Remortgaging - How Long Does It Take ?
Discussion
My current mortgatge deal expires on 1st April next year.
Current lender is Northern Rock, no remortgage deals to be had there, so a change of lender will be required.
LTV < 50% and loan required < 2x Salary, so not anticipating any problems getting refinancing, ongoing threat of meltdown notwithstanding.
When should I start the application process so as to complete the remortgage on or very soon after 1st April next year ?
Current lender is Northern Rock, no remortgage deals to be had there, so a change of lender will be required.
LTV < 50% and loan required < 2x Salary, so not anticipating any problems getting refinancing, ongoing threat of meltdown notwithstanding.
When should I start the application process so as to complete the remortgage on or very soon after 1st April next year ?
Thanks All.
As an aside, my house is on a private estate maintained by a management company. I have an ongoing dispute with this management company, concerning unsatisfactory redecoration work, as a result of which I have been withholding payment of service charge such that my account with them is ~£12k in arrears.
I assume that no remortgage will be possible whilst this dispute is unresolved and my SC remains in arears ?
As an aside, my house is on a private estate maintained by a management company. I have an ongoing dispute with this management company, concerning unsatisfactory redecoration work, as a result of which I have been withholding payment of service charge such that my account with them is ~£12k in arrears.
I assume that no remortgage will be possible whilst this dispute is unresolved and my SC remains in arears ?
Seight_Returns said:
Thanks All.
As an aside, my house is on a private estate maintained by a management company. I have an ongoing dispute with this management company, concerning unsatisfactory redecoration work, as a result of which I have been withholding payment of service charge such that my account with them is ~£12k in arrears.
I assume that no remortgage will be possible whilst this dispute is unresolved and my SC remains in arears ?
Selling would be difficult i suspect, but I'm not sure it would affect remortgaging, unless they've gone for a CCJ. As an aside, my house is on a private estate maintained by a management company. I have an ongoing dispute with this management company, concerning unsatisfactory redecoration work, as a result of which I have been withholding payment of service charge such that my account with them is ~£12k in arrears.
I assume that no remortgage will be possible whilst this dispute is unresolved and my SC remains in arears ?
scotal said:
Seight_Returns said:
Thanks All.
As an aside, my house is on a private estate maintained by a management company. I have an ongoing dispute with this management company, concerning unsatisfactory redecoration work, as a result of which I have been withholding payment of service charge such that my account with them is ~£12k in arrears.
I assume that no remortgage will be possible whilst this dispute is unresolved and my SC remains in arears ?
Selling would be difficult i suspect, but I'm not sure it would affect remortgaging, unless they've gone for a CCJ. As an aside, my house is on a private estate maintained by a management company. I have an ongoing dispute with this management company, concerning unsatisfactory redecoration work, as a result of which I have been withholding payment of service charge such that my account with them is ~£12k in arrears.
I assume that no remortgage will be possible whilst this dispute is unresolved and my SC remains in arears ?
Thanks once again.
With regard to the dispute, no there's no CCJ against me and they have made no real attempt to recover the increasingly large amount that's in arrears. I suspect that they're taking the view that (a) if they sued me their costs would be considerable and unrecoverable since it would go Small Claims Track and they might well lose anyway and (b) they know full well that one day I'm going to have to move and will need to clear the arrears regardless, so their best course of action is to just let the account rack up.
It's very much a case or won't pay, not can't pay. I'm withholding payment until they answer outstanding queries relating to the charges they're trying to levy against me, which they seem unwilling or unable to do so. I'd actually be quite pleased if they tried to sue me because it would force the issue and I think I'd win.
My only concern is that if they sued me and won, in which case I'd pay up immediatly as instructed by the court, would the CCJ still appear on my credit files and impact my credit rating ?
With regard to the dispute, no there's no CCJ against me and they have made no real attempt to recover the increasingly large amount that's in arrears. I suspect that they're taking the view that (a) if they sued me their costs would be considerable and unrecoverable since it would go Small Claims Track and they might well lose anyway and (b) they know full well that one day I'm going to have to move and will need to clear the arrears regardless, so their best course of action is to just let the account rack up.
