To switch; how long did it take?

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Fauve

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Hi
Just a quick question for those who have switched mortgages to NIB in last 6months or so, how long did it actually take for it all to go through?
(We are using our own solicitor).
Also what actually happens, as in do they issue a cheque to solicitor etc?
Thanks for any information.
 
Fauve said:
Hi
Just a quick question for those who have switched mortgages to NIB in last 6months or so, how long did it actually take for it all to go through?
(We are using our own solicitor).

In my experience, as a solicitor dealing with them NIB can be painfully slow. 4 to 5 weeks is about right for other lenders though. It greatly depends on how ready you are with your paperwork, life assurance etc...Also how quickly your existing bank release title documents to your solicitor etc...

Also what actually happens, as in do they issue a cheque to solicitor etc?
Thanks for any information.
Click to expand...

Yes and your solicitor pays off your old mortgage out of loan cheque.
 
Thanks for replies folks, ours seems to be taking an age for some reason..
and as far as I know they haven't been in touch with our solicitor yet.
Very strange.
We had the first chat in March and only received paperwork about three weeks ago, and nothing else since.
Thanks for info again.
Fauve
 
Hi Fauve, if you do a search here, you will find a lot of posts about switching and NIB and how long it took people. From memory, it seemed to take longer than the norm for a lot of people, depending on their location.
 
Hi Tarquin, thanks for that.
I remember one parcticular thread alright, I even posted saying it was taking a long time....and that seems to be ages ago.

As a matter of interest, if the mtg amt has dropped by a couple of thousand by the time the switch actually completes, should one change the original switch amount to the new amount or are things usually left as they are?
ie when we started this process outstanding amt was say 150000, now it would be 147000.
Fauve
 
It also depends on your life assurance.
Are you re-assigning your current policy to new lender or are you taking out a new policy ??

If you are reassigning to new lender, the policy amount will have dropped in line to correspond to your current outstanding mortgage value.
If you go for a higehr amount you will probably need a new life assurance policy to suffer or to sign a waiver for the difference
 
We've just passed our 1st year anniversary of switching to NIB, and it took us about 3-4 months from memory. The main delays were initially the person I was dealing with in local branch left the company and they were delayed for a few weeks until the replacement started, then the next delay which cost us about 3 weeks was that PTSB wouldn't provide them with a redemption figure - in fact I couldn't even get the figure from them! In the end we drew down about Eu3k more than was required to cover most eventualities and only on refunding the difference did we find out what the redemption figure had been! Then promptly lobbed the refund off the capital on the new mortgage.
But it is worth it, we are paying the same amount each year, but will cut about 4 years off the term of the mortgage, and thats assuming we dont' make additional payments.
Good luck, it will be worth it.
 
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