How Long Does It Take To Remortgage?

The remortgage process typically takes from 4 to 8 weeks after you apply. This is the time it takes to receive a mortgage offer, complete the legal work, and transfer the funds to your current lender. However, the exact timeframe can vary depending on several factors, including:

The complexity of your mortgage application: If you have a large mortgage, poor credit, or a complex property, the process may take longer.
The responsiveness of your lender and conveyancer: If your lender or conveyancer needs to respond to your requests, the process may take longer.
The time of year: The remortgage process is typically busier in the spring and summer, so that it may take longer.

Here’s a breakdown of the remortgage process and the estimated timeframes for each step:

Initial Inquiry and Pre-Application: This initial phase involves gathering information about your current mortgage and financial situation and getting an estimated quote for a new mortgage. This can take 1-2 weeks.
Formal Application: Once you’ve decided on a lender and mortgage product, you must complete a formal application, providing detailed financial documentation and proof of identity. This can take 1-2 weeks.
Valuation and Survey: The lender will arrange a valuation or survey of your property to assess its current market value. This can take 1-2 weeks.
Underwriting and Approval: The lender will underwrite your application, reviewing your financial information, credit history, and property valuation to determine your eligibility for the mortgage. This can take 2-3 weeks.
Legal Work: Once your application is approved, the lender’s conveyancers will handle the legal paperwork, including title deeds, property searches, and contracts. This can take 2-4 weeks.
Completion: Once all legal requirements are met, the funds for the new mortgage will be transferred to your existing lender, and your new mortgage will take effect. This can take 2-3 weeks.

Factors that can affect the remortgage timeline:

Credit Score: A strong credit score can expedite the approval process, while a lower score may require additional scrutiny and extend the timeline.
Mortgage Complexity: Refinancing a complex mortgage, such as one with multiple lenders or specific terms, may take longer due to additional paperwork and legal requirements.
Lender Efficiency: Different lenders may have varying processing times, so comparing quotes and reviews can help you choose one known for efficiency.

Remember, these are just estimates, and the time to remortgage can vary significantly. It’s always best to discuss the specific timeline with your mortgage lender or advisor to get a more accurate estimate for your situation.

What is the quickest way to Remortgage?

Remortgaging can seem daunting, but there are several ways to streamline the process and make it as quick as possible. Here are some tips for remortgaging quickly:

Choose a lender known for quick processing times: Research different lenders and compare their remortgage timelines. Look for reviews from other customers to gauge their efficiency and responsiveness.
Get pre-approved for a mortgage: Pre-approval gives you an idea of your borrowing power and can make the formal application process quicker. It also demonstrates your seriousness to the lender, potentially expediting their review.
Have your paperwork ready: Gather all the necessary financial documentation and proof of identity upfront, including recent payslips, bank statements, and tax returns. This will save time during the application process.
Consider a product transfer with your current lender: If you’re satisfied with your current lender, a product transfer might be the quickest option. It often involves less paperwork and legal work, as your lender already has your information.
Use a mortgage broker: A mortgage broker can guide you through the process, compare deals from multiple lenders, and handle much of the paperwork, saving you time and effort.
Communicate promptly and clearly: Respond quickly to any requests for information or clarification from your lender. This will keep the process moving smoothly and minimize delays.
Avoid applying for multiple mortgages simultaneously: Multiple applications can raise red flags with lenders, potentially slowing down the process. Choose one lender and focus on getting approved for that mortgage.
Be flexible with your timeline: While you can take steps to expedite the remortgage process, unexpected delays can occur. Be understanding and patient with your lender throughout the process.