How Long Does It Take To Remortgage?

It can take as little as four weeks to three months to remortgage from start to finish. A remortgage is a move to a new lender. A mortgage broker can help you with a product transfer, which is where you stay with your current lender.

Most lenders will let you secure a rate six months before your current deal ends. This secures your rate; however, should rates fall before your new mortgage starts, a mortgage broker can help you switch to the lower rate.

The quickest way to remortgage is to get a new mortgage with your current lender, known as a product transfer. The process can take around a week, but you may miss out on better rates if you don’t shop around before committing.

In this article, we’ll examine the length of time it takes to remortgage, how you can speed up the process and some of the issues that might cause a delay.

What’s the fastest way to remortgage?

The fastest way to remortgage is to get a product transfer. This usually takes around and is quicker because you’re getting a new mortgage with the same lender and don’t need to provide documents, get a mortgage valuation or use a solicitor. There won’t be any credit checks or affordability calculations. However, you will need to have made your repayments for at least the last twelve months for this to apply.

The main advantage is that it’s much quicker and will cost less than a standard remortgage. However, staying with the same lender might mean missing out on better deals, and it could be harder to get approved if your circumstances have changed.

This is why it’s a good idea to consult a broker before remortgaging. They can offer impartial advice, potentially find a better deal with a different lender, and guide you through the remortgage process.

What is the remortgaging process?

The process involved with remortgaging is similar to getting approved for your initial mortgage.

This is a rough outline of what the process looks like:

1. Gather all your documents

The first step is to gather all the documents and paperwork you’ll need for your remortgage. You will need some or all of the following:

• Three months of bank statements. (If you’re self-employed, you’ll need to provide the last two to three years of accounts)
• A P60 form showing your overall annual earnings and tax contributions
• Utility bills
• ID (passport or driving licence)
• Your address details (often showing where you’ve lived for the past three years)
• Records of your outgoings
• Proof of any outgoings or subscriptions

2. Find a new deal

Once you have all your documents, it’s time to look for a new deal. While you can remortgage at any time, it’s typically recommended that you start scoping out a new deal six months before the end of your current one.

Before you commit to a deal, it’s a good idea to speak to a broker. They can consider your circumstances and advise on whether a fixed-rate or tracker mortgage is better, given the economic climate, for example.

They can also potentially get you a good deal on your remortgage and a better rate than you would if you went directly to the lender. Speak to one of the advisors we work with to see how they can help you.

3. Agreement in principle

When you’ve got a deal, the next step is to submit all your details and reach an agreement in principle. This will give you an idea of how much a lender will loan you and how much you can borrow.

4. Apply for a new deal

Once your agreement, in principle, has been accepted, you’ll need to make a full application. The process is often smoother if you’ve already had an agreement in principle.

If you’re getting a product transfer, your application will be much faster than getting a deal with a different lender.

5. Property checks and valuation

When you’ve applied, your lender will perform a valuation on the property and check your credit history before they offer you a deal to ensure there aren’t any issues.

6. Conveyancing

Once you’ve received an offer, you have six months to respond. If you decide to go ahead with the deal, you’ll need to hire a conveyancer to deal with the legal aspects of remortgaging. This includes updating the Land Registry, the financial and property information related to the new mortgage, and providing you with a completion date.

How to speed up the process

There are a few ways you can speed up the remortgaging process.

We’ve listed some of the most common below:

Get your finances in shape

Lenders will perform affordability checks before they offer you a mortgage. Ensuring you’re in a strong financial position before you start the process will help your application go much quicker than if you have issues with bad credit, for example.

Have all your paperwork ready to go

Having all your paperwork ready at the start of your application will get the ball rolling sooner and make the process smoother. You should also promptly reply to any requests from your lender and solicitor to avoid unnecessary delays.

Use a broker

A broker can consider your circumstances and help speed up the process if this is a concern. They can let you know if certain lenders take a long time and find ones that can move things along faster.

There’s no guarantee they’ll be able to help you remortgage faster, but by speaking to one of the advisors we work with, you can get an idea of how long the process might take.

What issues might cause delays?

There are several ways the process can be sped up and several ways it can be delayed, too.

Below are some of the most common ones you might encounter:

• Complex application: The more complex your application, the longer it’s likely to take. The process will typically take longer if unforeseen issues arise or you have adverse credit.
• If you’ve recently changed jobs: It may seem like an innocuous change, but lenders can become wary if you’ve recently changed jobs. This shouldn’t be too much of an issue for most people, but remortgaging while self-employed will make things harder, especially if it’s a recent change. Lenders prefer to have at least 2 to 3 years of accounts before considering loaning to you. Although, it is possible to get a mortgage with one year of accounts.
• Issues with your credit report: Lenders will check your credit report before they offer you a mortgage. It’s a good idea to check your credit history before you apply to ensure everything is in order, as errors can cause issues with your application.
• Market conditions: A potential delay largely out of your hands is the market condition when you apply. Changing interest rates can lead to greater activity as borrowers look to lock in rates, while lenders might become more cautious with interest rate rises.
• Property valuation: Arranging a property valuation can take time and potentially slow your application. If the value of the property is lower than you expected, there might also be issues, which might mean you need to find a new lender.
• Not having all the right documents: Ensure you have all the documents you need at the start. If your lender asks for more documents or the mortgage underwriter does, and you don’t reply promptly, this can slow down the process.

How a mortgage broker can help

If you’re considering remortgaging soon, speaking with a mortgage broker specialising in remortgages is a good idea. They can walk you through the remortgaging process, consider your circumstances and potentially help you get a good deal.

Just call us on 0330 818 7026 or make an enquiry, and we’ll do the rest. We’ll simply ask for a few details and, from there, can find the broker to suit – it’s completely free, and there’s no obligation, just the chance to find the right lender with expert support at your side.