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    • constantly_confused
    • By constantly_confused 5th Mar 18, 9:39 PM
    • 3Posts
    • 0Thanks
    How painful is applying for a mortgage renewal now
    • #1
    • 5th Mar 18, 9:39 PM
    How painful is applying for a mortgage renewal now 5th Mar 18 at 9:39 PM

    I am trying to get a feel for just how painful the remortgaging process is now days.

    When we brought our house 4 and a bit years ago, we used a broker to source our mortgage product. I have spoken with a broker regarding my renewal, and based on the brief discussion (rough estimate on property value, outstanding loan amount, salary info....) I was advised that applying myself would not be too arduous.

    I am considering a First Direct product but am a little perturbed by the 3 hour phone conversations that people have reported.

    So the question is, if we assume that FD are drawn out and painful as standard, and we know that the banks have to be more thorough now days. How long does it take to get the paperwork and phone discussion sorted on average?

    Last edited by constantly_confused; 05-03-2018 at 9:53 PM.
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    • getmore4less
    • By getmore4less 6th Mar 18, 8:28 AM
    • 31,613 Posts
    • 18,944 Thanks
    • #2
    • 6th Mar 18, 8:28 AM
    • #2
    • 6th Mar 18, 8:28 AM
    Start with retention deals from current lender.
    • Schoolworker
    • By Schoolworker 6th Mar 18, 10:01 AM
    • 226 Posts
    • 520 Thanks
    • #3
    • 6th Mar 18, 10:01 AM
    • #3
    • 6th Mar 18, 10:01 AM
    When we remortgaged 3yrs ago we stayed with our current lender as rates were reasonable but I had a 2 he phone call to go through all financial aspects but we got accepted no problem. Last year we asked for extra borrowing for an extension and did this in branch and was lengthy. It's not hard but you will need all info in front of you of different outgoings. Good luck.
    • kingstreet
    • By kingstreet 6th Mar 18, 10:19 AM
    • 33,018 Posts
    • 17,800 Thanks
    • #4
    • 6th Mar 18, 10:19 AM
    • #4
    • 6th Mar 18, 10:19 AM
    Customer retention products, those your current lender offers when your initial rate ends are usually straightforward to arrange.

    A remortgage, which is a new mortgage with a new lender to repay the current one, has similarities with the buying process as status, affordability and valuation are checked.

    Do not look at your current lender's remortgage products as those are for borrowers moving their mortgage to the lender.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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