Worried about remorgage timings

andrew_dunbar

Hi guys

At the moment me and the missus are remortgaging our house from Northern Rock to Nationwide. Our 2 year fixed rate with the rock is up, and in July we started the process with our All of Market Financial Advisor to find us the best deal at the time.

To cut a long story short, we were able to secure a deal with Nationwide on an 89% LTV with a 5 year fixed rate. Nationwide have used a scottish solicitor, Your Conyeyancer, to process the move.

Now, the last I heard was in August, and everything was fine with both your conveyancer and nationwide. We received a mortgage promise, and had given copies of all the paperwork that was required.

Now, our date for completion of remortgage is at the 1st of October. We have paid our 24th payment to NR on the 1st September, but cannot change until 1st october or we will be issued a £2K fee.

Does anyone know how quickly the machine takes over as it were. Ideally, I don't want to pay NR another payment, as we are due to pay £1200 to Nationwide because of the rolling interest charges (approx 2 months payment) and that should be around the end of October.

To top it all, we have a holiday booked for Tokyo leaving 6th October, and I'm sick with worry that somethings going to go wrong, and we will end up paying NR on the 1st, and then being overdrawn or somwthing similar. I've not been paid for 3 weeks as I recently gone from a weekly to monthly salary, so the banks not looking great. I get paid on the 30th, but obviously its cutting it fine.

Karen has phoned NR, and they have said that Nationwide have not contacted them at all regarding a remortgage. Is this normal, or reason to worry?

I'm going to phone the related parties tomorrow, but I'm hoping for some advice from folks that have been there and done that.

Thanks

teapot2

Hello,

is it possible to speak to your bank and explain re change in pay and your situation and ask for a temporary overdraft to be put in place to cover this tricky time especially as you will be out of the country?

We are also remortgaging away from NR - our fixed rate runs out on 1st Nov for a variety of reasons I won't go into we didn't use a broker this time but arranged the mortgage ourselves and the bank's solicitor sent us a form asking if there were any early repayment penalties and what was the earliest date we could move from NR. They then put the whole thing on 'hold' explaining that if they asked for a statment of how much is still owing too early then NR might charge for a second one further down the line. Don't know if this has happened too in your case? They said it might be a couple of weeks after the 1st of Nov before it all goes through. Best thing if you are worried is to get onto the broker and explain what you've said in your post and see what they say.

No point in paying loads for a holiday then worrying all the time....
Good luck

TighterThanTwoCoatsOfPain

do not cancel your payment with Northern Rock.. If you're redemption penalty runs out on 1st, and this is also the date you normally pay then you need to ensure you pay as normal. they will already have applied to your bank to take the DD. They wont (normally anyway!) just take your word that you are redeeming.

northern rock will normally then re-fund any overpayment that is due..

Hopefully they will be able to do this before you have to pay nationwide.

Best bet would be to try and get an extended overdraft as mentioned above