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 usually takes between four to eight weeks from the moment you apply. However, opting for a product transfer, where you remain with your existing lender, is quicker. That said, several factors can 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 can 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. 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 can make all the difference in securing the most suitable remortgage deal for your circumstances.

1. Compare options

The first step is to review the market. Comparing deals from a wide range of lenders gives you 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 can lead to substantial savings in the long term.Our comparison tool gives you instant access to up-to-date remortgage quotes from lenders across the UK. Once you’ve found an offer which meets your requirements, our expert team will be on hand to support you through the next stages of the process.

2. Get an agreement in principle

If you’re planning to remortgage with a new lender, the next step is to obtain 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 indicating 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 can give you a good indication of your borrowing potential.An AIP can be 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 require several key documents to assess your financial situation and confirm your eligibility. These include:

• Proof of identity: Such as a valid UK passport or driving licence. 
• Proof of address: A recent utility bill dated within the last three months. 
• Evidence of income: If employed – your most recent P60 and at least three months’ payslips. If self-employed – SA302 tax calculations and tax year overviews from the past two to three years. 
• Bank statements: Generally covering the last three months, showing your regular spending, financial commitments, and any additional income.

Providing accurate documentation can help avoid delays and keep your application moving smoothly.

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 overall financial position. They’ll compare this information with the details you’ve provided to guarantee you meet their lending criteria.The other part of this process is the property valuation, which the lender arranges to determine if the property offers sufficient security for the loan. If everything is in order and the lender is satisfied with both your financial status 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 does not apply to product transfers.

5. Completion and conveyancing

Once you’ve accepted your mortgage offer, the final step is to complete the legal formalities 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. This includes 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 chosen solicitor or a lack of communication can significantly prolong 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 typically takes from four to eight weeks. To stop delays, be prepared to demonstrate the reason for borrowing extra funds, whether it’s for home improvements or consolidating debt. Lenders require 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: Gather all documents in advance to avoid unnecessary back-and-forth.

• Review your credit file: Check your credit report for any inaccuracies or issues which could slow down approval.

• Maintain communication: Respond to requests from both your lender and solicitor promptly and define your desired timescales from the outset.

• Opt for a product transfer: If you’re satisfied with your current lender, switching to a new deal with them is the quickest option.

• Seek professional advice: Remortgage specialists can 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. With a wide range of products on the market, it’s crucial to consider your options carefully. The guidance of a trusted expert is essential here.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.