Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • constantly_confused
    • By constantly_confused 5th Mar 18, 9:39 PM
    • 4Posts
    • 0Thanks
    constantly_confused
    How painful is applying for a mortgage renewal now
    • #1
    • 5th Mar 18, 9:39 PM
    How painful is applying for a mortgage renewal now 5th Mar 18 at 9:39 PM
    Hi,

    I am trying to get a feel for just how painful the remortgaging process is now days.

    When we brought our house 4 and a bit years ago, we used a broker to source our mortgage product. I have spoken with a broker regarding my renewal, and based on the brief discussion (rough estimate on property value, outstanding loan amount, salary info....) I was advised that applying myself would not be too arduous.

    I am considering a First Direct product but am a little perturbed by the 3 hour phone conversations that people have reported.

    So the question is, if we assume that FD are drawn out and painful as standard, and we know that the banks have to be more thorough now days. How long does it take to get the paperwork and phone discussion sorted on average?

    Cheers
    Last edited by constantly_confused; 05-03-2018 at 9:53 PM.
Page 1
    • getmore4less
    • By getmore4less 6th Mar 18, 8:28 AM
    • 32,035 Posts
    • 19,222 Thanks
    getmore4less
    • #2
    • 6th Mar 18, 8:28 AM
    • #2
    • 6th Mar 18, 8:28 AM
    Start with retention deals from current lender.
    • Schoolworker
    • By Schoolworker 6th Mar 18, 10:01 AM
    • 250 Posts
    • 554 Thanks
    Schoolworker
    • #3
    • 6th Mar 18, 10:01 AM
    • #3
    • 6th Mar 18, 10:01 AM
    When we remortgaged 3yrs ago we stayed with our current lender as rates were reasonable but I had a 2 he phone call to go through all financial aspects but we got accepted no problem. Last year we asked for extra borrowing for an extension and did this in branch and was lengthy. It's not hard but you will need all info in front of you of different outgoings. Good luck.
    • kingstreet
    • By kingstreet 6th Mar 18, 10:19 AM
    • 33,351 Posts
    • 18,042 Thanks
    kingstreet
    • #4
    • 6th Mar 18, 10:19 AM
    • #4
    • 6th Mar 18, 10:19 AM
    Customer retention products, those your current lender offers when your initial rate ends are usually straightforward to arrange.

    A remortgage, which is a new mortgage with a new lender to repay the current one, has similarities with the buying process as status, affordability and valuation are checked.

    Do not look at your current lender's remortgage products as those are for borrowers moving their mortgage to the lender.
    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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,999Posts Today

8,002Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin