If you are coming to the end of your current mortgage deal and wondering how long the remortgage application process takes, you’re in the right place. In this guide, we’ll demystify the remortgage process by offering a clear timeline and essential tips for a swift, successful remortgage.
In brief:
The remortgage process, from application to completion, usually takes between four and eight weeks. This varies based on:
- Whether you are switching lenders
- Lender response times
- How quickly you provide the necessary documents
- If a property valuation is required
Read on for a more detailed breakdown of the remortgaging process, our top tips for making it go more smoothly and how a mortgage broker can help speed up the remortgaging process.
For advice on your next remortgage and to find out more about our fee-free service, get in touch with YesCanDo Money.
The remortgaging process – timeline
| Timeline | Stage | What happens |
|---|---|---|
| 3–6 months before your current mortgage deal ends | Start thinking about your remortgage | Check when your existing mortgage deal ends, whether early repayment charges apply, and what your lender’s Standard Variable Rate would be if you did nothing. Read more in our blog about remortgaging before your fixed rate ends.
This is also a good time to approach a broker. They will talk through your current mortgage, income, outgoings, property value and future plans. They will then search for suitable remortgage deals and explain your options, including whether it may be better to stay with your current lender or move to a new one. |
| Week 1–2 | Mortgage Application and documents | Once you have chosen a new mortgage deal, your broker will help you complete the application in good time before your current deal ends.
If you stay with your current lender (known as a product transfer), you may not need to send any new documents.
If you are going with a new lender, it will be treated as a new application, and you’ll need to gather things like proof of payslips and bank statements. |
| Week 2–4 | Lender assessment and valuation | The lender will review your application and typically run credit and affordability checks. If you are remortgaging to a new mortgage provider, they will arrange a valuation of your property. |
| Week 3–6 | Mortgage offer | Once you pass the checks, the lender will send you a formal mortgage offer. It’s important to ensure you understand the rate, monthly payments, fees and conditions. |
| Week 4–8 | Legal work and completion | If you are moving to a new lender, a solicitor or licensed conveyancer will usually handle the legal work. They will check the title, review the mortgage offer, arrange the repayment of your old mortgage and agree on a completion date.
Once everything is complete, your new mortgage starts and your old mortgage is paid off. |
How long does it take to remortgage to a new lender?
From beginning to end, the entire remortgage process to a new lender can take anywhere from 8-16 weeks to complete. Be mindful that these timelines are merely estimates and could be influenced by many factors like your personal situation, lender responsiveness, or even how intricate the application is.
Remortgaging with a new lender takes longer because it is essentially a new application. The lender will want to check your income, affordability and credit history, confirm the value of your property and complete legal work before your old mortgage can be repaid and the new one begins.
How long does it take to remortgage with your current lender?
Remortgaging with your current lender is known as a mortgage product transfer, and can often be completed in 5 to 7 days. While the short turnaround can be convenient, it is always worthwhile shopping around to see if you can find a more cost-effective overall deal elsewhere.
The process is quicker than switching to a new mortgage lender because it usually involves fewer affordability checks. Your current lender has already approved a loan secured against your home, so you shouldn’t need it formally valued again. It also means you can do without a solicitor.
See our comprehensive guides on how long it takes to remortgage with 8 of the mainstream mortgage lenders:
- How long does a TSB Remortgage take?
- How long does an HSBC Remortgage take?
- How long does a NatWest Remortgage take?
- How long does it take to remortgage with Halifax?
- How long does a Nationwide remortgage take?
- How long does a Barclays remortgage take?
- How long does a Santander remortgage take?
- How long does a Virgin Money remortgage take?
Factors that influence the remortgaging process
Most people complete their remortgage deal within 8 weeks of applying. But it could be longer or shorter, depending on a number of factors, including:
- Your job and income: If you’ve recently changed jobs or become self-employed, lenders will ask for more proof of your income.
