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Re-mortgaging - didn't realise I'd need a solicitor!

2

Comments

  • jillie1974
    jillie1974 Posts: 6,997 Forumite
    dont know..
    probably
    so is a remortgage when you increase your mortgage with same lender ie for home improvemnts or when you change company..
    'Children are not things to be moulded, but are people to be unfolded'
  • dunstonh
    dunstonh Posts: 118,547 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Borrowing more from same lender = further advance
    changing deal with same lender is not remortgaging
    remortgage = changing lender. You can borrow same or different amount.

    It can be confused at times with some marketing terms from certain lenders misuse the terminology.

    A further advance with same lender wouldnt require a solicitor. The solicitor would just clarify the terms of the loan but you take on that responsibility wtihout one.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • homer_j_3
    homer_j_3 Posts: 3,266 Forumite
    oh no - not again............... glad i have my glass of wine now
    I am a Mortgage Adviser
    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.
  • MarkyMarkD
    MarkyMarkD Posts: 9,912 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Responses in a fetching pink colour:
    dunstonh wrote: »
    Borrowing more from same lender = further advance
    changing deal with same lender is not remortgaging it's switching products
    remortgage = changing lender. You can borrow same or different amount.

    It can be confused at times with some marketing terms from certain lenders misuse the terminology. Not sure I agree - I've never seen product switching or further advances called remortgaging

    A further advance with same lender wouldnt require a solicitor. The solicitor would just clarify the terms of the loan but you take on that responsibility wtihout one.
  • dunstonh
    dunstonh Posts: 118,547 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    It can be confused at times with some marketing terms from certain lenders misuse the terminology. Not sure I agree - I've never seen product switching or further advances called remortgaging

    A little bit of green to offset your pink...

    Sometimes the deals offered to existing customers are the remortgaging deals rather than the homebuyer deals. Scope there for confusion.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • MarkyMarkD
    MarkyMarkD Posts: 9,912 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Hmm. Back to black. I never liked multi-coloured posts!

    I understand your point. It makes sense for lenders to offer remortgaging deals to existing borrowers wishing to switch product, because those are the type of deals they would be offered by other lenders.

    But they are still really called product switches even if the rates are the same as for remortgagers.
  • johnnyboyz
    johnnyboyz Posts: 84 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    £450 is the figure I've been quoted to use the lenders solicitors which is a bit of a blow!
    Is it worthwhile trying to get a cheaper alternative and if I do will this slow the whole process down significantly?
  • MarkyMarkD
    MarkyMarkD Posts: 9,912 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    £450 sounds a bit expensive. But using the in-house solicitors may indeed be a bit quicker.
  • Hi,
    Sorry to butt in on this one but I'm currently having a bit of bother with my re-mortgage. All I wanted to do was increase my current mortgage by £15000 and stay with the same lender. It has now turned into a complete remortgage, I'm not really sure how, and it has been going on for 2 months. I'm being charged £250 by the Woolwich and have been charged £117.50 by their 'free' solicitors for a deed of postponement relating to an additional charge on the property. Can anyone tell me if this sounds right?
    I'm an existing customer, with a £164000 mortgage on a £400000 property that has one additional charge on it of £54000 and this is all starting to feel a little bit too complicated just to add £15000 to it.

    Sorry if I've rambled!

    Hannah

    ps If I have to speak to one more foreign call centre I think I'll scream:eek:
  • MarkyMarkD
    MarkyMarkD Posts: 9,912 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I don't think it's right.

    If you are saying that you already had a Woolwich mortgage, with a second charge on it from another lender, then you can't be remortgaging without moving house.

    If you are paying £250 as a further advance fee, and £117.50 for postponing the second charge, that doesn't sound unreasonable.

    Why do you say it's "turned into a complete remortgage"? And why did you ever get a second charge loan on a property with that much equity in it rather than taking a further advance from Woolwich in the first place?
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