Lloyds - how far in advance can you secure a mortgage?

scottishblondie

I had a look on the Lloyds website, but I couldn’t see the answer there so I’m hoping someone here knows!

We are 3 years and 8 months into a 5 year fix. Our ERC is currently 2.5% but will drop to 1% at the end of June. Lloyds have a 10 year fix at 1.66% that I would love to secure, but it doesn’t make sense to remortgage until the ERC drops. I don’t expect that particular deal will still be available by then, unfortunately. 

So my question is does anyone know how far in advance can you arrange to move to Lloyds?

dimbo61

https://www.lloydsbank.com/mortgages/help-and-guidance/applying-for-a-mortgage/how-long-does-it-take-to-get-a-mortgage.html

On the Lloyd's website it talks about taking 2-6 weeks to apply and lasts upto 6 months.
Contact Lloyd's mortgage centre in the morning 

scottishblondie

Thank you - I had even looked at that page and not seen it!

I gave them a call this morning to check, and have been told that for a remortgage from another lender the validity period of the offer is 3 months.  Sadly for us that won't be until the end of March, which I suspect will be after the lower rates have been pulled.  But then there is the overhead of the application itself so perhaps the process can start sooner.  

I will need to do more sums!

dimbo61

So get application in now but make sure the new term starts the day after your ERC is reduced so 1st of July.
Good luck 

geraint83

scottishblondie said:

I gave them a call this morning to check, and have been told that for a remortgage from another lender the validity period of the offer is 3 months.  Sadly for us that won't be until the end of March, which I suspect will be after the lower rates have been pulled.  But then there is the overhead of the application itself so perhaps the process can start sooner.  

That’s complete nonsense.

We’re currently in a fix, and our early repayment charge halves in July.

We applied for the Lloyds 10 year rate a fortnight ago. We had a video consultation on the Monday, submitted the application on the Tuesday, then proof of income on the Wednesday and had our mortgage offer by the Thursday. All very efficient.

The mortgage offer is valid until 31 August 2022 - we checked that before applying. We’re therefore taking our time with the remaining paperwork because we don’t want to complete on the remortgage until July.

scottishblondie

geraint83 said:

scottishblondie said:

I gave them a call this morning to check, and have been told that for a remortgage from another lender the validity period of the offer is 3 months.  Sadly for us that won't be until the end of March, which I suspect will be after the lower rates have been pulled.  But then there is the overhead of the application itself so perhaps the process can start sooner.  

That’s complete nonsense.

We’re currently in a fix, and our early repayment charge halves in July.

We applied for the Lloyds 10 year rate a fortnight ago. We had a video consultation on the Monday, submitted the application on the Tuesday, then proof of income on the Wednesday and had our mortgage offer by the Thursday. All very efficient.

The mortgage offer is valid until 31 August 2022 - we checked that before applying. We’re therefore taking our time with the remaining paperwork because we don’t want to complete on the remortgage until July.

Wow ok, I will need to call them back tomorrow because that is not what I was told!!  Sounds like you are in a very similar situation to us.  Thank you for the information.

scottishblondie

@geraint83 is the process pretty painless then?  Can I ask what the reason was behind the video consultation, is that a normal part of the process or something that you requested? 

Also I've just returned from maternity leave and I've not had my first pay yet, which it has just occurred to me could be a problem.

geraint83

scottishblondie said:

@geraint83 is the process pretty painless then?  Can I ask what the reason was behind the video consultation, is that a normal part of the process or something that you requested? 

Also I've just returned from maternity leave and I've not had my first pay yet, which it has just occurred to me could be a problem.

I didn't fancy applying online myself so I called them up on the Monday morning to apply over the phone. I was then given an appointment with their mortgage advisor the same day (which I wasn't expecting), and that was via a video call. The lady was based at their Worcester branch (but working from home) - not at my nearest branch (I'm in Wales).

I think the video call is a normal part of the process unless you go into branch, or apply yourself online.

It was a really straight-forward process, and the advisor was really helpful.

They asked for copies of our most recent payslips, but I suppose they could ask for some other proof of income depending on your circumstances.

mrsmsebastian

scottishblondie said:

@geraint83 is the process pretty painless then?  Can I ask what the reason was behind the video consultation, is that a normal part of the process or something that you requested? 

Also I've just returned from maternity leave and I've not had my first pay yet, which it has just occurred to me could be a problem.

I am in the process of remortgaging with Lloyds, video consultation is an optional and you can do it by phone if you prefer.

geraint83

mrsmsebastian said:

scottishblondie said:

@geraint83 is the process pretty painless then?  Can I ask what the reason was behind the video consultation, is that a normal part of the process or something that you requested? 

Also I've just returned from maternity leave and I've not had my first pay yet, which it has just occurred to me could be a problem.

I am in the process of remortgaging with Lloyds, video consultation is an optional and you can do it by phone if you prefer.

The video consultation actually worked quite well - it was nice being able to see the person I was dealing with, and for some of the legally-required blurb they were able to play short videos rather than me having to listen to them read from a script.

Thrugelmir

geraint83 said:

scottishblondie said:

I gave them a call this morning to check, and have been told that for a remortgage from another lender the validity period of the offer is 3 months.  Sadly for us that won't be until the end of March, which I suspect will be after the lower rates have been pulled.  But then there is the overhead of the application itself so perhaps the process can start sooner.  

That’s complete nonsense.

We’re currently in a fix, and our early repayment charge halves in July.

We applied for the Lloyds 10 year rate a fortnight ago. We had a video consultation on the Monday, submitted the application on the Tuesday, then proof of income on the Wednesday and had our mortgage offer by the Thursday. All very efficient.

The mortgage offer is valid until 31 August 2022 - we checked that before applying. We’re therefore taking our time with the remaining paperwork because we don’t want to complete on the remortgage until July.

Will depend on when the actual product applied for. Hence the quoted 3 to 6 months. Fixed term products all have the same expiry date. Fixed term products never run for precisely 2, 3 5 years etc. Can be over/under these periods.