Not sure when to kick off the remortgaging process? Find out the duration of each step in the journey with the helpful remortgage advisors at UKMC.
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Ready to remortgage?
Before you start this process, you might be wondering exactly ‘how long does it take to remortgage’ – fortunately, we can answer this question for you.
At UKMC, our expert advisors have guided countless customers through the entire remortgage process, ensuring they fully understand all their options.
Below, we explain how quickly a property remortgage can be completed if you’re working to a tight deadline, as well as the various stages involved.
With a greater understanding of the different remortgaging steps, you should have a clearer idea of how the type of deal you opt for, as well as potential delays and issues, can have an impact on the length of this process.
How quickly can a remortgage be done?
In a hurry to remortgage?
Typically, you’re looking at a minimum of four weeks to do so, but this process can be significantly faster (as little as one day!) if you choose to remortgage with the same lender, which is more commonly known as a product transfer.
Generally, however, if you’re switching lenders, it can take anywhere between four weeks and a couple months to complete your remortgage from the initial application.
Not to mention, there are many additional factors that can influence how long the remortgaging process takes, such as whether you encounter delays relating to problems with paperwork, for example.
As a result, there’s no guarantee you’ll be able to get your remortgage done and dusted within just four weeks.
For that reason, it’s always best to start researching your options six months before your existing mortgage arrangement is due to end.
This can help to prevent your existing lender from automatically switching you onto their standard variable rate (SVR) deal at the end of your term, which often has higher interest rate than a fixed rate arrangement.
What is the quickest way to remortgage?
Undoubtedly, the quickest and easiest way to remortgage is to opt for a product transfer, which simply involves changing mortgage deals but remaining with the same lender.
Often, your current lender will make contact when your team is coming to an end. To retain you as a customer, they’ll likely offer an attractive deal.
Given they’ll have conducted stringent eligibility, affordability, and credit checks for your first mortgage, remortgaging is simpler, and a solicitor isn’t necessary either.
However, just because sticking with your existing mortgage lender is the quickest option, this doesn’t make it the most affordable or even the most suitable option for your specific circumstances.
Not to mention, you can make switching lender, and the remortgaging process overall, more straightforward by simply reaching out for support from an experienced remortgage advisor, like UKMC.
Stages of a remortgage
Still unsure about how long remortgaging takes?
While it’s true that the remortgaging process tends to require between four weeks and a couple months to complete, this timeframe only takes into account how long it takes for a lender to approve your application.
Prior to submitting, there’s actually a lot of research required to ensure you’re getting the most suitable deal for you.
As a result, when it comes to answering the question ‘how long does it take to remortgage a property’, there’s no set answer.
However, learning more about each stage of the process can help you to understand the best way to prepare as well as where delays might occur.
So, if you want to stick to your preferred timeline, simply carry on reading to find out more about the various stages of a remortgage.
Choose and contact a remortgage advisor
After learning more about the deals your existing mortgage lender is willing to offer you, it’s highly recommended you reach out to a mortgage broker, like UKMC, for access to a whole market of attractive offers from more lenders.
Thanks to their access to exclusive deals and invaluable knowledge in this area, an experienced mortgage advisor is qualified to help you to understand your options, weigh up the pros and cons of switching lender, and choose the most appropriate arrangement for you and your family.
They can also support you by outlining the remortgaging process and explaining complex terms (including confusing jargon!), so you always know what’s happening and why.
Finding a reliable and efficient mortgage advisor, like UKMC, can take some time, so you should also take this into consideration when determining how long it’ll take you to remortgage.
Pick an appropriate mortgage deal
Once you’ve assessed all your options with help from a mortgage broker, you can reach a more informed remortgage decision.
Making this choice may take some time as you must consider your future requirements as well as your current needs. For example, if you plan on taking out a five-year fixed rate mortgage, it’s likely that both planned and unexpected changes to your circumstances will occur during this period.
Regardless of whether you plan to start a family, or are concerned about job stability, it’s vital that you thoroughly discuss your options with a mortgage broker and choose a mortgage deal that will stand the test of time.
