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Remortgage
My current fixed mortgage rate deal ended March 31st - I instructed a new lender on March 9th, but this has not been completed in time and today my mortgage payment came out and I'm now on the variable rate - approx £100 more than I usually pay.
Did I not give myself enough time for the deal to complete? If I didnt' then I've got to suck it up.
Comments
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Can you not switch onto one with your current lender with no exit fees in the meantime?
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I'm not sure, I've started the ball rolling and the application has been approved. It's in the hands of the solicitor.
If I'm too blame for not giving myself enough time then fair enough, I really didn't think a remortgage takes as long as it is going to take.
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Course you can, assuming you arent borrowing more or wanting to make term changes etc most banks you can pick a new rate on the website/app in a few buttons, who are you currently with?
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I'm with the Halifax
So they will change my rate (hopefully easily enough) even though I'm not staying with them?
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Course you can, just change it to one with NO early repayment fees. Which would likely limit you to trackers, but these will all be cheaper than the SVR. You may as well save a few quid on interest until its sorted.
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Just spoke to Halifax, minimum they can offer is a two year deal so I'll have to suck it up and hope it's completed by May 1st to avoid another £100 out of pocket.
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Is it a two year WITHOUT exit fees/early repayment charges though?
If it is thats fine. They should have trackers without exit fees/early repayment charges, if they dont it would be very, very odd. Dont think you asked them the right questions tbh.
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A remortgage (that's a new mortgage with a new lender to replace the current one) usually takes a couple of months due to the legal work that's required.
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1 -
If you are staying with the same lender, I think 20ish days is enough for most lenders.
If you are switching lenders, then no I dont think 21 days (16 working days) is enough to go through the application and do the legal work.
I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
20 days? I pressed a few buttons in the Barclays app and that was it. The OP hasnt said he or she was moving lenders because they were borrowing more, or moving. May have just been a simple remortgage.
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