What does rekeying mortgage mean?

BegBorrowSteal
BegBorrowSteal Posts: 5 Forumite
in Mortgages & endowments
A member of the mortgage team phoned me today to say my mortgage application needs to be rekeyed after returning from the credit department due to a retention so I have a appointment to go over it all on Thursday so is this just to go over changes to rates etc?

Comments

  • cjv
    cjv Posts: 513 Forumite
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    It just means re enter the details, if for example there has been a mistake.
  • kingstreet
    kingstreet Posts: 38,750 Forumite
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    It all has to be 're-keyed' (someone has to re-enter all the data using a keyboard.)

    You've given nothing to suggest why this is needed.
    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.
  • BegBorrowSteal
    BegBorrowSteal Posts: 5 Forumite
    Thanks thats what I thought it meant the rekeying im assuming is because of the retention which I’m paying for the damp and timber treatment which will change the interest rate and repayments I make.
  • kingstreet
    kingstreet Posts: 38,750 Forumite
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    Not a reason for a re-key.

    Usually it would be due to incorrect/missing data, such as a missing middle name.
    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.
  • BegBorrowSteal
    BegBorrowSteal Posts: 5 Forumite
    Just a update in case someone else has the same situation in the future I had to have the application rekeyed as a time limit had run out so a new application had to be submitted at a lower amount due to me borrowing less.
  • Judzzy
    Judzzy Posts: 29 Forumite
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    Hi, I'm in a similar situation, can I ask how long did it take for the application to be rekeyed?
  • kingstreet
    kingstreet Posts: 38,750 Forumite
    First Anniversary Name Dropper Photogenic First Post
    I just had to re-submit a Santander application.

    It took me ten minutes as the data is already populated. All you have to do is re-enter the mortgage amount and product code.

    For Nationwide, some data pulls over, but not much.
    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.
  • Judzzy
    Judzzy Posts: 29 Forumite
    First Anniversary
    Hi, thanks for your reply. From what I understand Barclays is rekeying the case, not my broker...
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