How long does a remortgage take?

The remortgage process generally takes between 4 and 8 weeks to complete after an application is submitted. As with any mortgage process, the time it takes will vary depending on your circumstances, the lender you’re applying to, and your conveyancer.

The remortgage process involves:

• ID checks

• supporting documents check

• credit checks

• legal work (this is where a conveyancer or solicitor comes in)

• a property search and valuation

• reviewing and signing the offer

How long does it take to remortgage with the same lender?

Remortgaging with the same lender is also referred to as a product transfer and is generally quicker than remortgaging with a new lender. This is because your existing lender will already understand your situation.

The downside to applying for a new deal with your current lender is that you could miss out on comparing potentially more affordable deals with other lenders.

When is the right time to remortgage?

In order to save money, you will need to:

1. wait until you are coming to the end of your current mortgage deal runs out so that you don’t get asked to pay an early repayment charge (ERC) if your mortgage comes with ERCs

2. Not wait until your deal ends and you end up on your current lender’s standard variable rate (SVR) which is often more expensive than a fixed rate

How long does the legal work take during a remortgage?

As stated above, once an application is submitted, the rest of the remortgage process can take 4-8 weeks. 

When you remortgage a solicitor or conveyancer needs to confirm your identity, your ownership of the property, and handle the transfer of funds as well as letting Land Registry know of the changes.