What’s the quickest way to remortgage?

With the average remortgage taking up to two months to complete, time is certainly of the essence if the end of your current mortgage deal is approaching.

You’ll have to make time for a number of to-dos, including gathering all the necessary paperwork, finding a new deal, getting that all-important agreement in principle, and forging ahead with the application, including any checks or valuations required. Here at The Mortgage Bureau, we support people from all walks of life during their journey onto or up the property ladder.

We understand just how crucial remortgaging is, especially considering the current cost of living crisis. In this blog post, we share our advice for remortgaging quickly and with your needs in mind.

Timing your remortgage just right

There are many reasons why you may want to consider remortgaging, and these extend beyond your current mortgage deal coming to an end.

You may want to free up funds for home improvements or another big project, secure a better mortgage rate, or begin making overpayments. For those with tracker mortgages, remortgaging to a fixed deal at just the right time could mean protecting yourself and your investment from future interest rate rises. Homeowners looking to overpay may also benefit from remortgaging to avoid pricey early repayment charges (ERCs).

In the same breath, there are also many reasons not to remortgage. This includes if you have a small balance, your ERCs are particularly high, your home’s value has decreased, or your personal circumstances have changed for the worse (i.e. your earnings have dropped or you have recently become self-employed).

Whatever your circumstances, giving yourself plenty of time to consider your remortgaging options and secure the best deal is advisable. We’d recommend starting your preparations three to four months before your current deal ends.

Exploring your options when remortgaging

Whether you intend to stay with your current lender or switch to a new supplier, you should explore ALL your options. The best and most convenient way to do just that is via an independent mortgage broker like us.

We will help you find the best deal for your circumstances and minimise the costs of remortgaging. Such costs after all add up, with the mortgage arrangement fee (also known as the product or completion fee) often the biggest expenditure. Here the HomeOwners Alliance details how this fee can be settled:

“You’ll usually have the option to pay the mortgage product fee upfront or to add it to your mortgage. But if you add it to your mortgage, you’ll increase the amount you owe. Be sure to check whether the fee is refundable if the mortgage doesn’t go ahead. If it isn’t, it may be possible to request that the fee is added to your mortgage and then to pay it once your application has been approved and is definitely proceeding. Your mortgage broker will be able to run through this with you.”

Other remortgaging fees include early repayment charges, exit fees, legal fees and valuation costs.

Speeding up the remortgaging process

If you are looking to remortgage as quickly as possible either for convenience or due to the end date of your current mortgage deal approaching, there are a few ways you can speed up the process. Seeking advice from a mortgage advisor is a great place to start, while preparing the paperwork you’ll need to supply ahead of time will keep things on track too.

Remortgaging only when you are in a strong financial position is also recommended for a fuss-free transaction and minimal delays.

Ready to get started? Find your local mortgage advisor today to discuss your next steps.