How long does it take to remortgage?

Generally, it takes around four to eight weeks to remortgage.

This is the typical time it takes after the date you apply but it isn’t always guaranteed. If you have delays along the way, this can change the time frame and make it take longer.

What is the remortgaging process?

The remortgaging process follows a number of steps. It’s similar to when you took out your first mortgage.

1. Get your paperwork together

First, you’ll need to get together all the details on how much you owe on your current mortgage.

Find out how long is left and the details of your current mortgage deal on the latest mortgage statement from your current lender.

2. Find a new deal

Your current lender is likely to send you offers and rates, if you choose to stick with them, this is a product transfer – rather than a remortgage.

To remortgage you need to find a new deal with a new lender.

3. Agreement in Principle from the new lender

Once you’ve found the deal you’d like, you’ll need to submit all your details to get a mortgage Agreement in Principle.

This means you’ll have an idea of how much you might be able to borrow.

4. Applying for your new mortgage deal

Once your mortgage Agreement in Principle is approved, you’ll need to fill out a full application.

It can be easier to be accepted for a mortgage application if you’ve already successfully applied for an Agreement in Principle.

5. Checks and valuation on the property

Your lender will need to perform a valuation on the property.

They will also look at your credit history to decide whether to offer you a mortgage deal.

6. Conveyancing

When you remortgage, you'll need to hire a conveyancer to take care of the legal aspects. Your lender might recommend one, or you can find one yourself.

Your conveyancer will arrange updating the Land Registry and all financial and property information required to complete the process.

They will also provide a completion date.

How can you speed up the remortgaging process?

Knowing how to remortgage your home quickly can speed up the process. While there is no guaranteed fast-track, there are a few things you can do.

Telling your solicitor/conveyancer you are in a hurry

Your solicitor may not assume that you are in a rush.

If you tell them at the start of the process it is likely they will handle things quicker.

Prepare and supply paperwork on time

Make sure you prepare and supply all the relevant paperwork on time.

This means making sure you have your redemption statement from your current lender, that you fill in all your mortgage application details and get back to your solicitor promptly on all communications.

 

Be in a good financial position

Being in a strong financial position can affect how quick the process is.

If you are trying to borrow more money, if there’s any issue with your income or credit history, this could cause delays.

When is the best time to remortgage?

The best time to remortgage can be different for everyone, but the most common time is when your current deal is coming to an end.

It’s important to tell your conveyancer that you want to remortgage before your current deal ends. This way you may be able to avoid paying any early repayment charges.

These fees can be expensive and are charged even if you remortgage before your old deal is up. This is why it’s really important to be clear on the date your current deal ends to make sure you avoid these fees.

The content on this page is for reference and does not constitute financial advice. For impartial financial advice, we recommend government bodies like MoneyHelper.

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