Tim Leonard
Having an idea of how long a remortgage takes means you can give yourself plenty of time to prepare ahead of getting your next mortgage deal. Here are the remortgaging timescales you need to know, and tips to prevent your remortgage from being delayed.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it
How long does it take to remortgage?
Remortgaging to a new lender can often take between four and eight weeks once you’ve applied. Or if you remortgage with the same lender, the process may be completed within one to seven days.
Remortgage timescales can vary between lenders. Sometimes a lender offering attractive mortgage rates will receive a big inflow of applications which may slow its usual turnaround time down. How straightforward or complicated your remortgage is, and whether there are any problems with your application, can also play a part in how long a remortgage takes.
How can I speed up the remortgage process?
Once you’ve applied, how fast a remortgage proceeds is mainly down to the lender. However, there are some steps you can take before applying that may help speed up the process.
Get your finances in order: When remortgaging with a different lender, they must check you can afford the mortgage. So in the months leading up to your remortgage try to avoid big purchases, and do your best to pay off, or at least reduce, any borrowing you have on overdrafts, loans and credit cards. Paying everything on time, including bills, should help smooth the process, too.
Check your credit score: If there’s something not quite right with your credit score, a lender will investigate. Checking your credit score is as good as it can be and correcting errors before you apply can help avoid delays further down the line.
Don’t switch jobs: If you’re considering switching jobs, you may be better off waiting until your remortgage is complete. Of course, it may be out of your hands, but if you’ve only just started in a new role, some lenders may be reluctant to offer you a remortgage deal in the first few months.
Get an agreement in principle: Getting an agreement or decision in principle from a lender indicates the amount you may be able to borrow without applying properly. This won’t usually affect your credit score, but it’s not a definite promise that you’ll get the remortgage deal either.
Prepare your paperwork: Find out which documents a lender will likely want to see and start gathering them. You may be allowed to share them electronically or you may need paper copies, so prepare both. Getting paperwork lined up early is usually a good idea if you’re self-employed, as evidence requirements tend to be more onerous than if you’re employed. Making sure you then fill in the application form accurately will prevent delays, too.
Consider using a broker: As well as providing mortgage advice, brokers will often do a lot of the paperwork for you when it comes to remortgaging. Because it’s what they do every day, brokers know the process, how to fill in the forms and what lenders need to see.
» MORE: How remortgaging works
What can slow down a remortgage?
Many things can delay the progress of your remortgage, including mistakes on your application and missing information or paperwork. Delays also can occur if a lender finds fault with your credit report, can’t easily verify the evidence you’ve provided, or has a query over the valuation of your property. It may also add time if a lender wants to question you about a particularly large expense or your reasons for recently taking out a new loan.
The more complicated your remortgage, the longer it may take, too. This could include if you want to borrow more or change something else, such as adding someone to the mortgage, or removing someone. Sometimes lenders experience backlogs generally, perhaps if they receive more applications than they are used to. This may cause service times to be longer than usual, even for standard remortgage applications.
What is the quickest way to remortgage?
Typically, the fastest way to remortgage is to switch mortgage deals with your current lender. This is often called a product transfer and can often be arranged within a week, or sometimes a day. This tends to be a shorter process because there’s less admin generally and an affordability check may not be needed if you’re just changing deals, and not borrowing more or changing anything else.
However, before jumping in, it’s important to check the mortgages that other lenders are offering. Better rates and deals could easily be available elsewhere, and save you enough money to make a longer remortgage process worthwhile.
» MORE: Should I remortgage with the same lender?
When should I start looking to remortgage?
It’s usually a good idea to start looking at new remortgage deals around six months before any initial rate deal you are currently on is due to end. This will give you time to weigh up the remortgage options available and get your application underway. Most mortgage offers tend to last between three and six months, so you can have a new deal lined up to coincide with when your existing one ends.
» MORE: When can you remortgage?
How long does it take to remortgage and release equity?
If you want to remortgage to release equity the process will often take somewhere between four and eight weeks from beginning to end. Because you’re borrowing more, it may be slightly more complicated and take a little longer than a standard remortgage. But if you have clear reasons for wanting to borrow extra that are acceptable to the lender, and can provide any additional paperwork they may want to see, the timescales shouldn’t be too different, if at all.
» MORE: How to remortgage to pay for home improvements
How long does a remortgage application take?
This will depend on the application options a lender offers, the amount of information it needs you to provide, and how prepared you are. Some lenders welcome applications online and offer the option to upload the documents they need to see, potentially saving you time. Alternatively, you may need, or would prefer, to apply over the phone. Some lenders will always want to receive and see original paperwork through the post.
Is remortgaging as hard as getting a mortgage?
The remortgaging process can be relatively straightforward compared with taking out a first mortgage. This is more likely if you stay with the same lender, and don’t want to borrow more. If you increase your mortgage, or make other changes, it is likely to involve extra checks, as will switching to a new lender. However, being aware of what other lenders are offering is important to make sure you don’t miss out on better remortgage options elsewhere.
» MORE: See our best mortgage lenders
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