Switching mortgage

Brego888

How much hassle is it (documents collection, various valuations and time wise) compared to the work needed to take out your initial mortgage?

Q&A

Brego888 wrote: »

How much hassle is it (documents collection, various valuations and time wise) compared to the work needed to take out your initial mortgage?

It's the same amount of paperwork to prove you are capable of meeting the repayments i.e., bank statements and credit cards. How difficult or time consuming it is will really depend on how easy it is for you to gather the paperwork and what the underwriters turns up in assessing your accounts. My most recent experience the time between submitting the paperwork and getting an offer only took 8 days but I had everything and could explain their couple of transactions they quired straight away.

Valuations are straightforward person walk through the house and take a few measurements. It usually doesn't take that long to organise.

Where you will most likely notice things slowing down is when the solicitors get involved. Different backs might have slightly different requests. So there may be the for additional searches/provision of documents. I was lucky that there was very little additional requests so there was about a month between my solicitor receiving my loan approval and actually drawing down.

You're looking at 6 weeks as the shortest it will take to switch I would imagine and rust assumes there are no delays

worker bee

Took less than 6 weeks to get lender approval.

Then the solicitor got involved. We are now in month-7 and not done yet.

This is for a simple mortgage switch. We are not in negative equity. Not in arrears. No other loans. No missed payments. Are within the lending criteria. No other properties owned etc.

Same solicitor as handled the house purchase so this is not all new to them.

how.gareth

worker bee wrote: »

Took less than 6 weeks to get lender approval.

Then the solicitor got involved. We are now in month-7 and not done yet.

This is for a simple mortgage switch. We are not in negative equity. Not in arrears. No other loans. No missed payments. Are within the lending criteria. No other properties owned etc.

Same solicitor as handled the house purchase so this is not all new to them.

What’s their reasoning?

worker bee

They keep saying that this is a more complicated process than we might think.

We have met every one of the bank's criteria and have supplied every document they need within 2 days.

The bank has said they are satisfied with scans for most documents but the solicitor has asked for each document again and for the originals etc.

This is the solicitor acting for us, by the way.

Takes days or weeks to reply each time and then sends garbled emails full of typos and miscommunications.

Am torn between wiping my hands of them and making a law soc complaint when this is all done.

how.gareth

Is there any gain for them by dragging it out or is it a fixed cost regardless?

paulieeye

worker bee wrote: »

They keep saying that this is a more complicated process than we might think.

We have met every one of the bank's criteria and have supplied every document they need within 2 days.

The bank has said they are satisfied with scans for most documents but the solicitor has asked for each document again and for the originals etc.

This is the solicitor acting for us, by the way.

Takes days or weeks to reply each time and then sends garbled emails full of typos and miscommunications.

Am torn between wiping my hands of them and making a law soc complaint when this is all done.

In no way should it take 7 months. I switched this year and it took 4 months. 2 months of that was my fault and it went over christmas. The solicitor was replying and sorting stuff out within a day or 2. I can send you the name of my solicitor via pm if you want.

worker bee

Thanks, but as we have now nearly finalised the switch I won't swap solicitors now.

All our paperwork was in order - every salary cert, bank statement, p60 etc. No 'dodgy' finances - ie no other loans, no unpaid debts, no gambling accounts etc.

Bank was fine with every part and this solicitor has dragged this out all the way.

We have an estimate but they do note that the final bill may be higher due to all the work involved.

They have asked for repeat documents, have missed my emails, have written to the wrong people in the bank etc and their own emails are full of typos and garbled sentences. (I'm not mistaking legal language for garbled sentences by the way).

paulieeye

worker bee wrote: »

Thanks, but as we have now nearly finalised the switch I won't swap solicitors now.

All our paperwork was in order - every salary cert, bank statement, p60 etc. No 'dodgy' finances - ie no other loans, no unpaid debts, no gambling accounts etc.

Bank was fine with every part and this solicitor has dragged this out all the way.

We have an estimate but they do note that the final bill may be higher due to all the work involved.

They have asked for repeat documents, have missed my emails, have written to the wrong people in the bank etc and their own emails are full of typos and garbled sentences. (I'm not mistaking legal language for garbled sentences by the way).

Sounds like someone to avoid if u do this again! How much was the estimated amount, just so I can see is my guy expensive? He's charging €1450

worker bee

Around same for estimate but no final bill yet.

cloneslad

paulieeye wrote: »

Sounds like someone to avoid if u do this again! How much was the estimated amount, just so I can see is my guy expensive? He's charging €1450

€1,250 flat fee all in for mine inc VAT. That’s for all the document fees etc needed too.

He’s in Blackrock.