Fast Track

elvis_girl

Hi,
Anyone have any idea how long a "fasttrack" remortgage should take?

lolarentt

What's a fasttrack remortgage? We've just switched an HSBC mortgage which was coming to the end of it's fixed 2 years, for an ING one - did it online and got acceptance for about 50% more than we wanted, and it took all of 2 minutes!

herbiesjp

A re-mortgage process can take 4-6 weeks, as a rough rule of thumb

Getting a formal mortgage offer letter can be very quick (not just an agreement in principle), however it is the legal process that can slow things down a little.

Fast track refers to the underwriting process to get an offer letter out (less supporting documentation required sometimes), and not necessarily the speed with which the re-mortgage will complete

elvis_girl

I just wondered if it would be less than the 4 - 6 weeks as they said they would "fast track" the legal process for me.

danm

I think they are referring to the use of a Title insurance company to insure against any defects to title of the property. I believe this means the lender does not have to wait for searches etc as they have indemintiy provided by the title insurance company.

if i recall, when i moved from Nationwide to A&L, they processed my remortage like this and after application/underwriting, everything happened in a couple of days