Remortgaging "Frequently Asked Questions"

Remortgaging "Frequently Asked Questions"

I don’t have Utility Bill, what else can I use for ID or Certified ID purposes?

If you do not have a Utility Bill, we can accept a Bank Statement. It must confirm your name, address, who the sender is and the date it as issued.

Handy Hint - If we are releasing funds to you, we will ask for a copy of a statement from the Bank account to which you wish us to send the funds so it may be your preference to provide a copy of the Bank statement at this point.

I have just recently made a payment on my existing mortgage, how will this affect my Remortgage?

The amount required to repay your existing lender may change depending on when the payment was made compared to the date when your Redemption Statement was issued.

Payment made before?
If you made the payment before the date on the Redemption Statement upon which we are reliant, then the redemption figure will be correct.

Payment made after?
If you made the payment after the date on the Redemption Statement, there are two options: FIRST We can request an updated redemption figure which could delay completion of your Remortgage and involve your existing lender making a further charge for another redemption figure. SECOND. If an earlier completion is your priority we pay your existing lender the amount on the redemption figure which we hold at completion. If this occurs then the overpayment would be repaid to you by the existing (soon to be ex) lender though the time period in which they will do that can vary from a couple of days to a month.

I have a payment to my existing lender due soon should I cancel it?/Will it be refunded?

The easy answer here relates to any refund due by a lender: any overpayment to a lender will be refunded to you. This can vary from lender to lender but you should receive this within one month of the payment being made.
Any decision to cancel your standing order or direct debit to your existing lender is your responsibility. The best advice is not to cancel the direct debit or standing order as potentially such an action might end up on your credit record if a payment became due and was not paid. In those circumstances technically you would be in breach of your existing mortgage agreement. Naturally there is a desire on the part of many clients to time such payments so that they do not end up making two payments in a short period even though any excess will be refunded. If the payment to your existing lender is just before completion is intended for your new mortgage then you may feel more relaxed in cancelling the existing payment but the correct advice remains at all payments are made.

When is my first payment of my new Mortgage due?

This will be determined by your new lender. You may well find the information within the terms of your new loan offer but you can contact your new lender regarding this and their details will be in your Loan offer. If you are using a Mortgage broker, they may be able to obtain this information for you.

I would like my payments to come out on the __ of the month can you arrange this?

We cannot control the date on which the lender will withdraw your mortgage payment. You should contact them regarding this and details of how to contact them should be in your Loan offer. If you are using a Mortgage broker, they may be able to get this information for you.

What is the position as regards our title deeds?

The use of title deeds in remortgage transactions can vary considerably depending upon the nature of the transaction. More often than not we do not become involved with your title deeds because we are able to ascertain sufficient information to deal with the remortgage from our electronic links with the Land Register and searchers. Both the Land Register and most lenders are currently involved in a process called dematerialisation. In essence that is a move from paper-based documents to electronic information at the Land Register. Generally speaking, if title deeds are made available during the course of our involvement with the remortgage, we will send any documents that have been requested by your new lender (generally only one or two) and send the remainder to you. If you wish a copy of your new electronic title as impacted by the remortgage transaction we can provide this for you though there will be a charge which is detailed on the additional charges menu which we would have sent to you in the early part of the transaction.

My case is being administered by LMS; I cannot log onto TrackMyCase to follow my transaction.

To log onto www.trackmycase.complease contact Legal Marketing Services (LMS) on Tel 0343 221 0600. 

Why am I being charged for a CHAPS when I instructed that I wanted the surplus funds sent to me by Cheque?

Your existing lender will require repayment of their mortgage by electronic CHAPS transfer. This will be the charge to which you are referring and there is nothing that we can do about this. You are free to take this up with your existing lender but they will point to the detailed terms and conditions of your existing mortgage.

Can my broker complete the questionnaire for me?

Our process is based on an interactive system where we liaise directly with you as the borrower, and we rely on you providing us with the information.
On occasion you may feel that you are duplicating information that you have already provided elsewhere when you provide us with information that we request. The problem is that our actions these days are determined by the very stringent requirements of lenders and the equally tough regulations imposed by our regulators.
We recognise that in some cases you will want your broker to be involved at every stage, which is absolutely your decision. You are totally free to forward your emails to your broker for review and advice however we do require that the information is sent directly to you and comes directly from you. As in many other areas, the modern world of regulation and imposition means that the application of common sense and ease-of-use are often impacted. Regrettably, we have to comply with many layers of regulation and imposition and we have no leeway at all. Many borrowers often comment to us that there are more rules than when they previously were involved with the remortgage. That is very much the truth and there has been an exponential increase in rules and regulations since the financial crisis in 2008.

Why am I being charged for a review of the Tenancy details when you would have known it was a Buy to Let Mortgage before you provided a quotation for your fees?

Your new lender will have added a condition to your loan that we ensure that the Tenancy meets the criteria which they have set out.
In Scotland , unlike our neighbours in England & Wales there is a legal statutory obligation imposed on every Landlord to have registered with the local authority who determine that the Landlord is an appropriate person.

It is a criminal offence in Scotland if the Landlord is not so registered. Accordingly as part of our due diligence on behalf of your lender we are obligated to check the appropriate Landlord Registration documentation which we then validate against the local authority records. The lender requires that we obtain this information so that they know that their loan is not prejudiced by the lack of compliance with the regulations.

David Matthews