Broker help!

rflow

Hello,
Our 3year fixed rate mortgage has came up for renewal at the end of August. We paid off a lump sum and our mortgage broker then took over to negotiate a new deal for us. It's now nearly November and a new deal still hasn't been arranged. This is my first time coming to the end of mortgage terms so I really don't now how long it should take but really didn't expect to drag out this long. He got back to us a few days ago saying we had been rejected but I suspect he got his figures wrong and applied for a lower amount than we owe and said that to cover his !!!!.
We borrowed 180,000 three years ago and are now reapplying to borrow 125,000. Income hasn't changed and we are actually in a much better financial position (with £116,000 now in a Prudential 6% annuity acc).
Meanwhile we have been paying top rate on our mortgage for the last three months.
Are mortgage brokers normally this slow and any advice on what to do next??

betmunch

Seems slow to me, but nowhere near enough info to be sure.

Was a retention deal from your existing lender considered, that would have been the quickest way to do it.
Click of a button once your large overpayment was showing on the account

rflow

Thanks for replying so quickly, am I correct in thinking a retention is for extra funds on top of the original mortgage? In which case I don't think it applies. We borrowed the 180,000, paid off 55,000 and are just looking to renegotiate on the remaining balance. The property has been valued at 260,000.

betmunch

No, a retention deal is to retain your business.

If you just wanted a better product and were not changing anything else about the loan, AND if your lender was offering retention deals that would be the first option I would consider due to the fact it can be done immediately and you had stated your fixed rate had ended