Remortgage questions (ERC, length, timescale)

WorldCitizen

Hello, I am in a process of the remortgage to Nationwide and have few questions.
I am in a stage where I have a DIP accepted, solicitor allocated and a valuation appointment booked.
I did my application online by myself.
1. Can I ask for changes at this stage (between DIP and Offer)?
For example, I put 17 years for the length of mortgage, but now thinking it would be better to have 19 for the flexibility...
2. I will have ERC to pay to my existing lender. Is there any possibility to add this amount (~1K) to the new mortgage? When applying online I didn't see that option and just put down the existing mortgage balance. I can pay that amount from savings of course, but if this possibility exists I would like to add ERC to remortgage - so the question is how can I do that and who do I need speak to?
I think I'll ask that to solicitor, but nobody contacted me yet.
3. Timescale - I have applied on 10 Sept, DIP received and solicitor allocated the same day, received a call about valuation on 11 Sept. and it's booked for 17 Sept. What happens next? And how long all the process can take?

I am not desperate in answers, just curious
Thanks in advance.

Thrugelmir

If you wish to amend your application speak to the lender ASAP. You need to stop the train before it gets too far.

WorldCitizen

Thanks for the answer!
I prefer not to loose this remortgage, so will leave it as it is.
This will be a lesson for me to think carefully before to do something
I'll be ok. I can cope with the mortgage length and ERC, but still curious - how and when should I pay the ERC...

BoGoF

Your solicitor will request a redemption figure from your lender and the ERC should be included in that.

WorldCitizen

BoGoF wrote: »

Your solicitor will request a redemption figure from your lender and the ERC should be included in that.

Does this mean that the whole amount will be transferred to the new mortgage? I really don't know how it works.

Thrugelmir

WorldCitizen wrote: »

Does this mean that the whole amount will be transferred to the new mortgage? I really don't know how it works.

The new mortgage will be for the amount you applied for. To discharge the old mortgage including the ERC. Your solicitor will require sufficient funds . You'll need to transfer sufficient money to your solicitor to do this.

Likewise you'll need to provide the solicitor with money to cover their costs.

Besides the ERC , there maybe an interest adjustment and a mortgage exit fee on the redemption statement. Until your solicitor has all the figures they won't know how much money you'll need to provide.

WorldCitizen

Thrugelmir,
thanks a lot!
No problem, I'll take them from savings.

getmore4less

Why are you changing when there is ERC?

WorldCitizen

getmore4less wrote: »

Why are you changing when there is ERC?

Ok, if you are interested I can give the numbers.
Our current mortgage balance with RBS is £50,900.
We are 3 years in 5 year fix with 3.39%, so if we leave now, we have to pay ERC 2% = £1,018.
We don't have to pay any other fees.
The new remortgage should be 1.94% for 5 years fix, no product fee, no valuation fee and free legal costs.
I have calculated that we will win with remortgage (I hope that's correct). And also I wanted to change to Nationwide, because in the near future we probably will need to use their Family Deposit mortgage for our son.