How long does a remortgage take?

24th April 2020

As with any mortgage process, remortgage timescales can take anything up to two months depending on how complicated your application or circumstances are. If you’re remortgaging to save money when your existing fixed-rate mortgage comes to an end, ensure you give your application sufficient time to avoid a more expensive follow-on or standard variable rate.

You’ll need to go through a mortgage interview to ensure you’re eligible for a remortgage. Lenders apply strict affordability criteria to remortgage applications and stress tests to see if you’ll be able to meet your monthly repayments should interest rates change.

Your lender will also want to conduct a valuation of your home to ensure your loan-to-value (LTV) ratio is sufficient for its products. If the value of your home has decreased and you’re in a negative equity situation, you might want to wait for house prices to rise or you’ll have to make up the shortfall from your own pocket.

Finally, the legal process will take time. Your solicitor will have a number of conveyancing matters to complete, including Land Registry searches and other formalities that may hold up the process.

If time is of the essence, it’s worth arranging a remortgage through your existing lender. The transaction will then be dealt with as a product transfer so the legal process could be substantially reduced.

If you’re keen to remortgage your home, you should take advice from an independent mortgage broker who will be impartial and have access to a wide range of products on the market. Call us on 08454 500200 or click here to make an enquiry.

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financial adviser and I’m so happy with the service provided, firstly by Stephanie, explaining all my options clearly and concisely and helping me get the right mortgage and supporting insurances sorted at the beat rates for me. Secondly Stephanie has a fantastic administration assistant Cara who processed, actioned and chased everything up and kept me informed at every turn. Both Stephanie and Cara sorted out my remortgage and all the insurances set up in just under a month from beginning to end, which I was absolutely amazed at how quick and almost effortless the whole process was. I am very thankful to all at Charters Financial Services for their dedicated and thorough service, their fantastic communication throughout and I can’t recommend them highly enough, and I will be using them again in the future for future mortgages. Thank you Stephanie and Cara

Mark S

April 2020

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