Remortgage timescale

[Welshbeef]

I’m in the throws of remortgaging.

Valuation done
All paperwork (& further questions) provided and uploaded.
Expecting a mortgage offer tomorrow or Friday.

This is a remortgage.

What should be the timescale between a mortgage offer provided and cash transaction finalised.

Speaking (possibly to the wrong person) he indicated it’s impossible to say but think on 6 weeks to 3.5 months due to the requirement of solicitors and other “things”.
WTF ? Surely that’s utter tosh.

[Jag_NE]

crikey i had a mare last time around, just a remortgage, moving from santander to hsbc. i had the minor additional complication of solar panels which i dont own however in itself this is a one week turnaround job, the banks solicitor just needs to request a standard letter from the solar company. the solicitor also charges something in the region of £100 quid for this.

i think mine took in the region of three months and it was a debacle from start to finish, i ended up getting about a grand in compo from hsbc as a consequence (hassle, extra interest paid due to delays).

hsbc use the law firm breezeplus who are an absolute shambles. i dont plan on remortgaging again unless its very lucrative!

[Welshbeef]

What if you decide to take out a personal loan or a balance transfer post mortgage offer and finally getting the transaction sorted.

[Jag_NE]

Welshbeef said:

What if you decide to take out a personal loan or a balance transfer post mortgage offer and finally getting the transaction sorted.

beefy lad do you mean that in the context of your mortgage affordability changing mid transaction?

[Welshbeef]

Jag_NE said:

Welshbeef said:

What if you decide to take out a personal loan or a balance transfer post mortgage offer and finally getting the transaction sorted.

beefy lad do you mean that in the context of your mortgage affordability changing mid transaction?

Hypothetically yes - what happens? Do they reassess the mortgage offer (not agreement in principle I mean full application).

A lot can happen in 3months.

[Jag_NE]

Welshbeef said:

Hypothetically yes - what happens? Do they reassess the mortgage offer (not agreement in principle I mean full application).

A lot can happen in 3months.

i cant guarantee beefy but my understanding is that the affordibility check is done at the front end, they arent going to waste all the time and resources to credit score you at the final hurdle. also they cant keep running credit checks behind the scenes without your permission. i wouldnt worry about it personally.

[King Herald]

Jag_NE said:

crikey i had a mare last time around........

...i think mine took in the region of three months and it was a debacle from start to finish, i ended up getting about a grand in compo from hsbc as a consequence (hassle, extra interest paid due to delays).

hsbc use the law firm breezeplus who are an absolute shambles. i dont plan on remortgaging again unless its very lucrative!

I’m in the process of remortgaging though HSBC. I went to the bank, asked to speak to someone about doing it with $US income. They make an appointment next day to discuss it.

I roll up... and the girl has no idea what I am asking about. Refers me to someone else, appointment made, a week later, 1 hour interview.

One weeks later, “okay, we should be able to accommodate you”.

Make an appointment, 90 minute interview, two weeks after, do everything again, in more detail.

Application accepted they can do the deal.

I elected to use their conveyancer to save hassle, as I am transferring title to just my name as well. However, HSBC refer me to MLC, I think, then they transfer me to some online company called CTL, or similar, to do the conveyancing.

Lots of paperwork. Lots and lots and lots of paperwork.

I’m in no real hurry, the divorce is going to take forever....the mortgage drama is just more tedium to contend with.

However, they offered me 1.69% with no arrangement fee, when Lloyd’s are currently charging me 2.5%

[Sarnie]

Welshbeef said:

Hypothetically yes - what happens? Do they reassess the mortgage offer (not agreement in principle I mean full application).

A lot can happen in 3months.

If your funds haven't been drawn down then you are obliged to inform them of any changes to your circumstances............they reserve the right to re-credit score you at any point before completion.......

[Welshbeef]

Sarnie said:

If your funds haven't been drawn down then you are obliged to inform them of any changes to your circumstances............they reserve the right to re-credit score you at any point before completion.......

So potentially something unsighted happens in a long timeframe between offer and transaction (which originally you thought might be a week to two MAX but is now way beyond 12 weeks). You tell them they re do the affordability checks and let’s say you don’t meet them.... also let’s say you’ve spent £ on fees etc to get to that stage, who is liable?

Also why does it take so long to do remortgaged ? You hear on TV Rush now to get a fix rate in but if it’s 3 odd months away you may we’ll have missed the boat / or what is the criteria for the banks honouring rates if a long timescale passes and the money market changes significantly.

