cost of permission from mortgage provider to rent out home?

[MindReader]

Just wondered what the average cost of permission is?

Just called my mortgage provider and it is: £295!

There's no point in working out an average cost- if you want to rent your house but don't have a BTL mortgage your lender doesn't have to even allow it which gives them free reign to charge what they like if they do agree to it.

Other lenders charges aren't relevant as they won't apply to your situation.

FWIW if it's only £295 with no increased interest rate then bite their hand off.

Well I do think it is relevant as last time I asked (approx. 2 years ago) it was £2K iirc.

Yes, £295 seems good but I don't necess trust that, as I was told such a diff figure by same provider before.

I think our "fee" was less than that, but they added 1% to our fixed rate.

Yes, £295 seems good but I don't necess trust that, as I was told such a diff figure by same provider before.

Things change over 2 years- your lenders advice is going to be far more relevant than anyone's experience on here.

If you want to rent it out, get it in writing that the fee is only £295 and do it.

I'm with nationwide, £30 admin fee then 1.5% added to the mortgage. I thought that was quite good.

Lenders of residential mortgages are not in the business of providing business loans, and that's why their charges for Consent-To-Let can vary hugely depending on the borrower's circumstances. Some lenders refuse out of hand and will encourage you to convert to a Buy-To-Let mortgage which will require a 25% deposit or the equivalent in equity plus a much higher interest-rate to reflect the amount of risk they are taking.

They have you over a barrel, really.

Another thing to consider is that CTL is rarely an open-ended arrangement and they could pull the plug any time they like.