Stuart Nail

Registered with
Tuesday 16th February 2016

Latest Comments

Total Number of Property118 Comments: 2

Stuart Nail

16:29 PM, 16th February 2016, About 6 years ago

Trapped by consent to let

Reply to the comment left by "Luke P" at "16/02/2016 - 14:47":

Thanks Luke, that was my original intention, taking out a new dea and under the radar but I was warned off it.

I'm moving to rural Scotland luckily so I've upended my house search end am looking at something a little more frugal (90k range) which will more than suffice for me and make my deposit go much further.... Read More

Stuart Nail

12:28 PM, 16th February 2016, About 6 years ago

Trapped by consent to let

Apologies all, I wrote the initial post in rather a flurry.

The Lender is sending me out the pack to which I will have to apply, however my two year fixed deal is due up in June.

They advised that if I apply for consent to let they would not consider signing me up for another deal (2 or 5 year etc etc) and I would drop onto the base rate, after six months this would then be supplemented by their 1% let charge, meaning the monthly mortgage payments would be higher than the rental income. I argued that this would mean I have no chance of achieving the 125% of monthly mortgage payment they require to consent to let.

A tough situation, I have now had clarification a 95% mortgage for a second home in Scotland (Despite it becoming my main property) is not achievable so I will need to look at max LTV of 90%.

Things are never simple!... Read More