How Long Does It Take to Remortgage?

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On average, you can expect it to take around 6 to 8 weeks to remortgage. However, if let your mortgage broker and solicitor know that you need it done quickly and you are organised with your paperwork it can be possible to remortgage in 4 weeks.

What is the quickest way to remortgage?

The simplest and fastest way is to remortgage with the same lender – this is known as a product transfer. Because the new mortgage deal is with your current lender, the eligibility and affordability checks are not so stringent. You could get a new deal to save yourself hundreds a month this way very quickly – with our help, you may even be able to get it done within 24 hours. That’s ideal if you are about to move into SVR.

Why is it important to time a remortgage correctly?

Simply put, timing a remortgage wrong can cost you thousands of pounds. The right time to remortgage is when your current introductory period comes to an end. This way, you will not be hit with early repayment charges and you will spend the least amount of time possible on the lender’s standard variable rate (SVR). This rate can sometimes be as much as double the mortgage interest rate you pay in your introductory period.

Why does remortgaging take so long?

If you choose not to do a product transfer, opting instead to remortgage to a new lender in order to access a better deal, it is essentially a brand new mortgage application. For this reason, it takes roughly the same amount of time as your original mortgage application.

The new lender needs to feel confident about your financial situation, your affordability and the details of the property. The application will be subject to complete processes of valuation and underwriting, and this typically takes up the most time.

As you are not purchasing a house this time around, you aren’t required to wait for other people in the chain or for solicitors to run their searches. But there will still need to be solicitors involved in the remortgage process.

How long will a solicitor take to complete a remortgage?

Legal work is still a key part of remortgaging.

Your remortgage conveyancers will need to verify your identity and confirm you are the true owner of the property. They also need to ensure the Land Registry has the new mortgage provider on record and arrange for the funds to be released.

As mentioned, you can opt for a product transfer with your existing lender for a much faster remortgage process. This way, there may not need to be any legal work undertaken.

Why is this remortgage taking longer to complete than my first mortgage?

You should be aware that new mortgage regulations came into force in 2014. If you took out your last mortgage before that, or your financial circumstances have changed since then (think lower income or more unsecured debt) it may be more difficult to secure a new mortgage.

Get help choosing the most suitable option

With Think Plutus in your corner, you could find out exactly what deals are available in just a few minutes. We are a whole-of-market mortgage broker and can compare deals from over 100 lenders alongside expert advice tailored to your circumstances.

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