- Property valuation: A new lender will need to be satisfied that your home’s value matches the amount you want to borrow. Valuations can be desk-based or done in person, affecting the timeline.
- Legal work: Remortgaging involves legal tasks, such as verifying your ID and property ownership. Using the new lender’s solicitor can often save time and money.
- Lender’s processing time: Lenders work at varying speeds. Some handle applications super-speedily, and some take a little longer.
- Your credit score/history: While your existing lender might not look at your credit score again, a new Bank most definitely will. If they have any concerns, it will slow down the process.
- Your debt-to-income ratio: Your income versus your outgoings may have changed since you last took out a mortgage, which could complicate the approval process.
- Your existing mortgage terms: If you are looking to remortgage early, i.e., before your deal ends, it can mean an early repayment charge. So you might decide to wait for a few weeks or months until it ends.
- Market conditions: Depending on the current state of the economy and the housing market, lenders can be more or less responsive.
- Documentation: If you quickly gather and submit the required documents, such as bank statements, you can help speed up the process.
- Conveyancing delays: Sometimes, complications in the legal transfer process or issues with the property’s title can delay completion.
How working with a mortgage broker can accelerate the remortgaging process
Working with a trusted, experienced mortgage broker like YesCanDo can help the remortgage process run a lot more smoothly. Brokers live and breathe mortgages, so their knowledge, expertise and industry contacts can help the whole thing move a lot quicker.
Fee-Free Remortgage Advice
At YesCanDo Money, our friendly mortgage brokers make all the difference when it comes to remortgaging. Not only can they help you access an extensive range of exclusive deals unavailable to the public, but they are also there to answer your questions, take care of the mortgage application process and help move things along swiftly.
Get in touch now to ask about our remortgaging services
Tips to help speed up your remortgage
A remortgage can be straightforward, but it helps to know what can slow things down. A little preparation early on can make the whole process feel much easier.
Start earlier than you think
YesCanDo Money recommends reviewing your remortgage options 3 to 6 months before your current deal ends. That does not mean you have to switch straight away. It just gives you time to understand your options, check whether any early repayment charges apply and avoid slipping onto your lender’s standard variable rate without realising.
Have your paperwork ready
Most new banks and Building Socities will want to see documents such as:
- proof of income
- recent bank statements
- ID
- proof of address
- your existing mortgage details
Having these ready before you apply can save a lot of back-and-forth.
Be honest about what you need
The cheapest rate is not always the right choice. You may want lower monthly repayments, the security of a fixed rate, the option to overpay, or the ability to borrow more. The clearer you are at the start, the easier it is for your broker to find a deal that suits you properly.
Reply quickly when your lender/broker asks for something
Some delays are out of your hands. Lender timescales, valuation appointments and legal work can all vary.
But one thing you can control is how quickly you respond when your broker or lender asks for information. Even a small missing document can hold things up.
Think about the switch date
Ideally, your new mortgage should start as your current deal ends.
Switch too early, and you may face early repayment charges. Leave it too late, and you could end up on your lender’s standard variable rate for a while. Your broker can help you time it properly.
How to prepare for your remortgage
Before starting the remortgage process, there are a few practical things you can do to help things run smoothly:
- Check your credit report: Mortgage rates and available deals can vary significantly based on your credit history. First, check your credit report for any mistakes. If your score has declined since your previous mortgage application, you can improve your chances of mortgage approval by paying down outstanding debts before you apply.
- Estimate your home’s value: Get an idea of your property’s current market value by looking at sites like Rightmove. It will give you an idea of what it’s worth now, so you know how much equity you have. If you’ve made a significant dent in your outstanding balance since your last application, it may open up more favourable deals.
- Calculate your loan-to-value (LTV) ratio: To calculate your LTV, divide your outstanding mortgage balance by your home’s value and multiply by 100. A lower LTV generally gives you access to better interest rates and mortgage deals.
