changing mortgage idea's on how long

mummytwinton

hi we are changing from virgin one to Nationwide fixed rate 4.78% for 5years. i have phoned & they have said yes in principle to the amount & terms just need to phone & say yes.
just wondering if anyone knows how long this might take as we are on holiday in 6 weeks & worried it might happen while we are away & worried bills might not get paid.

we are also looking to open a current account with nationwide as they are free to use cash points over seas & virgin charge.
should i open current account first so the new mortgage can be paid from that or do the 2 at the same time???:rolleyes:

MortgageMamma

Phone your lender and tell them when you are away normally your solicitor will ask you if there are any dates you cannot complete on.

Again you lender should be able to answer your queries regarding the current account...

Joe_Bloggs

If you phone Nationwide they will arrange for a free survey and instruct their free solicitor to send you a package of information and forms. The whole remortgage thing could happen within a month. You may have to send documents away, dig them out etc so it may be best to open a current accounts in person with them before sending away stuff you could have used. If you are in a branch ask for a copy of current mortgage terms and conditions. I had to sign a form in front of a witness that I had read and understood them.
J_B.

mummytwinton

oh no Hicup.

phoned to apply for mortgage & hit a brick wall. our credit check came back with a problem.
we had 21k on 3 0% cards to keep our virgin one account balance down & i paid them all off today but i think they are showing up on our credit check. they have asked us to send in wages slips & bank statements.
does anyone know if this will be ok once they see i have paid the balances off.

we have never had any problems before with credit so can't think of any other reason & you know what they are like sorry cant say what the problem is

Joe_Bloggs

@mummytwinton
They would have asked for documentary proof of your income, identity and residence in any case. It is not a problem. They have to be strict because of money laundering regulations. I was in the the same situation with a 15K stooze pot. Credit agencies can see your debt, they can't see your savings.
Perhaps show them proof of your stooze pot if they have doubts or can't understand the concept.
J_B.