Remortgaging woes...

[Watto1]

I'm in the middle of remortgaging my home as our discounted period is coming to an end on 10th July. We started the process back in April! We're at the point where my solicitors have requested the redemption statement from the current lender. Our solicitors have been so slow all through the process. We have been prompt at returning all forms and documents. If we don't complete by the 10th, we will have to pay an extra £225 on next month's payment, which we can ill afford. My question is, is it possible for us to complete by Monday? And if we don't complete, can I get compensated for having to fork out an extra £225?

Many thanks

Impossible to say if you will complete by Monday. Are you using an independent financial adviser? They would be able to advise you of likely timescales. It is extremely unlikely that you would be able to claim for compensation. Remortgaging can take longer than you might think unfortunately. Fingers crossed that it all goes through for you in time.

Thanks for replying friendship. Yes, using a financial advisor. She thinks it's going to be very tight. Just wanted a second opinion really. She and I both thought we had loads of time when we started the remortgage process. You live and learn!

Oh I had a very bad experience remortgaging a let to buy property. Every single step was soon slow and required us to chase on numerous occasions. In the end the whole mortgage actually expired and I had to make arrangements with the bank. It had taken a year to remortgage the thing. In the end I got so fed up I sold the property as couldn't be doing this every two years. So....I think maybe talk to your current lender and see if there is anything they can do (but having worked in mortgages on the IT side, I would imagine not really). I wonder if it does come to pass that you do end up paying full SVR then you can try and claim compensation from the new lender via a complaint with your financial advisor. If you don't get a satisfactory result, complain to the Financial Ombudsman??

If it's not too late though maybe consider a lifetime type mortgage which doesn't have teaser periods to avoid this sort of thing in the future??

Quick update- it all went through at the 11th hour. Phew!