Mortgage Q?
07 March 2006, 09:52 AM
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Mortgage Q?
When swapping from one Mortgage lender to another does it involve any conveyancing ...& if so, any ideas of cost?
Just weighing up the pro's & con's of 'jumping ship'
Just weighing up the pro's & con's of 'jumping ship'
07 March 2006, 11:20 AM
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Originally Posted by Tiggs
FOC......errr, why would they do that? charity?
You don't pay them, they get commission from mortgage companies.
You should be able to get the mortgage comp to pay legal costs also.
07 March 2006, 12:11 PM
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As moon says, we have a brilliant IFA that does it all for us, and never had to pay him a penny yet 
Patt - Why does a solicitor have to be involved??? Is it not just a case of changing providers, much like a credit card?
Patt - Why does a solicitor have to be involved??? Is it not just a case of changing providers, much like a credit card?
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07 March 2006, 03:11 PM
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there is no conveyancing involved in moving mortgage lender. you are still the owner (presuming you are the owner now) but subject to a loan. the current lender has a "first charge" over the property which will effectively be removed and replaced with the new lender's name. this is linked to the title, but not to ownership. what it means in very basic terms is that they have first call on any proceeds from sale, but only to the extent of the loan.
whenever we move mortgage lender, we always go for no legal fees, no tie-in periods etc etc and have in the past paid valuation fees which have been refunded on completion
and yes, ifa's receive income from lenders as intro fees. on some plans they receive a regular income stream. a guy i went to school with (now a neighbour) was explaining how his business works the other week. kerr-ching!!
hth
whenever we move mortgage lender, we always go for no legal fees, no tie-in periods etc etc and have in the past paid valuation fees which have been refunded on completion
and yes, ifa's receive income from lenders as intro fees. on some plans they receive a regular income stream. a guy i went to school with (now a neighbour) was explaining how his business works the other week. kerr-ching!!
hth
07 March 2006, 04:53 PM
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Originally Posted by richardg
there is no conveyancing involved in moving mortgage lender. ..........
hth
hth
richard - can you get me an introduction to these lenders - the amount of crap us IFA's put up with as part of the remortgage conveyance is unreal.....
07 March 2006, 04:56 PM
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DazW - Halifax - 4.79% 2 year tracker no arrangement fee, no valuation fee, free legals, no extended tie in. You can get cheaper deals with upfront fees, less incentives, but it depends on the size of your mortgage wether it is worth it to pay the fees and save on interest
08 March 2006, 11:02 AM
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Tiggs - I suspect Dreamweaver meant FOC to the client, not the lender. In any case, from my point of view, I can get the same deal, if not better, via an IFA than I can on my own, and I have less work to do, which is great. I really value a good IFA's service...
In fact, I'm changing my mortgage at the moment...may I send you a PM, you might be able to help?
In fact, I'm changing my mortgage at the moment...may I send you a PM, you might be able to help?
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