Back up remortgage

housebuyer143

I have decided to apply for a remortgage product but not 100% sure if I want to redeem it. I am on a tracker and want to hedge my bets in case rates skyrocket more than expected. 

If I apply and get the offer valid until May, if the product comes with free legals, what stops them redeeming it. What is the process? 

I have never remortgaged before so don't really understand what happens 

K_S

@housebuyer143 I recently handheld a tech adverse client through a free-legals remortgage with Optima (one of the 2-3 largest free legals providers) and based on that there are at least a couple of checkpoints which require the borrower to confirm the earliest completion date (to account for ERC for example) and to set the actual completion date.

I would imagine the process would be similar with other free legal providers. There should be multiple safeguards in place to avoid completing without the borrower meaning to.

You can also upload messages to the case again reiterating the same.

housebuyer143 said:

I have decided to apply for a remortgage product but not 100% sure if I want to redeem it. I am on a tracker and want to hedge my bets in case rates skyrocket more than expected. 

If I apply and get the offer valid until May, if the product comes with free legals, what stops them redeeming it. What is the process? 

I have never remortgaged before so don't really understand what happens 

housebuyer143

K_S said:

@housebuyer143 I recently handheld a tech adverse client through a free-legals remortgage with Optima (one of the 2-3 largest free legals providers) and based on that there are at least a couple of checkpoints which require the borrower to confirm the earliest completion date (to account for ERC for example) and to set the actual completion date.

I would imagine the process would be similar with other free legal providers. There should be multiple safeguards in place to avoid completing without the borrower meaning to.

You can also upload messages to the case again reiterating the same.

housebuyer143 said:

I have decided to apply for a remortgage product but not 100% sure if I want to redeem it. I am on a tracker and want to hedge my bets in case rates skyrocket more than expected. 

If I apply and get the offer valid until May, if the product comes with free legals, what stops them redeeming it. What is the process? 

I have never remortgaged before so don't really understand what happens 

Thanks. And there will be no negative reprocussions for getting the offer then choosing not to see it through?