Remortgage - is this normal?

clareb87

Hi,

My previous fixed-term rate with Accord ended on 31st December.

With this in mind, I applied to Danske Bank on 3rd October for a 5-year fixed rate, hoping to have it in place for 1st January. I was told by my broker it could take up to 31 days for the application to be approved - this ended up taking until 9th December (apparently due to the number of mortgage applications after the mini-budget announement).

The banks solicitors then delayed the process by not sending paperwork until early January (I had to chase). I completed and returned paperwork to solicitors on 5th January and they advised completion would happen on 23rd January, then 25th January, but I am still waiting. I called them today to be told completion had happened but that isn't the case as my previous/current lender Accord confirmed and I can see the daily interest adding on each day - currently been on a 6.49% SVR rate since 1st January!!

I also haven't received any paperwork directly from Danske yet either - is this normal? I haven't gone through the remortgage process before.

Also, at this stage, from a legal perspective can I withdraw? My current lender can give me a similar rate now.

Thanks

user1977

clareb87 said:

I called them today to be told completion had happened but that isn't the case as my previous/current lender Accord confirmed 

If completion was today, it's probable that Accord won't know about it yet - as the first the old lender knows about it is when they receive the redemption amount and allocate it to your mortgage account, which tends not to all occur on the same day.

So I think it reasonable to assume that the solicitors aren't lying and that completion has occurred. In which case, no you cannot withdraw.

kingstreet

Have you received a mortgage offer? Presumably, yes.

Once completion has taken place, the lender will write to you to confirm this and the amount and dates of first and subsequent payments.