How long does a remortgage take?
Remortgaging is generally quicker and easier than getting your mortgage for the first time. But what's involved and how long does it actually 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:
supporting documents check
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:
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
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.
Important info & marketing claims
You may have to pay an early repayment charge to your existing lender if you remortgage. Your savings will depend on personal circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage.
*The savings figure of £420 is based on Better.co.uk remortgage customers in October 2023. Read more on our marketing claims page.
We can't always guarantee we will be able to help you with your mortgage application depending on your credit history and circumstances.
Average mortgage decision and approval times are based on Better.co.uk's historic data for lenders we submit applications to.
Tracker rates are identified after comparing over 12,000 mortgage products from over 100 mortgage lenders.
As of January 2023, Better.co.uk has access to over 100 lenders. This number is subject to change.
For buy-to-let landlords, there's no guarantee that it will be possible to arrange continuous letting of a property, nor that rental income will be sufficient to meet the cost of the mortgage.