How long does remortgaging take?

Typically, it takes between 4 to 8 weeks to remortgage from start to finish. However, this timeline varies depending on your circumstances and remortgage type.

Some cases may take as little as 4 weeks, whereas some lenders let you secure a new mortgage rate up to 6 months before you complete. Meaning you can start the process much earlier before your current deal expires.

Staying with your current lender will be the quickest option. With more complex cases, like remortgaging to release equity taking longer.

• Lender choice: New lenders take longer than staying with your current provider.
• Financial complexity: Self-employment, multiple income sources, or credit issues can extend processing time.
• Market conditions: Popular lenders may experience backlogs during busy periods.
• Preparation: Having documents ready speeds up the process significantly.

The fastest way to remortgage is to get a ‘product transfer’. A product transfer involves switching to a new mortgage with your current lender. This typically takes about 7 days to complete since there is no legal work required, and your lender already has your financial information.

You can organise to switch at the end of your current deal, or some lenders might even let you switch to your newer deal early, providing that you’ll be staying with them for another fixed period.

Although staying with the same lender is straightforward, it’s not always the best (or cheapest) option. To make sure you’re getting the best deal with the best mortgage rate, it’s a good idea to shop around and find out what you could get elsewhere with other lenders.

So do some research, check comparison sites and generate some quotes. You can even use a mortgage broker to help you find a new deal making it even easier for you to see what’s available.

There are a few things that will impact the speed of your remortgaging process, here’s what typically speeds the process up:

• Starting early: Getting a step ahead will ensure you’re in the best position for a smooth remortgage.
• Simple financial situation: Employed with straightforward income makes approval quicker.
• Strong credit score: Clean credit history speeds up underwriting.
• Lower loan-to-value: More equity means less risk assessment needed.
• Complete documentation: Having all paperwork ready from day one.
• Using a broker: Getting advice from a mortgage broker should save you time and ensure the right research is done.

Here’s what to expect during your remortgage journey and how long each stage typically takes:

 1. Notification from your current lender

Your lender will write to let you know when your current deal expires. Start looking for new deals as soon as you receive this notice.

 2. Research and compare deals (1 week)

Shop around different lenders and mortgage types. Consider using a mortgage broker who can access exclusive deals and provide expert guidance throughout the process.

 3. Get a mortgage in principle (MIP)

Apply for a MIP (or decision in principle) with your chosen lender. This gives you an idea of how much a lender is prepared to lend you based on the information you provide.

4. Get your redemption statement

Request this from your current lender to know exactly how much you owe. You’ll need this figure when applying for new mortgages.

5. Instruct a conveyancer

Your solicitor handles the legal aspect of remortgaging just like when you first bought your property. This includes handling the legal transfer, reviewing mortgages/valuations, paying off your existing mortgage on your behalf, and registering changes with the Land Registry.

6. Full mortgage application and affordability checks (1 week)

Submit your complete application with all required documents. The lender will assess your income, outgoings, and credit history.

7. Property valuation (2 weeks)

Your new lender will arrange a surveyor to value your property, ensuring it’s worth enough to secure the loan amount.

8. Receive mortgage offer

If approved, you’ll receive a formal offer outlining your borrowing amount and terms. Your mortgage offer is typically valid for up to 6 months.

9. Legal work and completion (2-4 weeks)

Your conveyancer completes all legal checks, pays off your old mortgage, and registers the new one with the Land Registry.

Knowing what can delay your remortgage can better prepare you. Several factors can extend your remortgage beyond the typical 4-8 weeks.

Missing information or paperwork and mistakes on your application are common causes of delays. Incomplete forms or incorrect details mean lenders need to request additional information, adding days or weeks to the process.

If you have multiple income sources, are self-employed, have credit issues or your situation has changed since you first applied for a mortgage, the lender might take longer to assess your application.

Delays could occur if your lender has queries over the valuation of your property. Defects of the property or disputes over the market value could hold up the process if further arrangements need to be made.

Problems with property searches, title issues, or complex lease arrangements can slow down the conveyancing process, particularly if your solicitor discovers unexpected complications.

Sometimes lenders experience backlogs, perhaps they receive more applications than they are used to, which may cause service times to be longer than usual.

Start looking at remortgage deals around six months before your current deal ends. Most mortgage offers are valid for up to 6 months. This timing also ensures you won’t risk moving onto your lender’s standard variable rate.

Better choice of deals: Time to research and compare rates from multiple lenders.

Avoid SVR trap: If you don’t switch in time, you could end up on your lender’s standard variable rate, which often results in paying significantly more interest.

Improve your position: Six months to pay down any debts or boost your credit score.

Rate protection: Reserve a good deal early, and you’re protected if rates start to increase.