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How Long Does it Take to Remortgage?

Adele MacGregor

Written by

17th Oct 2022 (Last updated on 28th Nov 2022) 5 minute read

On average it takes 4 to 8 weeks to remortgage your home in the UK. Keep in mind that this is an average and not guaranteed. Remortgaging will differ depending on your personal circumstances and other factors.

If there are any complications or delays, it is likely to take longer. If it is straightforward and seamless, your remortgaging process could complete sooner.

Usually, the process will be quicker if you remortgage with your current lender. Remortgaging with a different lender will require a conveyancing solicitor. This can extend the length of the process. Additionally, remortgaging a leasehold property will take longer.

Below we look at the stages of remortgaging, what you need to prepare and if you can speed up the process.

This article will cover the following:
  1. What are the Stages of a Remortgage?
  2. Is It Time to Remortgage?
  3. How Long Does It Take to Remortgage and Release Equity?
  4. How Can You Speed Up the Remortgaging Process?

What are the Stages of a Remortgage?

There are a number of stages to remortgaging. The length of each stage contributes to your remortgaging timescale. These are similar to the steps taken when you first applied for your mortgage.

Finding a New Deal

The first step for remortgaging is to find a new mortgage deal. Your current lender is likely to send you offers as your term comes to an end. You could also talk to a mortgage representative at your current lender.

Staying with your current lender makes the process a lot quicker. This is known as “product transfer”.

Alternatively, you can research other lenders or use a mortgage broker. They can assist you with what lenders can offer you.

It is essential that you do your research on deals, ensuring they are suitable. Keep in mind interest rates, monthly repayments and the criteria for applying.

Apply for an AIP

As with your initial mortgage, you must first apply for an Agreement in Principle (AIP). This isn’t a guarantee from the lender but it can tell you what they are willing to offer you.

Apply for your Remortgage

Once your AIP has been approved, you can begin applying for your remortgage. You must ensure all documents are complete and accurate to avoid delays. The application is likely to be simpler if you are staying with your current lender.

Lender Valuation

Before approving your application, your lender will conduct a valuation on the home. This is to ensure the home is worth what they are lending. This protects their investment and aims to avoid you falling into negative equity.

Conveyancing

If you use a different lender, you will need a remortgage conveyancing solicitor. They will carry out various checks and searches, in addition to any legal documents. Be aware that there will be more paperwork if the property is leasehold.

If you are remortgaging with your current lender you will not need a conveyancer.

For more information see: Do I Need a Solicitor for a Remortgage?

Lender Decision

After the valuation and review of your credit history, the lender will make a decision. If it is approved, you will go on to complete the remortgaging process.

Occasionally this may be delayed due to missing documents or an issue in the valuation. If the lender has concerned about your credit or the property value, they can refuse the application. This can happen even if you had an Agreement in Principle with the lender.

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Is It Time to Remortgage?

People remortgage for a few different reasons. The most common is when their fixed-term mortgage deal has come to an end. Be aware that remortgaging before your term ends are likely to incur charges.

Below we look at the most popular reasons why people remortgage their homes:

Interest Rates

One reason to remortgage is to take advantage of lower interest rates. When you take out a mortgage, you will pay interest on the amount you owe. This rate is based on the Bank of England base rate.

Financial Situation

Your financial circumstances may prompt you to look for a different mortgage deal.

A Better Deal

Those who have built up equity in their property may have access to better mortgage deals.

Mortgage Term Ending

If your fixed-term mortgage deal is coming to an end, you will need to remortgage.

Equity Release

People will remortgage their homes in order to release the equity on the property. This gives them money for things like renovations or holidays.

For more information on the right time to remortgage your home see: When Should You Remortgage?

How Long Does It Take to Remortgage and Release Equity?

Equity release takes on average around 4- 8 weeks, depending on your situation. This is a way of accessing money tied up in your property (the amount of the home you own outright). This includes what you have paid on your mortgage to date and the initial deposit on the property.

Equity release is only available for those aged 55 or over and the property must be worth £70,000 or more.

Be aware that remortgaging to release equity differs from an equity release mortgage. As a result, the time it takes to release equity on your property when remortgaging will vary. You should keep in mind that there is every chance it will add to the time it takes to remortgage.

For more information on equity release see: What is Equity Release and How Does It Work?

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How Can You Speed Up the Remortgaging Process?

One way of ensuring a swift process is to remortgage with your current lender. In this case, you will simply be making a product transfer. This is moving from one mortgage offer to another with the same lender.

You could also speed up the process by using a mortgage broker. A broker will often have access to exclusive offers. They can also advise you on what lender and deal work best for you.

Other ways you speed up the process include:

  • Being in a good financial position (including a good credit score)
  • Having your paperwork and documents organised and prepared
  • Telling your conveyancing solicitor that you need to remortgage quickly

Disclaimer

All data, research, facts, and figures have been taken from reputable sources and government data that was accurate at the time of writing. Any information featured in this guide should not be relied on or regarded as an authoritative statement of law. While we aim to ensure that all information is accurate, we make no representations about the suitability or reliability with respect to the website as well as any products, information, or services that are featured on the website. Mortgage criteria, policies, and interest rates change regularly and vary depending on the lender and type of mortgage you have. You should speak directly to your mortgage lender for clarification. It should be noted that your home may be repossessed if you cannot keep up with your mortgage payments.
Adele MacGregor

Having worked at Compare My Move for over four years, Adele covers topics such as the conveyancing process across the UK, property surveys, home moves and storage.