- Gather your documents: If you’re switching lenders, start as early as possible. Download digital copies of your recent payslips, bank statements and ID, and keep them in one secure folder so they are easy to send when your broker or lender asks for them.
- Research new deals: Get an idea of what’s available on the mortgage market at the moment. Compare interest rates, fees, and repayment terms. This is the ideal time to shop around and negotiate with mortgage lenders to secure the best offer possible. A mortgage broker can really help you here.
How to choose the best new mortgage deal
It’s important to remember that the ‘best mortgage deal’ isn’t the same for everyone, or the one with the lowest interest rate. It depends on your circumstances, your plans and what you need out of your new mortgage.
Here are the factors to weigh up and consider:
Interest rate
The interest rate will have a big impact on your monthly repayments, so it is usually one of the first things people look at.
However, the lowest rate is not always the most suitable option. You will also need to think about whether you want the certainty of a fixed rate or whether a variable rate could work for your circumstances. Your attitude to risk, your budget and your future plans all matter here.
Fees and charges
Some remortgage deals come with arrangement fees, valuation fees or legal costs. Others may come without fees, but this often means a higher interest rate.
A mortgage broker can help you compare the overall cost of each deal, rather than looking at the rate or fee in isolation. In some cases, paying a fee may work out cheaper over the full deal period. In others, a fee-free deal may make more sense.
Flexibility
Flexibility is important to a lot of homeowners. For example, you may want the option to make overpayments, borrow more in the future, or move home before the deal ends. Some mortgages offer more flexibility than others, but they may come with different rates, fees or conditions.
Early repayment charges
Before you switch, always check whether your current mortgage has early repayment charges. These are charges you may have to pay if you leave your existing deal before it ends.
If the charge is high, it may make sense to wait until your current deal is closer to ending. Your broker can help you work out whether the savings from remortgaging are worth it, or whether it is better to hold off for now.
Ready to start your remortgage?
If your current mortgage deal is coming to an end, YesCanDo Money can help you understand your options early and avoid unnecessary delays.
Our fee-free mortgage brokers will compare suitable remortgage deals, explain the costs clearly and guide you through the process from application to completion.
Whether you are staying with your current mortgage provider or moving to a new one, we are here to make your next mortgage a lot more straightforward.
Contact us now to arrange a callback
Frequently asked questions about the mortgage timeline
How quickly can you remortgage?
You can typically remortgage within 4 to 8 weeks, though this can vary based on lender processes, your financial documents, and property valuation.
What are the stages of a remortgage?
The stages of a remortgage typically include consultation with a broker, application submission, credit checks, property valuation, receiving the mortgage offer, completing legal aspects and conveyancing.
Why does remortgaging take so long?
Remortgaging can take time due to factors like lender response times, the complexity of the applicant’s financial situation, property valuation processes, and the thoroughness of legal checks.
Is remortgaging as hard as getting a mortgage?
Remortgaging is generally simpler than getting a first mortgage, as it often involves less stringent checks, especially if you’re remortgaging with the same lender.
How long does it take to remortgage and release equity?
Remortgaging and releasing equity usually takes between 4 to 8 weeks, depending on the lender’s efficiency, property valuation, and the speed of legal procedures.
How long does a remortgage take with the same lender?
Remortgaging with the same lender can be quicker, often taking around 2 to 4 weeks, as the lender already has most of your details.
How long does it take to complete a remortgage?
Completing a remortgage usually takes about 4 to 8 weeks, subject to the lender’s processing time, property valuation accuracy, and the completion of legal formalities.
Is it worth remortgaging every 2 years?
Remortgaging every 2 years can be beneficial if it leads to better interest rates or terms, but consider potential fees and early repayment charges.
Will my monthly payments change after remortgaging?
Your monthly repayments could change after remortgaging, depending on your new interest rate, mortgage term, loan amount and whether you choose a fixed or variable deal. Your broker will show you the expected monthly payments before you decide whether to go ahead.
