fact you are paying £345 :smile: for your mortgage , where do you live :smile:
samani
17 Feb 171#5
The lower % products have higher fees, usually £999
Deedie
17 Feb 17#6
I see them now. had the no fee option ticked, so they didn't show up as there is £1000 fees for those mortgages
sniperpenguin
17 Feb 1712#7
Be careful of using Nationwide if you ever want to consider letting out your property in the future.
There is a component called "Consent to Let" whereby you ask permission from your lender to rent out your property for a short time (say you move away, or life event, or simply move and want to keep the existing property). It is used regularly, especially if you dont yet have enough equity to move to a BTL mortgage.
Usual practise is the bank to either:
1. say yes in exchange for caveats (say, no DSS etc)
2. charge a nominal fee for admin (say £100) and issue you a cert. Some do it free.
Nationwide, on the other hand, throw a 1% penalty onto your mortgage rate for consent to let, and can cost thousands..... Beware.
M_z to sniperpenguin
17 Feb 173#12
So their mortgages are to fund the purchase of a house you want to actually live in, otherwise you get a 1% penalty? Don't see a problem with that myself. If "you dont yet have enough equity to move to a BTL mortgage" you probably shouldn't be a landlord.
jrw to sniperpenguin
17 Feb 174#14
Just let it out anyway
1. Likelihood is they won't find out (I rented mine out and got a new house with another mortgage through Nationwide and at no point was it ever questioned)
2. If they did find out they wouldn't care. They may send you a letter as my mate did and he just politely asked them what they wanted him to do as he said he couldn't afford a BTL mortgage, nor the 1% price hike. They just said nothing
In respect of the other comment @M_z - you have no idea. Like myself there are a lot of people that suffered from the market crash in March 2007 (I bought my house in Feb 2007) and when trying to sell in April 2012 the market was totally dead but needed to move. After 10 months i rented it out. Put it up to let and it was let within 2hours of going on the market. I kept it for 2 years until the market picked up and sold in June 2015 and managed to break even on it.
So thats why.
razk2k16
17 Feb 171#9
Haha I was paying around 500 for it. I like near Oldham! Houses are decent price. Live in a 3 bed semi
a6unx
17 Feb 17#10
I got my HSBC mortgage to provide me with a Consent to Let letter but they were helpful and friendly and did that with no additional penalty or fee.
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Opening post
If you haven't already check you're not paying more than you should!
Top comments
There is a component called "Consent to Let" whereby you ask permission from your lender to rent out your property for a short time (say you move away, or life event, or simply move and want to keep the existing property). It is used regularly, especially if you dont yet have enough equity to move to a BTL mortgage.
Usual practise is the bank to either:
1. say yes in exchange for caveats (say, no DSS etc)
2. charge a nominal fee for admin (say £100) and issue you a cert. Some do it free.
Nationwide, on the other hand, throw a 1% penalty onto your mortgage rate for consent to let, and can cost thousands..... Beware.
1. Likelihood is they won't find out (I rented mine out and got a new house with another mortgage through Nationwide and at no point was it ever questioned)
2. If they did find out they wouldn't care. They may send you a letter as my mate did and he just politely asked them what they wanted him to do as he said he couldn't afford a BTL mortgage, nor the 1% price hike. They just said nothing
In respect of the other comment @M_z - you have no idea. Like myself there are a lot of people that suffered from the market crash in March 2007 (I bought my house in Feb 2007) and when trying to sell in April 2012 the market was totally dead but needed to move. After 10 months i rented it out. Put it up to let and it was let within 2hours of going on the market. I kept it for 2 years until the market picked up and sold in June 2015 and managed to break even on it.
So thats why.
The worst case scenario isn't really going to hinder you is it? I mean, the worst case scenario is that a tenant burns the house to the ground and your insurance won't cover you due to the small print buried deep in a lot of landlord house insurance policies regarding the requirement that you MUST have a BTL mortgage or consent to let.
All comments (57)
There is a component called "Consent to Let" whereby you ask permission from your lender to rent out your property for a short time (say you move away, or life event, or simply move and want to keep the existing property). It is used regularly, especially if you dont yet have enough equity to move to a BTL mortgage.
Usual practise is the bank to either:
1. say yes in exchange for caveats (say, no DSS etc)
2. charge a nominal fee for admin (say £100) and issue you a cert. Some do it free.
Nationwide, on the other hand, throw a 1% penalty onto your mortgage rate for consent to let, and can cost thousands..... Beware.
1. Likelihood is they won't find out (I rented mine out and got a new house with another mortgage through Nationwide and at no point was it ever questioned)
2. If they did find out they wouldn't care. They may send you a letter as my mate did and he just politely asked them what they wanted him to do as he said he couldn't afford a BTL mortgage, nor the 1% price hike. They just said nothing
In respect of the other comment @M_z - you have no idea. Like myself there are a lot of people that suffered from the market crash in March 2007 (I bought my house in Feb 2007) and when trying to sell in April 2012 the market was totally dead but needed to move. After 10 months i rented it out. Put it up to let and it was let within 2hours of going on the market. I kept it for 2 years until the market picked up and sold in June 2015 and managed to break even on it.
So thats why.