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How long does it take to remortgage?
It can take around four to eight weeks from the time you apply.
If you have a fixed-term deal that is ending, give yourself around 12 weeks to find a new deal and work through the process.
We can help you understand
- The remortgaging process.
- How to keep the process moving and avoid delays.
- Understand when the best time to remortgage is.
The remortgage process
It’s like when you first took out your mortgage. There are several steps you go through.
1. Find a new deal
Dig out your paperwork on your current mortgage deal and compare interest rates on new deals. Look for a lower rate if you can. If you decide to stay with your existing lender, you may be able to do a product transfer or rate switch – rather than a remortgage.
2. Applying for your new mortgage
If you decide to switch to a new lender, get a new mortgage Agreement in Principle from them. It will give you an idea of how much they are willing to lend you. You’ll still need to complete a full mortgage application to apply for your new mortgage.
3. Checks and valuation
Your lender will complete a valuation on your property, check your credit history and make a decision on your application.
4. Conveyancing
When you remortgage, you’ll need a conveyancer to do the legal stuff. They’ll arrange the financial and property admin to complete the mortgage transfer.
A financial adviser can help, but they may charge for their services.
Can you speed up the remortgaging process?
There’s no guaranteed fast-track, but you can do a few things that could help speed up the process.
When to remortgage
The most common time to remortgage is when your current deal is coming to an end.
In most cases, when a fixed, tracker or discount deal expires, it automatically transfers to a standard variable rate (SVR) mortgage.
These often have higher interest rates than other types of mortgage, meaning you’ll pay more each month.
You could lose your home if you don’t keep up your mortgage repayments
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