The remortgaging timescales every homeowner should know

With the average timescale from new property listing to the completion of sale approximately six months in the current market, remortgaging and improving your existing home is a timely, cost-effective alternative to starting afresh with the purchase of a new property.

Securing the right deal when remortgaging opens many doors. Many homeowners are able to borrow more money (for those home improvements we mentioned earlier), reduce their monthly repayments, or overpay on their mortgage to bring their deal to an end even earlier and live the mortgage-free dream.

Finding the perfect new mortgage for you however does take time, but how long should it take to remortgage your home and what’s involved in the remortgage process?

Your new product

Thanks to the many price comparison websites out there, finding a brand new mortgage deal for you when remortgaging can take very little time with the right know-how. The mortgage market however is extremely congested, meaning it helps to access the professional support you need during this crucial, initial stage.

When finding a new mortgage deal, don’t go it alone. Enlist one of our mortgage advisors when remortgaging. When using a broker, the process of finding a mortgage deal can take as little as a single day! Once you’ve chosen a suitable product, a mortgage agreement in principle can be prepared and provided in seconds.

The right mortgage advice doesn’t just save you time. Our independent mortgage brokers scour the market on your behalf so you can access the best mortgage deal for your circumstances and budget. If you are remortgaging early, using a mortgage broker could also save you money.

The mortgage application

With an idea of how much you can remortgage your home for and what your new mortgage deal will cost you from month to month, it’s time to make it official. With your help, your mortgage advisor can complete the application on your behalf.

Make sure you’re reachable for any additional information and ready and willing to provide extra supporting documentation as and when it is required to ensure the application process goes as smoothly as it should.

With all the information needed to hand, the application process could take just 20 minutes to complete before it’s submitted to your new lender.

Lender assessment

Now the process continues with your new lender. The assessment phase takes on average two to four weeks to complete. During this time, your income and outgoings will be assessed to ensure you can afford to keep up with the new repayments.

Your property will also need to be valued by your new lender or their representative to complete the application as Which? explains:

“But for mortgage purposes, your lender will do a valuation of your property. This will either be done as a drive-by (where a surveyor literally drives down your street to look at your property) or using existing sales data to value your home from a computer. This valuation and the amount of mortgage debt you have will be used to work out what kind of mortgage deal you qualify for.”

Conveyancing and completion

Once your application has been assessed and successfully accepted, you’ll receive an official mortgage offer. After accepting this offer, the conveyancing process can begin to complete your new arrangement.

At this stage, a solicitor or conveyancer should be instructed to undertake the legal work and arrange the funds associated with the transactions to both your new and previous lenders. You can expect an average timescale of four weeks between the mortgage offer and completion.

How long will it take to remortgage my home?

With all the steps mentioned above, the average remortgaging timescale is at least two months. Applicants looking to borrow more funds through the release of equity should not experience any additional delays. 

It is recommended that you begin the process of remortgaging three to four months before your existing mortgage deal comes to an end.

Ready to remortgage your home? Contact our team today to discuss your options.

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