The remortgage process can typically take between 4 to 8 weeks after you get in touch, though this can vary per case. This is why it’s a good idea to give yourself plenty of breathing space to sort out a new mortgage deal.
There is no standardised ‘guaranteed’ way to make your process any quicker.
A ‘faster’ alternative may be to stay with your current lender and negotiate a new deal with them. This process is known as a product transfer. This allows you to potentially move onto a new deal with the same lender, whilst possibly saving money each month.
When your current deal is coming to an end, it’s really important to ensure that you give yourself plenty of time in the following months. This will help you avoid going onto your lender SRV (Standard Variable Rate).
A Standard Variable Rate will typically change in line with the Bank of England base rate, though your lender can actually change the rate of interest on your mortgage whenever they like. If you time it right, you should be able to secure a new deal without paying the inevitably more expensive SVR, due to your remortgage.
When you remortgage to a new lender, this will be treated as a new mortgage application.
Your new lender will require you to produce full financial details, including your income and outgoings, as well as information about the property you are looking to remortgage. The application process can take up a considerable amount of time, as it will be subject to a complete process of valuation and underwriting.
The good news is since you are not purchasing a property, you are not required to wait for other people in the chain or for solicitors to run any searches, though solicitors will still need to get involved with your remortgage process.
When you first took out your mortgage, you might have been put onto a good deal. However, over time, the mortgage market changes, and new deals become available. This means there might be a better deal available for you now, which could save you money each month.
Rather than the stress of moving home to a bigger or newly refurbished property, some people look to release equity by remortgaging. They can then use this raise capital to carry out home improvements such as an extension or new kitchen etc.
This is also beneficial to improve rather than move, if you are settled in the property and like the local amenaties.
We recommend seeking remortgage advice early to make sure your mortgage payment doesn’t lapse onto your lender’s SVR. In some cercumstances being on the lenders SVR is a much better option, this is something we can look into for you. Book your free remortgage review to speak with a member of our team. We will work hard to make your remortgage process go quicker and smoother than the first time.