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.
Comments (2)
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.
A lot will depend on when the seven day timescale starts and when the conveyancer gets instructed.