TSB mortgage

andys15

Hi. We have been accepted for a remortgage. Hopefully it goes through as had valuation and a conveyancer has been appointed by TSB. The remortgage is also to repay debts and some extra money for house improvements. Looking at the paperwork the remortgage is actually split into 3. My mortgage, the debt, the equity release. All of this is on the same terms and interest rates. TSB through the broker has asked for account numbers for loans and credit card numbers( last 4 digits). Why are they asking for this? Will TSB repay the debts? It appears I have been approved but why they asking for this now? Just curious. Can anything cause this to slip up now?

Contemptuous

They're asking for this so they can add it to the conditions on your mortgage paperwork. This is so your solicitor knows what debts need repaying and for them to ensure this is done. TSB will not repay the debts for you, you need to get your solicitor to distribute the funds accordingly.

andys15

So what happens when I will have already paid another mortgage payment and debt repayments come the 1 st August.

For example. The 3 mortgages currently show as this:

182k @2.79 to repay current mortgage
54k@2.79 to repay debt
24k @2.79 do up house.

This won't complete by the 1 st Augusy so my mortgage will be 180.7k, debts will probably be about 53k. What happens then? Do I have less a mortgage or does the do up house bit go up?

andys15

Does anyone know? Please.

Icequeen99

I have just completed with TSB. In the mortgage offer it said that the condition was that mortgage account 123456 with X bank is repaid in full. Then just before completion the solicitor's requested a completion statement from the old mortgage company which was valid for the next 7 days. That is the amount that was paid to close that account and the rest paid over to us.

IQ

andys15

Many thanks. How long did it take? I got the forms from TSB on saturday. It states the name of solicitor on there, so I assume they started legal work on Friday or tomorrow.

Icequeen99

andys15 wrote: »

Many thanks. How long did it take? I got the forms from TSB on saturday. It states the name of solicitor on there, so I assume they started legal work on Friday or tomorrow.

Mine was a remortgage to buy to let. At the same time I got a residential mortgage from Woolwich. From viewing the house to getting the keys took 7 weeks. TSB were extremely quick, i think the valuation and offer was done within a week.

IQ

superdon

TSB have been brillaint for our remortgage. Set it up a few weeks back and will complete in about a months time. We did it all remotely and the chap handling our case answered any emails within an hour or two. Hope they keep up the good service!

andys15

Month? I was hoping to have it all sorted within a week, 2 max. It's with the solicitors now. Well it should have been. I had to phone TSB this morning to push them, as the solicitors haven't received instruction yet.

superdon

When I say we complete in a month, that's at our request. It's a remortgage and we needed the certain change date to avoid ERCs.