How Long Does It Take to Remortgage?

Understanding the average remortgage timeline can help you decide when to start the process and leave enough time for your new mortgage to be arranged. How a remortgage works will typically involve three main parties: you, your new mortgage lender and a solicitor or conveyancer.

Each party has a role to complete before the remortgage can move forward, which is one reason the exact timeframe can vary from one application to another.

In this article, we explain the remortgage process step by step, how long each stage can take and what you can do to avoid any unnecessary delays. Let’s begin.

What Happens During the Remortgage Application Process?

Not every stage of the remortgage process happens one after another. In practice, there are a lot of moving parts and lenders and solicitors can often carry out parts of their work at the same time.

Here is a breakdown of exactly what happens during a remortgage:

1. Your Application Is Assessed

Once your full application has been submitted, the new lender can then begin assessing whether you meet their lending criteria and your wider financial circumstances. This will usually involve checking your income, affordability, credit history and any supporting documents, much like when you would have applied for your previous mortgage.

In some cases, an underwriter may request further information to help in their assessment. It’s important to note that how quickly you or your broker can respond to these requests can affect the overall timeframe to remortgage.

2. Your Property Is Valued

As part of your assessment, the lender will also need to confirm that your property provides suitable security for the new mortgage. Depending on the lender and property, this could be completed through an automated or desktop valuation, or a physical inspection may be required.

The valuation and underwriting do not always need to happen separately. In some cases, both can progress while the lender is assessing your application.

3. Your Mortgage Offer Is Issued

Once the lender is satisfied with your application and property valuation, they will then issue a formal mortgage offer. This confirms exactly how much they are prepared to lend and all the terms of the mortgage.

At this point, the lender will have approved the mortgage, but the remortgage itself is not yet complete. In most cases, you will need a solicitor for your remortgage to complete the necessary legal work before your new mortgage can begin.

4. The Legal Work Is Completed

Your solicitor or conveyancer works with your existing and new lenders to complete your remortgage. This includes checking the property title, obtaining a redemption statement from your current lender and meeting any legal requirements set by the new lender.

The remortgage conveyancing timeline can often form part of the wider process rather than adding several weeks at the end.

5. Your Existing Mortgage Is Repaid

Once the mortgage offer and legal work are ready, a completion date can be arranged. Your new lender releases the funds to your solicitor or conveyancer, who uses them to repay your existing lender.

The new mortgage then takes effect and the new lender’s charge is registered against your property. If you have borrowed additional funds, any money due to you can also be released as part of the completion process.

What Can Affect the Timescale?

While 4 to 8 weeks is the average time for a remortgage to complete, an exact timeframe will always depend on what needs to happen during your application.

The exact timeframe will depend on what is required from you, your lender and your solicitor or conveyancer. Below, we have outlined the main areas that can affect how long does a remortgage take:

• Your lender: Processing times vary between lenders and can change depending on demand. During particularly busy periods, your application may take longer to be reviewed and your mortgage offer to be issued.
• Your application: If your income or finances need extra checks, underwriting can request additional documents which could lead to delays.
• Your property valuation: Automated or desktop valuations can be completed extremely quickly, but a physical valuation relies on an appointment being available and can often take longer.
• The legal work: A straightforward remortgage may require relatively little legal work. However, changes to the property title or other legal issues will need to be resolved before completion.
• Providing information: In cases where your lender, broker or solicitor requires documentation, sending it promptly can help keep things moving forward. Missing documents or slow responses are an avoidable source of delays.

Ultimately, no single part of the process will determine exactly how long a remortgage takes. In most cases, the overall timeframe will come down to how smoothly each stage progresses and whether any additional checks or work are needed along the way.

How Long Does It Take After Property Valuation?

Referring back to our breakdown of what happens during a remortgage, it’s important to remember that several parts of the remortgage process can happen at the same time.

While your property is being valued, the lender may also be underwriting your application and checking your supporting documents. This means that the amount of work that is left to complete after the valuation will wholly depend on how far these other checks have progressed.

If the valuation and underwriting are both complete, a mortgage offer could be issued relatively quickly. However, the process may take longer if the valuation raises concerns about the property or the lender needs further information before it can proceed.

Once your mortgage offer has been issued, the focus will shift towards completing any outstanding legal work and arranging a completion date.

How Long Does a Remortgage Take After an Offer?

When you receive your formal mortgage offer, the lender will have completed their underwriting and property valuation checks. However, your remortgage cannot be completed until your solicitor or conveyancer has finished the remaining legal work.

This will include obtaining a final redemption figure from your existing lender, completing any outstanding title checks and making sure the new lender’s requirements have been met before funds can be released. You will also commonly be asked to complete a questionnaire, provide identification documents and sign the new Mortgage Deed before the remortgage can complete.

Once everything is ready, your new lender can release the mortgage funds to your solicitor or conveyancer. They will use the funds to repay your existing mortgage, complete the switch to your new lender and deal with any remaining legal requirements.

For a straightforward remortgage, this entire process will typically take around 2 to 4 weeks from receiving your formal mortgage offer to completion. However, this timeline can change if additional legal work is required or your solicitor is waiting for information from either your existing or new lender.

What Can Cause Delays?

Even a straightforward application can take longer than expected if an issue arises during underwriting, valuation or conveyancing. Some of the most common causes include:

• Waiting for your current deal to end: You may choose to delay completion until your existing mortgage deal ends to avoid paying an early repayment charge (ERC).
• Missing or incorrect documents: If information is missing from your application, the lender may be unable to continue its assessment until the correct documents are provided.
• Further underwriting checks: Your lender may need more information about your income, expenditure or credit history before making a decision. Each additional request can add time to the application.
• Valuation issues: A lower-than-expected mortgage valuation or concerns about the property may require further investigation before the lender can proceed.
• Legal complications: Problems with the property title, leasehold information or changes in ownership can create additional work for your solicitor or conveyancer.
• Waiting for another party: Your lender and solicitor will sometimes need information from each other or your existing lender. Delays in communication can hold up the remortgage process.

Not every delay will be within your control, but it’s worth finding out exactly where your remortgage is being held up and whether anything is needed from you. Some mortgage application delays can be avoided or resolved by providing outstanding documents and responding promptly to questions from the lender or solicitor.

Can I Speed Up the Process With a Mortgage Broker?

A main benefit of working with a trusted mortgage broker is that they can help keep your remortgage moving both before and after your application is submitted.

Initially, a mortgage broker can help you compare suitable remortgage deals, recommend a product and prepare your mortgage application before it is submitted. They can check that the required informationand documents are in place, helping to reduce the risk of avoidable delays once the lender begins its assessment.

Once your application has been submitted, your broker will continue to manage its progress through to completion. This includes liaising with the lender and your solicitor or conveyancer, responding to requests for further information and following up on any outstanding steps that could be holding up your remortgage.

At Boon Brokers, you will have a dedicated mortgage adviser help manage your remortgage from start to finish. Our experts will liaise directly with your lender and solicitor or conveyancer, respond to requests for further information and follow up on outstanding actions.

Our mortgage advice is completely fee-free. You won’t pay us a broker fee for our advice, finding and arranging your remortgage, or managing your application through to completion. We’re here to help find the mortgage that works for you.