I’m assuming Joe Bloggs loses out in all situations. Worst case no longer affordable and pissed away fees and time and stress for zilch.

[limpsfield]

I am shocked a man of your age and life skills has to remortgage, and even consider a personal loan in the process.

[Sarnie]

Welshbeef said:

Also why does it take so long to do remortgaged ?

Use a broker, although you'd expect me to say that

[Jag_NE]

Welshbeef said:

So potentially something unsighted happens in a long timeframe between offer and transaction (which originally you thought might be a week to two MAX but is now way beyond 12 weeks). You tell them they re do the affordability checks and let’s say you don’t meet them.... also let’s say you’ve spent £ on fees etc to get to that stage, who is liable?

Also why does it take so long to do remortgaged ? You hear on TV Rush now to get a fix rate in but if it’s 3 odd months away you may we’ll have missed the boat / or what is the criteria for the banks honouring rates if a long timescale passes and the money market changes significantly.

I’m assuming Joe Bloggs loses out in all situations. Worst case no longer affordable and pissed away fees and time and stress for zilch.

what are your thoughts on brains SA? tried it last week and loved it.

[Welshbeef]

Jag_NE said:

what are your thoughts on brains SA? tried it last week and loved it.

One of my favourites to be honest.

London pride
Brains SA
Brains Dark
Loddon Hoppit

Now back to the finance question in hand.

Note Sarnie - it was a broker who told me that timescale not the bank....

[audidoody]

I recently did a remortgage of a BTL property with a 50 per cent loan to value and 66 per cent more rent than mortgage payment.

You'd think those numbers would have seen it rubber-stamped within two weeks.

It took three months though a skilled broker (John Charcol) who have full-time case managers chasing the lender and solicitor.

Thank fk I didn't attempt to do it myself.

Edited by audidoody on Wednesday 20th December 22:35

[Jag_NE]

Welshbeef said:

One of my favourites to be honest.

London pride
Brains SA
Brains Dark
Loddon Hoppit

Now back to the finance question in hand.

Note Sarnie - it was a broker who told me that timescale not the bank....

london pride is top drawer. also enjoying the sharps ales at the moment. never seen brains on draught up here.

[Sarnie]

Welshbeef said:

One of my favourites to be honest.

London pride
Brains SA
Brains Dark
Loddon Hoppit

Now back to the finance question in hand.

Note Sarnie - it was a broker who told me that timescale not the bank....

Sack him then........

[Jag_NE]

Sarnie said:

Sack him then........

i think beefy has the nous to have sacked him if there was even a slight whiff of incompetence.

[Sarnie]

Jag_NE said:

Sarnie said:

Sack him then........

i think beefy has the nous to have sacked him if there was even a slight whiff of incompetence.

He doesn't sound convinced;

"he indicated it’s impossible to say but think on 6 weeks to 3.5 months due to the requirement of solicitors and other “things”.
WTF ? Surely that’s utter tosh."

[Welshbeef]

Sarnie said:

He doesn't sound convinced;

"he indicated it’s impossible to say but think on 6 weeks to 3.5 months due to the requirement of solicitors and other “things”.
WTF ? Surely that’s utter tosh."

Well on the assumption mortgage offer today or tomorrow fingers crossed - I simply cannot get my head around the fact a remortgage transaction (which this bit is purely solicitor and the bank with Broker chasing things up - all info fully provided and ratified to be correct and with the bank) from offer to cash in the bank could take 6-15weeks! *Possibly longer*.

I mean let’s say I was doing a mild equity release and needing that cash to drop and buy / bid for an asset in an auction in Jan. let’s say too I’d spent some time investigating and assessing the “lot” plus it being an outright cash buy so no further borrowing.

You simply cannot plan anything.
Or let’s say I’d planned a conservatory or whatever deposit down with the builder and scheduled a start date suddenly unless it happens quickly then more borrowing to bridge would have to happen which might result in the mortgage offer being retracted.

[Badda]

Of course you can plan stuff. You wait till you've got the funds first.

You'll rile builders up if they've started worked and you haven't even borrowed the money you're going to pay them with.

You've got a very modern way of looking at things, and not in a good way. Remember you're borrowing money - it doesn't matter how you phrase it, equity release etc, it's a loan. Do NOT commit to stuff before you have it. As for investing with it.....