Remortgaging is just as important a financial decision as choosing your original mortgage.
Sometimes, switching to a new lender may make the most financial sense – but not always.
Need help remortgaging? At UKMC, our experienced remortgage advisers are here to make the process less daunting, providing practical advice to help you secure the most appropriate remortgage deal for your circumstances.
In this article, we’ll explain how long it typically takes to remortgage with the same lender and identify the factors that can affect the timescale.
Can you remortgage with the same lender?
Yes, when it comes to remortgaging, you don’t always have to change lenders.
When you remortgage with the same lender, it’s known as a product transfer.
During a product transfer, you change to a new deal with your current provider.
Sticking with the same lender can have some benefits:
- It is often faster
- Some lenders offer better rates to existing customers than new ones
- The process is usually more straightforward
- Sometimes, fewer fees are involved
- You may not need an affordability check for a product transfer
- You may be able to avoid early repayment charges (ERCs)
Every deal is different, so always check the terms and conditions.
Before committing to a product transfer with your existing lender, always check what deals other lenders are offering to see if you could save money by switching.
How long does it take to remortgage with the same lender?
It usually takes between one and four weeks to complete a product transfer with your existing lender, provided there aren’t any delays.
This is because remortgaging with the same lender doesn’t usually require as much legal work as switching lenders.
It’s also unlikely that you will need a property valuation – although you should always check the terms and conditions with your lender.
Learn more from our previous post titled ‘How long does a remortgage take?’
What could cause a delay when remortgaging with the same lender?
Remortgaging with the same lender is a relatively straightforward process, but delays can still happen.
Common reasons the process may be delayed include:
- Missing or incorrect information on the application
- Changes to your financial circumstances
- The lender requires your home valuation to be updated
- The underwriting process takes longer than expected
- The lender requests additional affordability or credit checks
- You ask to increase the amount you’re borrowing
Can I do anything to speed up the process?
The process should already be quick, but being organised can help to keep things moving along smoothly.
Make sure you submit documents promptly, fill out forms accurately, and respond quickly to requests from your lender to help avoid unnecessary delays.
Starting the process well before your current deal expires will ensure there is plenty of time to resolve any unexpected issues that arise.
Is it faster to remortgage with my existing lender than to switch to a new one?
Typically, yes, remortgaging with the same lender is usually a quicker process than switching lenders.
It can take as little as one week to complete, whereas switching to a new lender can take four to eight weeks, sometimes longer!
Get straightforward advice about remortgaging from UKMC
Unsure whether to stay with your existing lender or remortgage with a new lender?
Our mortgage advisers are here to help you compare thousands of mortgage products to find the most suitable deal for you.
We’ll help you compare costs and decide whether switching lenders or sticking with your current one is the best option for you.
Book a call with us today for clear, straightforward advice on remortgaging.
Remortgaging with the same lender FAQs
Do I need a solicitor to remortgage with the same lender?
Not usually, no. Product transfers do not usually require a solicitor unless significant changes are being made to the amount borrowed or the terms of the deal.
Will I need a credit check to remortgage with the same lender?
Not always. If you require a straightforward product transfer, your lender may not carry out a full credit check or affordability assessment. However, additional checks may be required if you want to increase the amount you’re borrowing or make other changes to your mortgage.
Can my existing lender refuse my remortgage application?
Yes, it’s possible that you could be denied a remortgage. Whether you’re applying for a new mortgage or a straightforward product transfer, your lender will assess your application against its current lending criteria before deciding whether to proceed with your application.
When should I start the remortgage process?
We recommend that you start exploring your options around six months before your current mortgage deal ends. This gives you plenty of time to compare deals and arrange a new mortgage to begin as soon as your existing one ends.
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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