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Choosing the start date when re-mortgaging?
dsf_v
Posts: 7 Forumite
Hi all,
maybe it is a silly question but I do not know how the process works when re-mortgaging to a new lender... so here it goes:
I want to re-mortgage to a new lender, but I would like the new mortgage to start on the 1st of January 2012.
I know the re-mortgage process can take a while so I am thinking to apply for the re-mortgage on October. Is there any way I can ask the new lender not to take over my current mortgage before the 1st of January 2012?
Also, what happens if I ask for 150k on the re-mortgage, but on the 1st of Jan I still owe 155k to my current lender?
Thank you.
Regards,
David
maybe it is a silly question but I do not know how the process works when re-mortgaging to a new lender... so here it goes:
I want to re-mortgage to a new lender, but I would like the new mortgage to start on the 1st of January 2012.
I know the re-mortgage process can take a while so I am thinking to apply for the re-mortgage on October. Is there any way I can ask the new lender not to take over my current mortgage before the 1st of January 2012?
Also, what happens if I ask for 150k on the re-mortgage, but on the 1st of Jan I still owe 155k to my current lender?
Thank you.
Regards,
David
0
Comments
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The transaction will not be able to complete on bank holiday !!
You can complete at any time - working day that is - until the offer validity expires (usually approx 3 months on a remortgage).
In answer your last question - the remortgage won't go ahead - the solicitor will usually ensure they have funds for any balances (including any fees to them) in their paws before requesting the funds from the new lender.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
dsf - If you just tell us what you're trying to achieve, I'm sure we can formulate a plan which will help you reach your goal.
When you remortgage the solicitor has complete control over completion, so it's them you need to make aware of your requirements.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.0 -
Your solicitor will advise the new mortgage company on which date to draw down the funds, so tell your solicitor of your requirement - but amend it to a working day!
Some banks will agree up to 6 months in advance, so October time is perfect.Before you ask, yes, I work for a bank, but no, I didn't get a bonus!0
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