It's very much a case or won't pay, not can't pay. I'm withholding payment until they answer outstanding queries relating to the charges they're trying to levy against me, which they seem unwilling or unable to do so. I'd actually be quite pleased if they tried to sue me because it would force the issue and I think I'd win.
My only concern is that if they sued me and won, in which case I'd pay up immediatly as instructed by the court, would the CCJ still appear on my credit files and impact my credit rating ?
Seight_Returns said:
Thanks once again.
With regard to the dispute, no there's no CCJ against me and they have made no real attempt to recover the increasingly large amount that's in arrears. I suspect that they're taking the view that (a) if they sued me their costs would be considerable and unrecoverable since it would go Small Claims Track and they might well lose anyway and (b) they know full well that one day I'm going to have to move and will need to clear the arrears regardless, so their best course of action is to just let the account rack up.
It's very much a case or won't pay, not can't pay. I'm withholding payment until they answer outstanding queries relating to the charges they're trying to levy against me, which they seem unwilling or unable to do so. I'd actually be quite pleased if they tried to sue me because it would force the issue and I think I'd win.
My only concern is that if they sued me and won, in which case I'd pay up immediatly as instructed by the court, would the CCJ still appear on my credit files and impact my credit rating ?
if they threaten a ccj before taking you to court your best bet is probably to pay up and then sue.. although someone legal can correct me here With regard to the dispute, no there's no CCJ against me and they have made no real attempt to recover the increasingly large amount that's in arrears. I suspect that they're taking the view that (a) if they sued me their costs would be considerable and unrecoverable since it would go Small Claims Track and they might well lose anyway and (b) they know full well that one day I'm going to have to move and will need to clear the arrears regardless, so their best course of action is to just let the account rack up.
It's very much a case or won't pay, not can't pay. I'm withholding payment until they answer outstanding queries relating to the charges they're trying to levy against me, which they seem unwilling or unable to do so. I'd actually be quite pleased if they tried to sue me because it would force the issue and I think I'd win.
My only concern is that if they sued me and won, in which case I'd pay up immediatly as instructed by the court, would the CCJ still appear on my credit files and impact my credit rating ?
if the court order you to pay and you do so promptly there won't be a case for a ccj and in any case if you didn't you'd get bailiffs enforcing before you can say wtf?
BTW Seight, did you take the help with costs option from NR, make sure the clawback on this ends at the same time as the fixed rate, otherwise you might have an extra bill. (about £700)
Also remeber tat mortgage offers have an expiry date, depending on the lender this can be 3 or 6 months, so looking too early isnt going to help either way.
Also remeber tat mortgage offers have an expiry date, depending on the lender this can be 3 or 6 months, so looking too early isnt going to help either way.
scotal said:
BTW Seight, did you take the help with costs option from NR, make sure the clawback on this ends at the same time as the fixed rate, otherwise you might have an extra bill. (about £700)
Also remeber tat mortgage offers have an expiry date, depending on the lender this can be 3 or 6 months, so looking too early isnt going to help either way.
hohoho! yes, the good ole' HWC... Also remeber tat mortgage offers have an expiry date, depending on the lender this can be 3 or 6 months, so looking too early isnt going to help either way.
another thing to watch for (depending when he took the deal) will be the fixed expiry, 2yr overhang trap.. ie take out a deal launched as a 2 yr no extended ERC 5 weeks after it's initial issue date and watch with horror as your rate expires 5 weeks before the ERC... b'stards!Seight_Returns said:
scotal said:
BTW Seight, did you take the help with costs option from NR, make sure the clawback on this ends at the same time as the fixed rate, otherwise you might have an extra bill. (about £700)
Don't know anything about this. Please can you elaborate ?You'll have to check your paperwork (check the early repayment charges section.)
scotal said:
Seight_Returns said:
scotal said:
BTW Seight, did you take the help with costs option from NR, make sure the clawback on this ends at the same time as the fixed rate, otherwise you might have an extra bill. (about £700)
Don't know anything about this. Please can you elaborate ?You'll have to check your paperwork (check the early repayment charges section.)
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