remortgage question regarding timescale

crisp

can someone tell me how long a remortgage usually takes from application to money in the bank?

KTF

Mine took around 6 weeks to move from Halifax to Nationwide. It would have been faster but the Nationwide appointed lawyers were a bit slack.

Most places will say to allow 4-6 weeks.

silvercar

Depends who the new company is. I recently asked the Coventry how long from application to mortgage offer. They said 10 working days; fairly good considering they need to instruct a surveyor and solicitor. I imagine once you have your mortgage offer, the money can be transferred using CHAPS the next day.

inkie

Our fixed rate deal is due to end with the YBS at the end of Feb - so i suppose that this means I need to be contacting them now to see what they can offer. Does this mean that i also need to be approaching competitors now to see what they can come up with?
Also, can anyone advise - in around 3 years time, we will be moving out of our home and into property linked with my work - we will ber keeping our own home and letting it out - what's the situation re: the mortgage when this happens, jsut need to be aware as we will be seeking another fixed rate deal when this one runs out in feb.
Any info much appreciated.

herbiesjp

Getting a mortgage offer is not normally a problem and can be very quick.

The problem is the legal work and solicitors that carry out the work which can often delay actually completing on a mortgage or re-mortgage scenario - 4 to 6 weeks is a good timescale to look at.

If it happnes sooner then that is a bonus.

MortgageGenie

Hi,

inkie wrote:

so i suppose that this means I need to be contacting them now to see what they can offer. Does this mean that i also need to be approaching competitors now to see what they can come up with?

Due to the time frame already mentioned yes and yes.

inkie wrote:

Also, can anyone advise - in around 3 years time, we will be moving out of our home and into property linked with my work - we will ber keeping our own home and letting it out - what's the situation re: the mortgage when this happens, jsut need to be aware as we will be seeking another fixed rate deal when this one runs out in feb.
Any info much appreciated.

Unfortunately each lender has it's own policy, some will allow it without imposing any penalties others will ask you to switch to a buy to let mortgage.

stanmoresaver

herbiesjp wrote:

The problem is the legal work and solicitors that carry out the work which can often delay actually completing on a mortgage or re-mortgage scenario - 4 to 6 weeks is a good timescale to look at.

Although can be alot quicker if you use a good conveyancer- evidenced by a remortgage of mine that was written on 13/12 and completed 30/12/2006- just because there was a big corperate push by the solicitors-- Alledgedly!

herbiesjp

@ Stanmoresaver

I've had cases complete in similar timescales - however i think that ordinary folk may not necessarily all have access to fast conveyancers hence the cautionary note on timescales and not to be too optimistic.

stanmoresaver

True- But this was a Halifax Remortgage package!

But as i was trying to infer this happened because the Solicitors had a push on and show what can be done if they want to.