Whether the end of your fixed-term deal has crept up quicker than you’re expecting, or you’re keen to get a new deal locked in before any possible rate changes, you’re probably keen to understand how long it takes to remortgage. With the looming fear of extra costs and increased monthly payments, remortgaging is a process that many of us put off until the last minute. However, it pays to be prepared, and that starts with understanding how much time you need to allow to complete the process properly and with the best outcome.
The time you allow for the remortgage process should, where possible, allow for both finding the right deal and completing the application properly. A forward-thinking and proactive approach will not only ensure that you are remortgaging in time, but also at the right time. This is where our Plymouth-based mortgage advisors can help.
We’ve put together this short guide to answer the key question of ‘how long does it take to remortgage?’, taking into account timescales for both existing and new lenders, as well as some wider considerations you will need to make if you’re concerned about rising costs.
How Long Does It Take To Remortgage With The Same Lender?
Remortgaging with your existing mortgage lender is usually the simplest and quickest approach. This process is actually referred to as a product transfer, as your lender will already hold your personal and financial details, moving them to a new product and rate as opposed to completing a full remortgage.
You can expect a product transfer to take anywhere from a few hours to a week or two, depending on your lender. However, despite the quick turnaround, remortaging with the same lender does not always result in the best outcome. You should always shop around to ensure that you are not missing out on a better deal simply for convenience. Our Plymouth-based mortgage advisors can help you do this.
How Long Does It Take To Remortgage With A Different Lender?
Remortgaging with a different lender takes longer than a simple product transfer, as it involves creating and submitting a new mortgage application. As was the case when you first took out a mortgage, the lender will then run a range of affordability and credit checks and value your home before they can make you a formal mortgage offer. Legal work will then be required to transfer from lender to lender and register the new mortgage.
On the whole, this way of remortgaging can take anywhere from four to eight weeks, notwithstanding any extra affordability checks or delays in receiving documentation. Despite added requirements and taking longer than a product transfer, switching lenders via a remortgage can be worthwhile and enable you to secure a lower rate or access a product that better meets your current circumstances.
How To Speed Up The Remortgage Process
Just as you did when you first applied for your mortgage, getting relevant information and documentation together ahead of time can make the process much easier. If you want to speed up the remortgage process, it is therefore handy to compile the following documents ahead of time so that you can provide them to your mortgage advisor and/or lender ahead of time:
- Recent bank statements
- Recent payslips and P60
- Proof of identity (e.g. passport or driving licence)
- Proof of address (e.g. utility bill or council tax bill)
Gathering these documents ahead of time will also give you the opportunity to check that everything is as it should be, and give you a window in which you can request any missing documents (e.g. a copy of your P60 from your employer), where applicable.
How Early Should You Think About Remortgaging?
We often find that people want to know how long it takes to remortgage because they are short on time before their current fixed deal ends. However, this is not always the case. For example, you may know that your deal is expiring relatively soon, but have been made aware of a good deal available to you now and want to secure it before things can change. It may feel like time is of the essence in these circumstances, first raising the question of whether it is actually possible to remortgage this early, then whether it’s actually possible to do so in time.
You might also be planning ahead and wondering when the best time to start looking for your next product is, which we have talked about in more detail over in this blog post. In short, we would always recommend that you start to explore your next deal at least 6 months before your current deal ends. This will allow you time to really compare what’s available to you and, of course, have more than enough time to complete the remortgage process, whether that ends up being via a product transfer or an entirely new mortgage application.
Whether you feel like the clock is ticking or you want to get ahead and start to explore your options when your current deal runs out, we can help. At Mewstone Mortgage Advice, our local mortgage advisers are on hand to help you explore all of your options, assess any potential savings, and find a remortgage deal that works for you. We have access to the whole of the market and will regularly search the market to find you the most suitable product, both now and in the future.
If you’re looking to remortgage in Plymouth and the surrounding areas, get in touch with us via 01752 938933 or book a quick call at a time that suits you, and we can discuss your needs further.
Mark John
CeMAP Certified Mortgage Adviser
Mark has called the South Hams home since age 2, attending school in Ivybridge. Art, music, skating and guitar filled his younger days. Though he never reached rock star status, Mark did qualify as a sound engineer.
Now Mark resides in Wembury with his wife Chloe. Living by the sea shapes their life, even inspiring some dodgy surfing! Outnumbered by sons Ethan, Eli and Leo, their pride and joy is their VW camper van.