If you’re considering remortgaging, it’s important to understand the process and have an approximate idea of how long it takes to complete, especially if your fixed rate is ending soon or you need the funds urgently.
On average, the remortgaging process takes around 4-9 weeks. However, the timeline can vary depending on several factors.
Here are some factors that can impact the duration of the remortgage process:
- Switching lenders vs. staying with the same lender: If you choose to remortgage with your existing lender, the process is often quicker since they already have your information. Switching to a new lender may involve additional steps and documentation, potentially extending the timeline.
- Mortgage approval process: The time it takes for your mortgage to be approved can vary. Some lenders offer quick approval processes, while others may take longer to assess your application.
- Efficiency of solicitors: If you’re using solicitors for the legal aspects of the remortgage, their efficiency can affect the overall timeline. Prompt communication and document handling can expedite the process.
- Timeliness of document submission: Providing all the required documents promptly can help streamline the process. Delays in submitting necessary paperwork can prolong the remortgage timeline.
- Delays with third parties: The involvement of third parties, such as valuation companies, insurers or lenders, can introduce potential delays if their services are not promptly provided or if there are unforeseen issues
- Non-standard transactions: Complex transactions can certainly impact the duration of the remortgage process. Transactions involving removing a partner from the mortgage or a Help to Buy remortgage may require additional steps and documentation, which can potentially extend the timeline beyond the average 4-9 weeks.
It’s important to note that these timeframes are approximate and can vary in individual cases.
What is the process and timescales?
The process and time scales for a remortgage can vary depending on individual circumstances and the efficiency of the parties involved.
Here’s a general breakdown of the steps and estimated time frames:
- Finding a broker and initial consultation, researching products: This stage typically takes 1-2 weeks, depending on the availability of brokers and the time taken to research and compare mortgage products.
- Credit check and full application: Once you’ve chosen a mortgage product, the credit check and full application process typically takes around 1 week. This involves submitting detailed information and supporting documents to the lender.
- Valuation booked and carried out: After the application is submitted, the lender will arrange for a valuation of the property. The valuation process usually takes 1-2 weeks.
- Mortgage offer: Once the valuation is completed and satisfactory, the lender will issue a mortgage offer. The time frame for receiving the mortgage offer can range from 1-3 weeks from the application start date.
- Solicitors checks and conveyancing process: After receiving the mortgage offer, the solicitors will conduct legal checks and handle the conveyancing process. This stage typically takes 4-9 weeks, although it can be initiated from the time you submit the mortgage application in some cases.
What can cause delays with the remortgage proxies?
Delays in the remortgage and remortgage conveyancing process. Some common causes of delays include:
- Incomplete or inaccurate documentation: If the required documents are not provided in a timely manner or contain errors or omissions, it can lead to delays as the lender or solicitor may need to request additional information or corrections.
- Property valuation issues: If there are complications with the property valuation, such as discrepancies in the property’s value or structural concerns, it may require further assessment or negotiations, causing delays in the process.
- Title issues: Any problems with the property’s title, such as unresolved legal disputes, boundary issues, or outstanding charges, can significantly delay the conveyancing process. Resolving these issues may require further investigation and negotiation.
- Searches and enquiries: The conveyancing process involves various searches and inquiries, such as local authority searches, environmental searches, and checking for planning restrictions. Delays can occur if these searches uncover unexpected issues or if the local authority or third-party providers take longer than expected to respond.
- Lender processing times: The processing times of the lender can also impact the overall timeline. If the lender experiences a high volume of applications or has internal delays, it can cause delays in receiving the mortgage offer and proceeding with the remortgage.
- Delays with third parties: The involvement of external parties, such as solicitors, surveyors, or other professionals, can introduce delays if they experience their own backlogs or have difficulties obtaining required information.
To minimise potential delays, it’s advisable to work closely with your solicitor, communicate promptly, provide complete and accurate documentation, and address any issues or concerns as soon as they arise. Keeping the lines of communication open and staying proactive can help keep the remortgage process on track.
How to prepare for remortgage
To prepare for the remortgage process, consider the following steps:
- Review your current mortgage: Assess your current mortgage terms, interest rate, and remaining term. Understand when your fixed-rate term is ending or if you are on a variable rate.
- Evaluate your financial situation: Take a close look at your financial circumstances, including your income, expenses, and any changes since you initially took out the mortgage. Consider if your financial goals or needs have changed.
- Value your home: Researching the value of your home before applying for a remortgage is important to assess your equity, loan-to-value ratio, and negotiating power with lenders. It helps you make informed decisions, evaluate remortgage options, and plan your finances effectively.
- Check your credit score: Obtain a copy of your credit report and review it for any errors or issues. Address any discrepancies and take steps to improve your credit score if needed.
