Length of time to process remortgage (with Accord): are we being messed about here?

smudge33

Hi
I will try to keep this as simple as I can, if you'd like more info, please let me know. At the end of July, we saw a house we really, really wanted. We had just sold one house (long story) and were porting that mortgage over with Nationwide to the new one. Maximum they will lend us is 85% because we have another property, which we are still trying to sell (only on for two months, regular viewers, dropping price again this week).

Our solicitor recommended using a mortgage 'advice centre' that they do a lot of business with to arrange the porting of the mortgage with nationwide and look at remortgaging our current property so that we can use the equity in that to fund the deposit required on the new place. That's on the 29th of July.

We got the porting (eventually), we are just being messed about /continuously/ by them with the remortgage on our current place (currently with Egg who are not at all interested in anything now they've sold their business to YBS). Their communication skills have been AWFUL and even our solicitors are shocked at how badly this is going. We've been told for the last two-three weeks that it's going through ANY TIME now, usually on a Friday that the papers will come through on Monday, blah blah blah. BLAH. NOW are vendors are saying that if we don't sign missives on Monday they will put the house back on the market. We've got 85% of the money there we are just waiting on the final 15% from Accord and the latest is that "it's with the underwriters, it's still prorgressing but we're going to look at Nationwide to see if it's any faster'. WHAT? Surely if it's with the underwriters then it's done, almost, and will come through in a few days, a week at most? or am I being totally naive or misled?

Please please help, those of you who know about mortgages, the current situation in the market. I'm not interested in what idiots we were to put an offer in before we sold both our houses, how prices are going to fall, or doom and gloom. My BFF just lost her dad, who we love very much, and that along with this SHOWER are about to finish me off completely. I don't need any trolls or bullies, just words on how long this whole thing is likely to take or if you think we are being messed around.

I'm going to camp on their doorstep tomorrow until I get a straight answer, one way or another.

Thrugelmir

Due to the tangled web of your financial affairs. Your case has most likely been assigned to a senior underwriter. August is the peak holiday season so highly likely that they have been away. So a delay isn't totally unexpected.

If you are looking to place a second charge on the property to release funds. Then they'll still require approval from the first charge holder to do so. So the funds may be several days away yet.