remortgage taking weeks!!!

colc

We decided to remortgage in 17th Dec with a different company as our fixed rate had come to an end. Since then, we have had to sibmit documents twice, and our fees have grown from £999 to just under £1600. To add to this they are now charging us another £176 to contact another company which we have a secured loan with. We have had to call them incessantly and the mortgage seems to bw taking forever. We are now paying nearly £900 as we are at the mercy of the rates instead of about £760 and the building society have still not given us a date for completion. They only instructed the solicitor 2 weeks ago. We feel this is totally unacceptable but we are in a situation where if we now pull out we will end up even more out of pocket. Any suggestions????

sarkin

Are you having a deed of postponment on the second charge?

What are the fees that you have paid for so far?

Who is the new lender?

Are you using your solicitors or the new lenders?

What advice has your broker offerd so far?

paulobyrne

I am assuming that you are refering to a Lender and not a Mortgage Broker, although the suggestion does apply to both.

Call them and express your disatifaction with their service and state 'that under the FSA guidlines of TCF (Treating customers fairly) you feel that they have failed in their obligation. Can they please have advise me when completion will take place within 48 hrs or I will ask you to implement your complaints proceedure. Now no Lender or Broker wants to go through a complaints proceedure.

If while on the phone they say put it in writting tell them you will do so however, you want it noted on their system that you have requested a complaints proceedure.

See how you get on and can you explain further re the fees - what have they said they are fo???

UK007BullDog

Did you tell the lender about the secured loan in the first place?

Which new lender is this? Who is your original lender?

Please explain why they are charging you so many fees and why/how they came about?

What deal are you taking with them?

Did you use a broker or did you do this on your own?

You cannot force the lender to complete in 48 hours. Especially as there is now a secured loan involved. They will do all their checks and need to contact everyone. has the survey been done and how long did it take them to get access to the property, if they came round at all.

A remortgage can take up to 12 weeks. The more 3rd parties are involved the longer it will take.

_Andy_

Assuming you are needing a DOP from your secured loan provider, if you're keeping the loan where it is (and that the sols have got round to applying for this) you're going to be at the mercy of the loan provider to get this agreed before you can complete.

Dan_Collins_2

17th of december was not that long ago if you think that from the friday 21st or 22nd or whatever it was, most companies would be on a short staff policy for xmas, solicitors the same and post would have been affected, so you should take at least a week off. Most remortgage are 6 weeks. Then add that you have a 2nd charge and the company involved if like most 2nd charge companies will be slow and take for ever to process the DOP. Maybe you need to get your broker or you to chase the legal side now. Have they issued an offer? I am not saying they have been great but it seems that time is not the issue, just a little slack.

colc

Hi there! Thanks for the advice. To be clear we started an online app on 10 Dec 07. We found out on 31 Jan that having made an offer in writing, (this is after an approval in principle, in short order it must be said) they had only just engaged a sol to do 2 aspects of extra legal work. First is transfer of equity (removing wife from the deed) and a DOP for the other loan. If I have compliants they are: documents have been lost in the post - it took 2 attempts to get a DD form to me AND ID docs submitted before Xmas turned out to be incorrectly annotated - this is after I was assured that the counter signatory was acceptable - it turned out that their scrutiny dept did not agrree. I was informed of this on 17 Jan . Docs re-sent by end of week. Leaving aside Xmas, the accpetance process, having taken an online valuation, seemed to be criminally slow. 6 weeks to a solicitor looking at it - and it now turns out there are confusions re: fees. They even refused to take a written redemption statement off me which I thought would save time. After numerous tense phone calls the BS has taken to calling me every couple of days - this does not seem to make things go any faster. I have held on simply beacause to start again would mean another 6 week delay. New BS have more or less admitted that the offer has generated more business than they can handle. If I did not know any better the "team" consists of 2 harassed computer geeks who are now in the soft and smeely up to thir necks!!

New BS = West Brom, old BS was All & Liec.

Dan_Collins_2

Lenders do this often, release a deal knowing that they will be stretched.

Most lenders instruct the solicitor at offer stage, some earlier but most offer stage. 2nd charges and offer services will always hold up the process, but I would say the issue here is service, and another lender trying to do business levels that they cannot cope with!