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Nationwide Btl 1.5% Fee From Dec 2010

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http://britishexpats.com/forum/showthread.php?t=669478

http://www.nationwide.co.uk/mortgages/usefulinformation/letting.htm

Where a Nationwide agreed letting arrangement was in place before 1st September 2010 you will be contacted as follows:

If our records show you have been renting out the property for 3 years or more as at 1 January 2011 and you are outside of your current letting agreement with Nationwide, you will be contacted in December to renew your letting arrangement and this will include details of when the additional letting interest rate will be applied to your account(s).

Or

If our records show you have been renting out the property for less than 3 years as at 1 January 2011, you will be contacted shortly before your 3rd anniversary of letting to renew your letting arrangement and this will include details of when the additional letting interest rate will be applied to your account(s).

Edited by Panda

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http://britishexpats.com/forum/showthread.php?t=669478

http://www.nationwide.co.uk/mortgages/usefulinformation/letting.htm

Where a Nationwide agreed letting arrangement was in place before 1st September 2010 you will be contacted as follows:

If our records show you have been renting out the property for 3 years or more as at 1 January 2011 and you are outside of your current letting agreement with Nationwide, you will be contacted in December to renew your letting arrangement and this will include details of when the additional letting interest rate will be applied to your account(s).

Or

If our records show you have been renting out the property for less than 3 years as at 1 January 2011, you will be contacted shortly before your 3rd anniversary of letting to renew your letting arrangement and this will include details of when the additional letting interest rate will be applied to your account(s).

1.5% of what? Cost of the mortgage per month?

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1.5% of what? Cost of the mortgage per month?

Nationwide say:

Letting application fee

Charged when an application to let your property is approved.

Amount: £50

Non-consent letting fee:

Charged if we discover you are letting your property without our consent.

Amount: "Dependent on individual circumstances"

Additional letting interest rate

The added rate of interest payable if you let your property.

Amount: 1.5%

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Additional letting interest rate

The added rate of interest payable if you let your property.

Amount: 1.5%

Are they charging an additional 1.5% on top of the interest rate?

I.e if the current mortgage rate is 3% you'll be paying 4.5%?

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Are they charging an additional 1.5% on top of the interest rate?

I.e if the current mortgage rate is 3% you'll be paying 4.5%?

If so, is it really news? Will it have an impact on the swathes of reluctant landlords who don't tell the bank?

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I have not loked at that forum for a while. In the US forum there seems to be lots of Brits wanting to return home to the UK.

Originally Posted by Sally Redux View Post

Totally understand where you are coming from, our whole family feels the same way, however our house has lost too much value for us to move at the moment plus Britain is not good for public sector workers just at the moment.

I hear you on the housing market - I purchased my condo in 2005 - it's lost at least 25% of it's value. Not a good time to sell at all - even if you get a buyer - they practically want you to give your house away!
Edited by The Masked Tulip

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If so, is it really news? Will it have an impact on the swathes of reluctant landlords who don't tell the bank?

Not unless their tenants dob them in to HMRC and the lender.... in which case they'd get hit with the non-consent fee AND the extra interest.

But I know nobody on here would do that..... ;)

Seriously though, with all the news recently about a 1-2% rate rise tipping millions over the edge, I'd imagine that reluctant landlords in particular - especially those who bought a second place to live and rented out the first (not unusual if someone was moving job etc,) - would be nearer the precipice than most.

We wouldn't be asking if it was news, if the BoE put the base rate up by 1.5%, would we? To me this could be significant, in a certain niche of the market...

B

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Not unless their tenants dob them in to HMRC and the lender.... in which case they'd get hit with the non-consent fee AND the extra interest.

But I know nobody on here would do that..... ;)

Tax Evasion Hotline

Freephone 0800 788 887

This Hotline is open 8.00 am to 8.00 pm Monday to Friday, and weekends 8.00 am to 4.00 pm.

Tax fraud alerts set to trap landlords who are not declaring rental income or are over stating earnings on mortgage application forms. Lenders now sharing information with HMRC

http://www.themoneycentre.net/landlord-news/index.php/tax-fraud-alerts-set-to-trap-landlords/

HMRC task force chases landlords for unpaid tax

http://www.themoneycentre.net/landlord-news/index.php/hmrc-chases-landlords/

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:lol: Went to America to work in their public sector. :lol::lol:

The Land of Opportunity.

Seems most of the concerns are around health costs, the collapse of house prices and then a lack of jobs.

Up until last week I was of another school of thought, recent events have changed my opinion and opened my eyes to the sad reality many Older people are now facing, after spending their entire lives paying taxes and doing the right thing, all it takes is one catastrophic illness and your entire Nest egg, life savings, home etc can be lost and this is with having some medical insurance.
One of my main concerns about living in the US is getting older / ill here. With all the stories you hear about people losing everything to cover hospital fees or not getting the treatment they should because their plans aren't comprehensive enough, it's quite troubling to me.
I definitely feel the same, especially in the years leading up to eligibility for Medicare at age 65. That's the time period when people become more vulnerable to significant health problems. Couple that with rampant ageism in the current economy and it becomes scary stuff. Without good health insurance, I would undoubtedly move back to the UK.

Quite a fewp osts like the one above.

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It was +1% previously, not really news.

It shows that Nationwide believe that BTL is becoming more of a risk and that they have less confidence in the housing market. Credit is slowly tightening as house prices fall further. The YoY indexes turning negative will have a huge psychological effect on the banks IMO.

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It shows that Nationwide believe that BTL is becoming more of a risk and that they have less confidence in the housing market. Credit is slowly tightening as house prices fall further. The YoY indexes turning negative will have a huge psychological effect on the banks IMO.

Probably got more to do with the fact that they have a low premium on their tracker mortgages and people on this type of mortgage are costing them money, so they have to make it up somewhere.

tim

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Seems most of the concerns are around health costs, the collapse of house prices and then a lack of jobs.

Quite a fewp osts like the one above.

Nice. Go work in US or Dubai and get low taxes. Come back for free healthcare when youre old and infirm.

Personally i think expats should leave their British passport at the door if they move abroad.

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:lol: Went to America to work in their public sector. :lol::lol:

The Land of Opportunity.

Unfortunately public sector excess is everywhere, not just in europe.

http://www.bloomberg.com/news/2010-07-20/california-official-s-800-000-salary-in-city-of-38-000-triggers-protests.html

Claims of america falling to 'socialism' (or more accurately socialist corporatism) within the next decade or so are in no way overstated.

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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