Re-mortgaging queries

xSteve_2

Hi guys

I'm coming up for re-mortgage in Sept (Aug is last month of my Northern Rock fixed rate - and lets face it, I'm not going back there ). I've got a couple of questions:

1. The advice at the moment is if you see something you like apply for it now to reserve it so its there to drawdown. Well, if I find something now, and apply now, what happens if I find something better in the mean time. I've heard you can add fee's to the mortgage to save you being out of pocket if you do switch, but how far can I take the mortgage application before it becomes legally binding? i.e. are there any forms in particular that I shouldn't sign? Should I tell the lender I am reserving the rate? Are there any particular fee's that I would need to pay upfront (booking fee, arrangement fee, product fee etc.)

2. If I apply now, when is the credit checking done?

3. Because I'm remortgaging, presumably there are no legal fee's to pay?

Cheers

_Andy_

xSteve wrote: »

1. The advice at the moment is if you see something you like apply for it now to reserve it so its there to drawdown. Well, if I find something now, and apply now, what happens if I find something better in the mean time. I've heard you can add fee's to the mortgage to save you being out of pocket if you do switch, but how far can I take the mortgage application before it becomes legally binding? i.e. are there any forms in particular that I shouldn't sign? Should I tell the lender I am reserving the rate? Are there any particular fee's that I would need to pay upfront (booking fee, arrangement fee, product fee etc.)

Yes get the application started ASAP.
If you find something better in the meantime you're not committed.

2. If I apply now, when is the credit checking done?

At the point you apply or get a decision in principle done

3. Because I'm remortgaging, presumably there are no legal fee's to pay?

Cheers

Depends on lender and particular deal but they're plenty of free legal offers on the market.

xSteve_2

_Andy_ wrote: »

Yes get the application started ASAP.
If you find something better in the meantime you're not committed.

Cool thanks, is there anything I should avoid signing to avoid commiting myself to them?

xSteve_2

Also, is it 'ok' to tell the lender you are applying just to reserve the rate? or is this frowned on by them?