Back with another set of questions - and a bit of a rant sorry.
See bottom for abbreviated list of questions.
We are trying to complete the transfer as soon as possible after the end of our fixed rate period (and hence outwith the ERC period :j )
We are going to complete our remortgage early in feb and as part of this are reducing the balance by approx 25% by using our savings. Thought this would be simple but the lender appointed solictors want us to go to their offices in person with passports and bank statements to comply with the money laundering regs.
This isn't particularly feasible given where they are based, nor do I have any wish to give up a day of my time to do this. They have said we could get our banks to certify the funds and then fax all this too them prior to the transfer of funds but obviously thats at the discretion of our bank. It all seems like a bit of a faff.
So instead we thought we would make a large overpayment to our existing lender the day after the ERC finishes and then redeem the day or two after that. They (Britannia) cant/wont take a payment by card, it has to be by bank transfer or cheque. Trouble with this is that our main bank limits fast payments to £10k per day so its going to take several days to move it.
However I believe Santander will allow up to £100k per day and my wife has an account that we can use so this appears to be the best plan although I'm wondering whether there is any risk of the payment for a large amount being blocked due to it being an irregular occurrence on that account.
Presuming this is successful then we only need to deal with the redemption itself. The solicitors say that normally they would request a redemption figure on the day we specify and then once its received 5-7 days later they would complete the transaction. We have already requested a redemption statement for our preferred day so we know that the figure can be requested for a future date but the solicitors dont seem interested in doing this.....
Short version:
1. whats the simplest way to reduce the capital balance during a remortgage
2. are Santander likely to block a large transfer if its not a normal occurrence on that account
3. Should the solicitor be able to request a redemption figure for a future date
4. Is it really that unusual to remortgage and reduce capital at the same time?
5. Are we just being petty about trying to reduce costs ? ;)
And if you got this far into my ranting - Thanks :beer:
See bottom for abbreviated list of questions.
We are trying to complete the transfer as soon as possible after the end of our fixed rate period (and hence outwith the ERC period :j )
We are going to complete our remortgage early in feb and as part of this are reducing the balance by approx 25% by using our savings. Thought this would be simple but the lender appointed solictors want us to go to their offices in person with passports and bank statements to comply with the money laundering regs.
This isn't particularly feasible given where they are based, nor do I have any wish to give up a day of my time to do this. They have said we could get our banks to certify the funds and then fax all this too them prior to the transfer of funds but obviously thats at the discretion of our bank. It all seems like a bit of a faff.
So instead we thought we would make a large overpayment to our existing lender the day after the ERC finishes and then redeem the day or two after that. They (Britannia) cant/wont take a payment by card, it has to be by bank transfer or cheque. Trouble with this is that our main bank limits fast payments to £10k per day so its going to take several days to move it.
However I believe Santander will allow up to £100k per day and my wife has an account that we can use so this appears to be the best plan although I'm wondering whether there is any risk of the payment for a large amount being blocked due to it being an irregular occurrence on that account.
Presuming this is successful then we only need to deal with the redemption itself. The solicitors say that normally they would request a redemption figure on the day we specify and then once its received 5-7 days later they would complete the transaction. We have already requested a redemption statement for our preferred day so we know that the figure can be requested for a future date but the solicitors dont seem interested in doing this.....
Short version:
1. whats the simplest way to reduce the capital balance during a remortgage
2. are Santander likely to block a large transfer if its not a normal occurrence on that account
3. Should the solicitor be able to request a redemption figure for a future date
4. Is it really that unusual to remortgage and reduce capital at the same time?
5. Are we just being petty about trying to reduce costs ? ;)
And if you got this far into my ranting - Thanks :beer: