How Long Does a Remortgage Take?

Considering a remortgage? You're probably wondering how long the process will take. This guide sets out the usual timeframe for remortgaging a house and explains each key stage along the way.

By understanding what to expect at every step, from the initial application through to final completion, you'll be in a stronger position to anticipate how your chosen deal, and any potential delays, might affect the overall timeline. We’ll go over:

• How Long Does It Take to Remortgage?

• What is the Fastest Way to Remortgage?

• What is the Process of Remortgaging?

• Can I Speed Up the Remortgaging Process?

How Long Does It Take to Remortgage?

The length of time it takes to remortgage depends on whether you’re sticking with your current lender or switching to a new one. Staying put and choosing a new deal with your existing provider, known as a product transfer, is the quicker option. In contrast, moving to a different lender tends to take longer, often around four to eight weeks from the point of application.

Of course, this timeframe isn’t set in stone. Delays can arise due to missing paperwork, legal complications, or issues uncovered during the application process. While some remortgages are finalised in as little as a month, this isn’t guaranteed.

To give yourself the best chance of a seamless transition, and to avoid rolling onto your lender’s standard variable rate (SVR), it’s recommended to begin exploring your remortgage options roughly six months before your current deal comes to an end.

What is the Fastest Way to Remortgage?

The fastest way to remortgage is switching to a new deal with your current lender (a product transfer). In many cases, you can arrange for the new rate to begin as soon as your existing deal ends. Some lenders may even allow you to switch earlier, possibly before your initial term has finished.

Product transfers are completed quickly because they imply minimal admin. Since your lender already holds your details, there’s generally no need for a fresh affordability assessment, property valuation, or legal work. That said, while this is the fastest route, it might not offer the best interest rates or terms available on the wider market, so it’s worth weighing speed against value.

What is the Process of Remortgaging?

1. Compare options with a mortgage broker (a day)

The remortgaging journey begins by looking at what the market has to offer. Comparing a wide range of deals and factoring in interest rates, fees and charges, flexibility, and overall value can make a big difference over the long term.

To get the most out of this stage, it’s wise to speak with a mortgage broker. With access to deals you won’t find on the high street and insight into which lenders are likely to approve your application, a broker can help you navigate the choices available and identify the most suitable option for your circumstances.

2. Complete an agreement in principle (a few minutes)

If you’re thinking of switching to a new lender, the next move is to get an agreement in principle (AIP), also called a decision in principle or mortgage in principle. Provided your mortgage broker has all the relevant details, this can be done almost instantly.

An AIP is a preliminary indication of how much a lender may be prepared to offer, based on your declared income, expenses, and credit score. Though it isn’t a formal mortgage offer, it gives you a solid idea of your borrowing limit and can make things move forward easier.

3. Gather your documents and submit the application (half an hour)

Once you’ve chosen a deal, it’s time to apply. To assess your eligibility, the lender will ask for various documents to build a picture of your financial situation. These include:

• Proof of identity: e.g. a valid UK passport or driving licence

• Proof of address: such as a recent utility bill dated within the last three months

• Bank statements: covering the last three months, showing spending habits, income, and financial commitments

• Proof of income: If you’re employed - your latest P60 and at least three months’ payslips. If you’re self-employed - your SA302 tax calculations and HMRC tax year overviews from the past two to three years

Submitting the application is pretty hassle-free, especially if your mortgage broker has already collected everything in advance. Ensuring your documents are accurate and up to date will prevent unnecessary delays and keep the process on track.

4. Lender assessment and valuation (2-4 weeks)

This stage takes the longest, although it doesn’t apply if you’re doing a product transfer with your existing lender.

Once your application is in, the new lender begins a detailed assessment. This involves verifying your income, credit history, and financial circumstances to make sure you meet their lending criteria. They’ll cross-check the documents you’ve provided to confirm everything lines up.

At the same time, the lender will arrange a property valuation. This isn’t for your benefit, but to guarantee the property provides adequate security for the loan. In most instances, particularly for straightforward remortgages, this will be a desktop or automated valuation rather than a physical inspection.

If both your finances and the property valuation meet the lender’s expectations, they’ll proceed to issue a formal mortgage offer.

5. Legal work and completion (up to 4 weeks)

Again, if you're staying with your current lender through a product transfer, this stage doesn’t apply. However, if you’re moving to a new lender, you’ll need to go through conveyancing before the remortgage can be finalised.

Once you've accepted your mortgage offer, a solicitor or licensed conveyancer will be assigned to take care of the legal side. Their responsibilities include checking the property’s title, reviewing the mortgage terms, and coordinating the transfer of funds from your new lender to repay the existing mortgage.

This stage can take a few weeks, depending on how quickly your solicitor works and how forthcoming all parties are. Delays can arise if your solicitor has limited availability or if communication breaks down, so it’s worth choosing someone reliable. Mortgage offers are typically valid for three to six months, so you’ll have a defined window in which to complete everything.

Can I Speed Up the Remortgaging Process?

If time is of the essence, there are several practical steps you can take to fast-track your remortgage:

• Be prepared from the outset: Gather all necessary documents early to avoid delays caused by last-minute requests or missing information.

• Check your credit report: Review your credit file for any errors or issues that could hold up your application, and address them before you apply. You can use our free credit check tool (£14.99 per month after the free 30-day trial) to do this. The trial and subscription can be cancelled at any time.

• Stay responsive: Make your timescales clear from the beginning and promptly reply to emails or requests from your lender and solicitor.

• Consider a product transfer: If you're happy to stay with your current lender, a product transfer is by far the quickest route, as it skips the legal and valuation stages.

• Use a mortgage broker: A good broker will handle much of the admin, anticipate hurdles, and move things along efficiently.

Speak to a Remortgage Adviser

Finding the right remortgage deal can be challenging with so many options available. This is where expert advice makes all the difference.

At The Mortgage Genie, we take a tailored approach. Our advisers take the time to understand your individual circumstances, financial goals, and future plans before recommending a solution which suits you. Whether you’re better off staying with your existing lender or switching to a new one, we’ll help you weigh up your choices with clarity.

If your current deal is coming to an end, or you simply want better terms, our experienced brokers are here to guide you through every phase so that the process is smooth and you end up with a remortgage which truly works for you.

If you’re interested, give us a call today at 01915809890. And why find out how much you could save on repayments right now by using our remortgage calculator?

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The above blog has information contained within which was correct at the time of publication but is subject to change.