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Re-mortgaging - didn't realise I'd need a solicitor!
Comments
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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'0 -
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.0 -
oh no - not again............... glad i have my glass of wine nowI am a Mortgage AdviserYou 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.0
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Responses in a fetching pink colour: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.0 -
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.0 -
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.0 -
£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?0 -
£450 sounds a bit expensive. But using the in-house solicitors may indeed be a bit quicker.0
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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:0 -
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?0
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