The industry has begun weighing up government proposals to allow home owners to switch mortgage within seven days.
Possible or impossible?
The plans, proposed as part of a call for evidence on helping consumers easily move between financial providers as with energy and broadband, would hit conveyancers and mortgage lenders who would have to find a way of speeding up a process that can usually take up to two months or more.
Read EYE tomorrow to see what the industry thinks.
A lot will depend on when the seven day timescale starts and when the conveyancer gets instructed.
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Define switch?
Is it another mortgage lender agrees to have a mortgage with them – If so yes.
Is it that a homeowner has a new mortgage company within 7 days and the process complete? -No.
Far too many variables, conveyancers, admin, brokers, lenders, surveyors. – Too be honest i dont really see an issue at the moment, if you want to remortgage can be done in a matter of weeks.
All putting 7 day time frame in will increase costs and let more people down.
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