Tesco remortgaged timescales

Toonsy

Hi

First post for ages so bear with me as I go through a backstory.

Basically ten years ago I took out on if those Northern Rock 'together' mortgages which was fine for me at the time. But the month after completion the credit crunch happened and the price of my property dropped to way below that of the balance owed - negative equity. Again this was no real issue as I had no reason to sell and have made my payments as scheduled for the ten years since.

Fast forward and combining what I've paid off the mortgage with the growth in my property valuation I can actually remortgage to a mainstream lender that isn't going to rip my eyeballs out with a much higher than market rate interest rate.

So I've gone with Tesco. The product suits me and obviously will be a much lower rate and thus a much lower payment each month (£700 down to £430) so I'm quite keen for it all to go through promptly.

Everything the Tesco end is done and I've got my formal offer which has been signed and sent to the solicitor. The question is how long am I realistically looking at for it to complete?

There is a case tracker which I'm following and it seems to have not moved for ages now. I first applied on 22nd June, solicitor accepted the case on 30th June which is the same day the valuation was done (this has come back fine) and from what I can see the only steps left for the conveyancer are confirming my identity, which they will do electronically and I've heard nothing to suggest any issue arising due to this, then requesting and receiving a redemption statement from NR, requesting funds then completing.

Any info appreciated as I'm starting to worry.

glosoli

It sounds to me as though Tesco have done everything at their end. The solicitors that lenders use to provide their free legal service tend to be "stack em high" style operations, and they aren't known always for their speed and efficiency. It may be worth giving them a call as a nudge to see if they can begin work on your application or at least to get an idea of timescales.

Thrugelmir

Solicitor will run a bankruptcy check on you along, request a settlement balance from your existing lender along with performing any other requirements of the lender. Prior to the lender releasing funds. Not simply a question of instanteously switching mortgages.

Toonsy

Yeah I've thought that but on the end of every bit of correspondence is something along the lines of "don't ring us because answering the phones slows us down" and for every e-mail I've sent for them requesting this or that (they have everything now as far as I'm aware) I get either no reply or an automated response.

Guess I'll just have to stick it out but if have like it done before I go away on holiday in August so I'm just wondering if thats still feasible, like could it just happen, or if I should just forget about it until I come back.