Part and parcel of this process, your mortgage broker can also help you to take into account the potential impact of product fees, early repayment charges (ERCs), exit fees, and valuation fees.
Complete an Agreement in Principle (AIP)
Completing an Agreement in Principle (AIP) in itself shouldn’t take long at all.
As long as your broker has all the necessary information on hand, they can apply online on your behalf in as little as five minutes.
This will give you an idea of whether your preferred lender is willing to offer a deal.
Apply for your new mortgage deal with a mortgage broker
After being accepted for your AIP, your broker can support you with making a full application.
Similar to obtaining your AIP, this application process shouldn’t take very long providing your broker has all the required financial information and documentation.
Among other details, lenders will typically require three months of bank statements, payslips, and utility bills to confirm your affordability and identity, so these documents should be passed along to your mortgage broker.
To prevent delays with your application, you should ensure all information given to your mortgage broker is as accurate as possible.
Lender assesses your application
This is the stage that will typically take four to eight weeks to complete.
To ensure you can afford the remortgage deal being offered, the lender will compare the information provided in your application to the information gathered in its separate affordability and credit checks.
This step also includes carrying out a valuation of your property.
Essentially, if you don’t remain with your existing lender (by applying for a product transfer remortgage), you’ll be making a new mortgage application so a property valuation and extensive credit and affordability checks are vital.
As a result, your remortgage application will be subject to the same potential delays and issues that your initial mortgage faced.
For example, if your application has missing paperwork or unacceptable documents, approval for your application will be delayed until these issues are resolved.
A solicitor or conveyancer is assigned
The final stage of remortgaging involves making the transfer of your mortgage for your property from one lender to another. To do this, you will need to hire a solicitor or conveyancer to take care of the legal work.
Delays in instructing a solicitor can therefore increase the amount of time it takes to remortgage your home.
Similarly, if your solicitor or conveyancer has a large workload or isn’t efficient, this can also contribute to a longer wait time.
You can avoid this stage of the remortgaging process, however, by sticking with your existing lender as a product transfer remortgage requires no additional legal work.
Can you speed up the remortgaging process?
In a rush to get your new mortgage deal signed and secured? Fortunately, there are several ways that you can speed up the remortgaging process.
This includes ensuring you have all the necessary financial and personal information your lender requires, reaching out to an experienced mortgage advisor for expert support, and responding promptly to any questions your lender or solicitor might have.
Put simply, knowing both who and what’s involved in the remortgaging process (and properly preparing for this!) is key to ensuring a smooth and speedy transition to your new mortgage deal.
Explore remortgaging your home with UKMC
If you’re keen to start the remortgaging process or are looking for answers to more questions like ‘how long does it take to remortgage a house’, please feel free to get in touch with the expert team of mortgage advisors at UKMC today.
With a helping hand from our professional and down-to-earth team, we can help you to save a lot of time, money, and stress when remortgaging your home.
Regardless of whether you’ve always struggled with understanding the remortgaging process or are concerned that you might be missing out on more suitable deals, we can help!
At UKMC, we adopt a tailored and transparent approach to supporting each customer with their mortgage requirements – this means no hidden costs and any jargon, or technical complexities related to your chosen deal are fully explained.
Our down-to-earth team will keep you updated on where you are in the remortgaging process, so you’ll always know what’s going on and why. As a result, you’ll be able to focus on choosing the most appropriate deal for you and your family instead of getting weighed down with administration.
No matter if you’re interested in simply exploring your options or your existing mortgage deal is coming to an end very soon, please don’t hesitate to schedule an appointment with one of our experienced advisors today.
To contact our team, you can either call us on 01925 573328, send your enquiry via email to hello@ukmc.co.uk, or use our online contact form to request a call back at a more convenient date and time.
Alternatively, you can also pay us a visit if you’d rather discuss your remortgaging requirements face-to-face. We look forward to hearing from you!
Disclaimer
UK Mortgage Centre Limited is an Appointed Representative of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register under firm number 1019794.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee for your advice. A typical fee is £495, which would be payable when you receive your mortgage offer. Your dedicated advisor will discuss this further on your free initial phone call.
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