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Original poster

Re-mortgage advice - how long does the process take?

21 replies

notmorebillssurely · 21/08/2008 18:17

Re-fixing mortgage with the same company.

Roughly how long from applying to receiving new offer take?

OP posts:

Original poster

notmorebillssurely · 21/08/2008 18:52

bump - can anyone help pls?

OP posts:

noddyholder · 21/08/2008 18:56

it depends if it is straightforward or not which atm is a bit hard to tell.You will need a valuation etc then it shouldn't take long maybe 2 weeks

Original poster

notmorebillssurely · 21/08/2008 19:06

Yes, a straightforward re-fix with the same huge high street bank. An how long has it been? Well, only since April!!!

In the meantime, we have been on the variable rate, and were told it would take a couple of weeks.
This has cost a fortune, which we have been promised will be re-imbursed, but as we have lodged a formal complaint, have been told that we must wait 8 weeks for the complaint to be investigated before they issue us with the offer. wtf???

Complaint lodged 8 weeks ago, now been told that it went from dept to dept and they say 8 weeks from when it reaches the final dept who will deal with it. Can't be right surely?

OP posts:

Original poster

notmorebillssurely · 21/08/2008 19:32

BUMP

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ShinyPinkShoes · 21/08/2008 19:34

I applied for mine over the phone on the Friday, organised valuation for the following Tuesday and I received my offer on the Friday

ShinyPinkShoes · 21/08/2008 19:35

Oops- and completed on it the following Tuesday!

Katisha · 21/08/2008 19:35

Ring Consumer Direct who would be able to advise I'd have thought.

notcitrus · 21/08/2008 19:39

That's bizarre, especially given how few mortgages are being organised atm!

Our remortgage in November took 2 months but that involved one offer being rescinded even after they told our adviser it was still available and him getting compensation, and moving to another provider - and that was before the crash so there were a lot of people remortgaging while they could.

If we'd stayed with the same company, we've got offers over the phone before - just had to confirm no major changes to the property or environment.

I'm no lawyer, but I'd suggest a stroppy letter to their head office!

Original poster

notmorebillssurely · 21/08/2008 19:44

I have been told all along that everything is going smoothly and an offer will be in the post in hte next couple of days for months now.

I raised a written complaint to the branch manager, then went on to the Head Office by special delivery letter. They have passed it round and about since beginning of july. I then find that it only reaches the particular office some 6 weeks later. They have said they can take 8 weeks to respond, in the meantime I'm still being told at a lower level that things are going along smoothly??

All this time my mortgage has risen from 4.45% to 7% and a mortgage the sixe of ours is hundreds of pounds extra per month.

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Katisha · 21/08/2008 19:51

We had a bad experience changing mortgages earlier in the year. The solicitors kept saying they hadn't had documents from us when they had. I think they just weren't bothering to open the post. It took a lot longer than it should as I had to keep ringing and then being told they were waiting for such and such and then pointing out that they had it.
It was hopeless. They just had no sense of urgency whatsoever.

Original poster

notmorebillssurely · 21/08/2008 19:56

thanks for the link Katisha, i shall look into it.

You see, as far as I am aware, when you make a complaint, they have 8 weeks to respond, then if after that time you do not have a satisfactory result you can then go to the Financial Ombudsman.

The Bank tell me they have 8 weeks from when it gets to the correct department. Surely, this is taking the piss a bit. Afterall they could say they have spend 12 weeks passing it about before it gets to the correct department.

Anycase, I sent it to the Customer Services department which is detailed on their website as the place to write with any complaints.

So, s far as I am concerned the 8 weeks is up and I have not had a response.

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DaisySteiner · 21/08/2008 20:57

Ours was switched over with immediate effect, no new valuations or anything!

Original poster

notmorebillssurely · 21/08/2008 21:02

its peculiar, we have had a mortgage with them for years, and done the re-fixing each time the rate comes to an end and never had a problem before now.

Someone has cocked up along the way and they are taking my money every month until they sort it out.

It's catch 22 - we could refuse to pay the excess as they admitted they made a mistake, but would then have a bad credit rating as we would be defaulting on the payments.

And what about all the interest they are collecting whilst they hold my money. Each month they carry this on they are gaining more and more money and we are being forced to pay it!

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DaisySteiner · 21/08/2008 21:14

Have you been in touch with the Financial Services Ombudsman?

Original poster

notmorebillssurely · 21/08/2008 21:21

Not yet, but my official 8 weeks awaiting a resolution is up in my eyes, but the bank says not for another few weeks later as the complaint didnt reach their particular department until early august, so they feel that they have longer to sort it out.

The FSA ask that 8 weeks is given for the company to resolve it before going to them.

So, therefore, does it go from the date I first raise a written complaint or the date they decide to get it to the person who will take it up (i.e weeks and weeks later)

OP posts:

Katisha · 21/08/2008 21:23

I think you'll have to ring up FSA or other consumer body and just ask.
It would seem logical for it to be since date of your letter though. (But nothing is ever logical these days.)

DaisySteiner · 21/08/2008 21:38

You've got nothing to lose by contacting the FSO now surely?

Is there nothing better on offer elsewhere now, a few mortgage providers have been reducing their rates recently?

Lubyloo · 21/08/2008 21:39

That is completely unacceptable. I work for a mortgage lender and we complete remortgages for existing customers in two weeks. I would ask them to send you a copy of their complaints procedure and you will be able to see how they have deviated from it.

Original poster

notmorebillssurely · 22/08/2008 08:18

Thanks for your responses, i shall be making some phonecalls today to find out exactly where we stand.

I am so furious, that I raised a complaint about a delay and am told that I have to wait for the completion of their investigations as to why there has been a delay before they send me an offer!

So now there is a delay because of a delay. Utter madness.

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Lubyloo · 22/08/2008 21:19

Did you get anywhere with them today?

Heated · 22/08/2008 21:26

It took about 5 days I think. Are you dealing with branch level or head office where they have their telesales/mortgage ppl?

Having been into our local branch & agreed our remortgage, we changed our mind about which type of mortgage we wanted the next morning. Phoned the branch who told us the mortgage had already been processed, we couldn't change. Dh knew this was cr*p, phoned the head office who arranged it then and there.

They sent out the paperwork, we signed, someone phoned us to take the arrangement fee. Simple.

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