Length of time to remortgage via broker?

Just two queries in relation to remortgaging :

1) What length of time does it take from contacting a broker to remortgage to completion?
2) What level of involvement do I need to have with my current lender or does the broker handle of all this when transferring the mortgage?

Thanks.

1. Very difficult to quantify - a typical remortgage takes anything from 4-6 weeks; it can be quicker if the broker/lender is using title insurance with First American. There are however all sorts of unforeseen delays that can crop up; legal issues, medical requirements on the mortgage protection policy, etc. The actual process of getting loan approval in principle should be less than a week from submitting all the requested paperwork

2. Very little, you sign an authority for the solicitor to take up the title deeds and that should be all the contact required.

Sarah

www.rea.ie

Hi all,

we(myself and my husband) are really frustrated at the moment. We had initiated the process of remortgaging on 2nd August 2005. We have sent through the signed acceptance letter to the solicitor about 4-5 weeks ago. Since then we haven't heard about anything. We are using a Mortgage broker and moving from EBS to IIB. My dillema and worry is that we have already booked our tickets for dec 12 to go abroad for a month and paid for the same in full thinking that our equity will be released by then and we would have paid off all the loans and have some cash left to travel (family visit). I am starting to worry now as to how much longer we will have to wait. What can we do to speed up the process. Our mortgage broker informed us that our life insurance documents are to be sent to the bank and that's the delay. Irish Life is doing our life insurace.
Can anybody give me advice on what we can do to speed up the process.

Sorry for the long post.
Thanx
Ruby

Is your broker arranging the life assurance or are you dealing directly with Irish Life? You should contact your broker or Irish Life and find out exactly what is causing the delay on the life assurance.

It may be that Irish Life have sent a questionnaire to your doctor to be completed and your doctor is delaying returning it to Irish Life. If this is so, you can contact your doctor and ask that s/he returns the report immediately. If necessary, you could arrange a courier to drop the report back to Irish Life, given that there's a post strike.

Thanx for the response LD. I was busy chasing this matter, hence the delay in response.
Yes my broker is organising the life insurance. Life Insurance docs are in mail and will reach our new lawyer soon. Our matter is stuck with our old lawyer. They informed us that the title deed has to be forwarded to our new lawyer but hasn't been done yet 'cause our house hasn't yet been registered with the dept. of registration (our house is 1.8 years old). there is huge backlog in the department and our application is lying there since april 2004. My old lawyer is trying to get a letter from EBS (our current mortgage holders) stating that they don't have any objection to the house documents being transfered from one lawyer to other without it being registered.
To be honest I am really frustrated. I don't know how long that will take and if EBS will give us that letter. Once that letter is issued, our new lawyer can proceed with the case and get our cheque issued. So am praying that EBS issues that letter. Does anyone have any idea about this? Can EBS have any objection? We are moving from EBS to IIB. Any suggestions will be of great help.
I am awaiting the response from EBS today and will keep u all posted.

Thanx

Sarah W said:

1. Very difficult to quantify - a typical remortgage takes anything from 4-6 weeks; it can be quicker if the broker/lender is using title insurance with First American. There are however all sorts of unforeseen delays that can crop up; legal issues, medical requirements on the mortgage protection policy, etc. The actual process of getting loan approval in principle should be less than a week from submitting all the requested paperwork

2. Very little, you sign an authority for the solicitor to take up the title deeds and that should be all the contact required.

Sarah

www.rea.ie

Click to expand...

I have seen these ads for 10 day remortgages where title insurance is used but how is the life assurance issue dealt with in 10 days? My experiences of life assurance policies generally is that it takes a least a month to six weeks to have the life company issue the policy even where there are'nt any medical issues.

A life policy can be issued within 3/4 working days if it's accepted without any medical requirements. Quite a number of insurance companies have online submission procedures which make the process very quick. So, assuming (big assumption alert!) that the insurance is accepted, every document the lender requires is submitted at the start of the process and that First American have the legals in hand then the 10 day turnaround is achieveable.

Sarah

www.rea.ie

not to add concern I remortgaged to IIB and they were so slow ended up phoning them daily as stuff was being left on desks, not being added to files, It might be worth getting broker to chase it up.