How Long Does It Take to Remortgage a House?

The time it takes to complete a remortgage is largely determined by if you’re staying with your current lender or switching to a new one. If you’re moving to a different provider, the process takes between four to eight weeks from the moment you apply. However, if you’ve opted for a product transfer, where you remain with your existing lender, it is quicker.

That said, several factors affect the timeline, including issues with documentation or unexpected delays with the legal side. As such, while some remortgages may complete in as little as a month, this isn’t always true. To prevent last-minute stress, you should start browsing remortgage options around six months before your present deal ends.

How Long Does It Take to Remortgage With the Same Lender?

If speed is your priority, the most efficient route is a product transfer. In many cases, you’ll line up the new rate to take effect once your existing deal ends. Some lenders may even let you move across immediately, even if you’re still within the initial deal period.

Product transfers tend to be much faster because there’s far less paperwork involved, i.e., your lender already has your financial information on file, so there’s no need for fresh affordability checks, a property valuation, or legal conveyancing. Despite this being the simplest and quickest option, it may not be the most cost-effective or best suited to your needs.

What are the Stages of a Remortgage?

It’s important to remember that much of the work begins well before you submit any paperwork. Doing your homework beforehand makes all the difference in securing the most suitable remortgage deal for your circumstances.

1. Compare options

The first step is to compare deals from a wide range of lenders to give yourself a better idea of what’s available, from interest rates and fees to flexibility and overall value. Taking the time to weigh up different offers leads to substantial savings in the long term.

Our comparison tool gives you instant access to up-to-date remortgage quotes from lenders within the UK. Once you’ve found an offer which feels right, our expert team will be on hand to support you through the next stages.

2. Get an agreement in principle

If you’re planning to remortgage with a new lender, the next step is to get an agreement in principle (AIP), also referred to as a decision in principle or mortgage in principle.

This is a provisional statement from the lender showing how much they may be willing to lend, based on the initial information you provide about your income, outgoings, and credit history. It’s not a formal offer, but it gives you a good indication of your borrowing potential.

AIPs are arranged within minutes.

3. Apply for your new mortgage

The next step is to complete your remortgage application. At this stage, your new lender will want certain documents to assess your financial situation and confirm your eligibility:

• Proof of identity such as a passport or driving licence
• Proof of address like a utility bill dated within the last three months
• Evidence of income in the form of your most recent P60 and at least three months’ payslips. If you’re self-employed, SA302 tax calculations and tax year overviews from the past two to three years
• Bank statements covering the last three months, showing your regular spending, credit agreements, and any additional income

At this point, accurate documentation will mean you avoid any delays.

4. Lender checks and valuation

Once your application is submitted, the lender will carry out a series of checks, including an assessment of your income, credit history, and general financial position. What they’ll do here is compare this information with the details you’ve given them to guarantee you meet their lending criteria.

The other part of this process is the property valuation, which the lender arranges to find out if the property offers enough security for the loan. If everything is in order, implying that the lender is satisfied with both your finances and the property’s value, they’ll issue a formal mortgage offer.

This stage is the most time-consuming, taking around 4-8 weeks, yet won’t apply if you’re getting a product transfer.

5. Completion and conveyancing

Once you’ve accepted your mortgage offer, the final step is to complete the last legal bits and finalise the remortgage. Most mortgage offers remain valid for between three to six months, giving you a set window.

If you’re switching to a new lender, you’ll need to appoint a solicitor or licensed conveyancer to handle the legal work. That is, reviewing the terms of the mortgage, checking the property’s title, and arranging the transfer of funds from your new lender to your existing one.

Limited availability of your solicitor or a lack of communication significantly prolongs this stage. If you’re sticking with your current lender, then you bypass this step entirely.

How Long Does It Take to Remortgage and Release Equity?

If you’re looking to remortgage to release equity from your property, the process takes from four to eight weeks. So that there’s no delays, be prepared to demonstrate the reason for borrowing extra funds, whether it’s for home improvements or consolidating debt. Lenders also want supporting evidence to ensure the additional borrowing is justified and affordable.

How Can You Speed Up the Remortgaging Process?

If you’re on a tight schedule and need to complete your remortgage fast, there are several actions you can take to accelerate the process:

• Get organised early by gathering all documents in advance so that there isn’t unnecessary back and forth
• Check your credit report for any inaccuracies which could slow down approval
• Maintain communication by responding to requests from both your lender and solicitor and alongside defining your desired timescales from the outset
• Opt for a product transfer if you’re happy with your current lender, given that switching to a new deal with them is the quickest option
• Seek professional advice from a remortgage specialist who’ll guide you through the process, flag issues early, and keep things streamlined

Speak to an Experienced Adviser

Choosing the right remortgage deal isn’t always straightforward because there’s such a wide range of products on the market. As such, the guidance of a trusted expert is essential to considering your options carefully.

We take the time to understand your personal circumstances and long-term financial goals, so we can help you find a remortgage solution which truly fits your needs. Whether you’re ready to move forward or simply exploring your options, we’re here to provide tailored advice and make the process as smooth and stress-free as possible. Get in touch today.