How Long Does Remortgaging Take?

Typical Remortgage Timeline

Here is a rough breakdown of how long each stage of the remortgage process takes:

• Comparing deals and choosing a lender – a few days to a couple of weeks, depending on how much research you do.
• Submitting your application – this can be done in a single sitting if you have all your documents ready.
• Lender processing and valuation – typically one to three weeks. The lender reviews your application, carries out credit checks, and arranges a property valuation.
• Legal work (conveyancing) – usually two to four weeks. A solicitor handles the transfer of the mortgage between lenders.
• Completion – once all the legal work is done, a completion date is set and the new mortgage begins.

In total, you should allow around four to eight weeks for the entire process. Some straightforward cases complete in as little as three weeks, while more complex situations can take longer.

What Can Cause Delays?

Several factors can slow down the remortgage process:

• Missing documents – if you do not provide the required paperwork promptly, it can add weeks to the timeline.
• Complex income – self-employed applicants or those with multiple income sources may face additional checks, which take more time.
• Property issues – if the valuation reveals problems with the property, or if there are complications with the title deeds, this can cause delays.
• Solicitor backlogs – at busy times of year, solicitors may take longer to process the legal work.
• Lender processing times – some lenders are simply faster than others. It is worth checking estimated processing times before applying.

The best way to avoid delays is to gather all your documents in advance and respond promptly to any requests from your lender or solicitor.

How to Speed Things Up

There are several things you can do to keep the process moving quickly:

• Prepare your documents early – have your payslips, bank statements, proof of identity, and current mortgage details ready before you apply.
• Choose a responsive solicitor – if you have a choice of conveyancer, pick one with good reviews for speed and communication.
• Respond quickly – when your lender or solicitor asks for additional information, provide it as soon as possible.
• Start early – begin the process three to six months before your current deal expires. This gives you a comfortable buffer.

Many lenders now allow you to lock in a rate up to six months in advance. Even if the remortgage completes earlier than expected, the rate is held until your start date.

Product Transfer vs Full Remortgage Timescales

If speed is your top priority, a product transfer with your existing lender is much faster. Because there is no need for a new valuation or legal work, a product transfer can often be completed within a few days, sometimes even the same day.

A full remortgage with a new lender will always take longer due to the additional checks and legal processes involved. However, the potential savings can make the extra time worthwhile.

If your current deal is ending very soon and you have not yet started the remortgage process, a product transfer may be a sensible short-term solution. You can always remortgage with a different lender later when your new deal expires.