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How Long Does a Remortgage Take?

Unsure how do I remortgage, and how long does a remortgage take? The process of switching from one lender to another usually requires around four to eight weeks, but you should check your current contract terms carefully.

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This calculator is an estimation of how much you could borrow. If you’re ready to take out a mortgage, speak to a Revolution brokers to see what options are available.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2023-05-09
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How Long Does a Remortgage Take?

Unsure how do I remortgage, and how long does a remortgage take? The process of switching from one lender to another usually requires around four to eight weeks, but you should check your current contract terms carefully.

Can you remortgage during a fixed term? Possibly, but it may not be the ideal move, depending on the exit penalties and other clauses within your current mortgage agreement.

Revolution Finance Brokers is often asked how long does it take to remortgage, so we’ll explain the process from start to finish.

How Do Remortgages Work?

A remortgage simply means you move your home loan from one lender to another or swap your current mortgage for a new product with the same provider. Why remortgage with the same company? In most cases, it is because your fixed-rate deal is coming to an end – you can remortgage to a more competitive product rather than having your interest change to the lender’s Standard Variable Rate (SVR).

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When Is it a Good Time to Remortgage?

There are lots of reasons you might decide it is time to pick which remortgage is the best option. We’ve run through some of the scenarios below.

The End of a Fixed-Rate Deal

Most people pick a fixed-rate mortgage, with none of the uncertainty that your rates will fluctuate month to month. When that ends, you will transfer to the SVR automatically, normally at a far higher interest rate.

How long does it take to remortgage? Generally, it takes a few weeks, so it's worth deciding which mortgage you'd like to change to a good six months in advance.

Release Equity

Another common reason to remortgage is to use the equity in your home to release cash for things like a wedding, holiday, renovation or purchasing a car. How long to remortgage in this scenario depends on the agreement you have and how much you'd like to borrow.

How Long Does a Remortgage Take?

Most applicants require around four to eight weeks, but there are several aspects of your remortgage that will impact the timescale.

  • Can I remortgage after changing jobs? If your income, employment or earnings have changed, it can make the process more complex, particularly if you choose a mortgage with an alternative lender.
  • How long to remortgage with a revaluation? Lenders need to check what your home is worth and may require an independent surveyor to assess the property or might use a desktop valuation. Can I remortgage and request the latter? Not usually; it is up to the lender how they value your home to assess their lending risk.
  • How do remortgages work in terms of legal requirements? You may find your lender offers free legal services as an incentive, but otherwise, you might need to wait for a solicitor to verify your ID and deal with the formalities.

The good news is that remortgaging is typically much quicker than an initial mortgage, depending on which remortgage lender you pick and whether you meet all the eligibility criteria.

Is it a Good Time to Remortgage?

Picking your timing is important, particularly if your fixed-rate deal is coming to an end. However, you wouldn't usually be advised to remortgage too soon because lenders charge early exit penalties, which can be steep.

Can I remortgage during a fixed term? You generally can, but this would rarely be a great option because it is unlikely the cost savings from a more competitive product would outweigh the exit fees.

Working out how long does a remortgage take means you can align your application with all the relevant factors and avoid paying more than necessary in interest charges.

How Do I Remortgage Quickly: Step by Step

We typically recommend you start looking at which remortgage products might be best for you six months before a fixed-term deal is due to end.

If you’re unsure of the term end date in your existing mortgage, it’s worth verifying this in your contractual paperwork to ensure you know when the ideal timing is, although how long to remortgage can vary based on your circumstances, as we’ve looked at above.

You can also use this time to pay down any debts and work on improving your credit score because how long does remortgage take will depend on your creditworthiness and whether there are any issues on your credit report that give a remortgage lender a reason to delay.

How long does a remortgage take with a broker? We can normally turn the process around faster by ensuring your paperwork is complete and correct; you submit all the supporting information, select a lender with the right remortgage options, and know which remortgage product is ideal for your application.

How Long Does it Take to Remortgage After Applying?

You can apply between two and six months before a fixed-rate ends. Still, you can potentially apply earlier if you're worried about how long remortgage takes or know there are complexities your lender will need to assess.

Can you remortgage during a fixed term, with a completion date at the end? Yes, some lenders will hold an offer for up to six months, so this can be a great option if you're keen to be prepared.

How Long to Remortgage From Application to Completion?

Once you’ve decided which remortgage to apply for and submitted your application, your remortgage lender will work through a credit check, property valuation and other legal processes.

Everything is taken care of by the lender, but it can take around four weeks on average.

Why remortgage through an independent, whole-of-market broker? Our skilled, professional team can advise which remortgage options are best suited to you, liaise directly with your selected lender, and ensure your remortgage is completed in plenty of time to meet your requirements.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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Frequently Asked
Questions

A new lender will need to work through affordability and eligibility assessments, so this can take around eight weeks in total.

If your circumstances have stayed the same, your lender will normally have most of the information they need to offer a decision, so it can be faster to remortgage with the same bank. However, they may still need to assess your affordability and revalue the property.

It takes a similar timeframe to remortgage to release equity, between four to eight weeks, depending on the lender.

Valuations can add to the time it takes, depending on which remortgage lender you choose and whether they have a backlog.

We usually recommend choosing which remortgage to apply for as far in advance as possible, from around six months before your fixed-rate mortgage deal is due to end. This gives you plenty of time and means you won’t find yourself on the SVR rate while waiting for your remortgage to be approved.

Many people remortgage because their existing deal is coming to an end, and they will be transferred to a more expensive SVR – they can also look at which remortgage deals their current lender offers if they’d like to stay with the same provider.

You can still apply for a remortgage, but some lenders are less likely to accept your application if your income or employment circumstances have changed. Why remortgage before changing careers? Lenders like to see two to three years of stable income and a contract of employment before deciding whether to lend – this makes it less likely your income will drop, and you will be unable to keep up with your remortgage.

Choosing which remortgage to apply for depends on how much you'd like to borrow and your circumstances. We sometimes recommend a specialist lender or a bad credit remortgage provider if you cannot remortgage with a bank or a mainstream lender due to eligibility issues.

No, if you decide to remortgage during a fixed term, you will almost always pay an exit fee, normally a fixed amount or percentage of the outstanding facility. Can I remortgage with the same lender inside a fixed term? Most lenders will still penalise you for exiting early, even if you're applying for one of their alternative remortgage products.

It depends – theoretically, yes, you can remortgage whenever you choose. However, there may be better or worse times to remortgage.

The best time to remortgage is normally when your current deal is approaching an end, you need to release equity, or you have found a more competitive mortgage offer on the market.

It can take up to eight weeks or so for a remortgage to complete, so it's worth bearing this in mind if you wish to remortgage to release equity and have a specific timescale in mind.

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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