RBS mortgage customers face £120-a-year charge if they determine to rent out their properties
RBS used to freely enable mortgage customers to rent out their properties however will now charge £120-a-year
Royal Bank of Scotland (RBS) customers with atypical mortgages now face a £120-a-year charge if they determine to rent out their properties.
RBS used to provide permission with out charge, and debtors may keep away from taking out a costlier buy-to-let mortgage.
The financial institution gave them six months’ discover in June in a letter that states the payment is to ‘offset the prices of this extra complicated association’ that compares ‘favourably’ to the price of a buy-to-let mortgage.
David Hollingworth, of mortgage agency London & Country, says lenders shouldn’t have to provide permission to let and might impose charges or enhance the rate of interest.
Nationwide, for instance, provides 1 per cent to its residential mortgage price for landlords.