- Gather documentation: Collect the necessary documents required for the remortgage application, such as proof of income, bank statements, identification, and property-related documents. Having these ready in advance can speed up the application process.
- Consult a mortgage broker or advisor: Seek professional advice from a mortgage broker or advisor like Strive Mortgages, who can guide you through the remortgage process. They can provide personalised recommendations, help you navigate the application requirements, and assist in finding the most suitable remortgage deal.
Should I use the lender’s free legals?
Using the lender’s free legals for a remortgage has pros and cons. Here is an expanded list of considerations:
- Cost-saving: Opting for the lender’s free legals eliminates the need to pay for separate legal representation or conveyancing fees.
- Time-saving: Choosing the lender’s recommended solicitors saves time that would otherwise be spent searching for and evaluating other solicitors.
- Lower standards: In some cases, the quality of service provided by the lender’s recommended solicitors may be lower compared to independent solicitors, as they may prioritise volume over personalised attention.
- Potential delays: The process can be slower if the lender’s solicitors are not instructed until the offer stage, which could cause weeks of additional waiting time.
- Limited choice and lack of control: Using the lender’s free legals means you have no say in selecting the solicitor and limited control over the process, potentially compromising your preferences.
Cashback Alternative option
Some lenders offer cashback incentives if you choose not to use their free legals. This allows you to use your own solicitor while still having some or all of the costs covered by the lender.
When deciding whether to use the lender’s free legals or seek independent representation, consider the potential drawbacks such as lower standards and delays. Assess the value of the cost savings, convenience, and the level of control you desire over the process. Additionally, explore any cashback offers provided by lenders as an alternative option
How to speed up the remortgage process
To speed up the remortgage process, consider the following steps:
- Apply early: Start the remortgage process in advance, preferably up to six months before your current rate ends. This allows you to secure a new rate and gives you ample time to complete the necessary steps.
- Arrange a property valuation: Obtain a valuation on your property before applying for the remortgage. This ensures that you have accurate and up-to-date figures, which can expedite the process.
- Use your own solicitors: Opting for your own solicitors instead of the lender’s free legals allows you to have more control and influence over the choice of solicitor. This can potentially result in a smoother and faster process.
- Promptly provide documents: Respond promptly to requests from your conveyancer and mortgage broker by providing all required documents in a timely manner. This includes financial statements, identification documents, proof of income, and any other documentation requested.
- Stay in communication: Maintain regular communication with your conveyancer, mortgage broker, and any other parties involved in the remortgage process. Promptly address any queries or concerns to ensure a smooth progression.
- Be organised: Keep your financial and personal documents well-organised and easily accessible. This will help you quickly provide any additional information that may be requested during the process.
By following these steps and staying proactive throughout the remortgage process, you can potentially expedite the timeline and ensure a smoother experience.
How to choose the right deal
To choose the right deal on a remortgage, consider factors such as interest rates, fees, loan terms, and flexibility. Assess your financial goals, compare offers from multiple lenders, and seek advice from a mortgage broker to make an informed decision
How much does it cost for remortgage conveyancing?
The cost for remortgage conveyancing when appointing your own solicitor can typically range between £250 and £750.
However, if you choose not to use the lender’s free legal services, some mortgage lenders may offer cashback of around £250 to £500 to help cover the solicitor fees. The specific costs may vary depending on factors such as the complexity of the transaction, the solicitor’s fees, and any additional services required.
How to find a remortgage conveyancer if not using the lenders free legals?
When searching for a remortgage conveyancer outside of the lender’s free legal services, you can utilise the following methods:
- Online search: Use search engines to find conveyancing solicitors specialising in remortgages. Visit their websites to gather information about their services, experience, and client reviews.
- Seek recommendations: Ask your mortgage broker, friends, family, or colleagues if they have any recommendations for reputable conveyancers they have worked with in the past. Personal referrals can be valuable in finding reliable professionals.
- Solicitor portals: Explore solicitor comparison websites or portals that provide listings and reviews of conveyancing solicitors. These platforms can help you compare options and read feedback from previous clients.
- Word of mouth: Spread the word among your social network that you are looking for a remortgage conveyancer. Someone might have had a positive experience with a solicitor and can provide a recommendation.
- Previous experience: If you have gone through the conveyancing process before, consider reaching out to the solicitor who handled your previous transaction. They may be able to assist you with your remortgage as well.
Remember to assess the reputation, experience, and cost of the conveyancers you come across. It’s essential to choose a solicitor who specialises in remortgages and has a track record of delivering quality service.
How can Strive Mortgages help
We have successfully arranged mortgages for thousands of clients, and our experience enables us to identify lenders and solicitors with the quickest turnaround times. We can assist you in expediting your remortgage process, ensuring a swift completion so get in touch with us today.