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How long does it take to remortgage?
The remortgage process usually takes around 4 to 8 weeks, as you’ll be switching to a new lender. In some cases, it could take slightly longer, so it’s best to start the process a few months before your deal runs out.
Remortgage process – at-a-glance
Step 1 - Find a remortgage deal
Start researching around 3 months before your deal ends and apply for an agreement in principle (AIP) if you see a rate you want with a new lender.
Step 2 – Apply for the mortgage
If your AIP is approved, you can then apply for the mortgage and start the legal work.
Step 3 – Start your new mortgage
If your application is successful, your new mortgage will start when your current deal ends.
Remember, everyone’s remortgage journey is different. This just gives you an idea of what yours might look like.
The full remortgage timeline
When should you remortgage?
Most people choose to remortgage when their current mortgage deal is coming to an end. That way, you can avoid moving on to your lender’s standard variable rate (SVR).
You can usually start this process a few months before the end date. But this depends on the lender.
If you remortgage early, an early repayment charge (ERC) could apply. So, it’s worth checking your mortgage details to decide the best time to switch.
Tips to help speed up the remortgage process
There are a few steps you can take to help your application run smoothly and avoid unnecessary delays.
Want to remortgage to Lloyds?
Remortgage Calculator
See if you could remortgage to a new deal and save money with Lloyds. Use the remortgage calculator to get a quick estimate and take the next step when you’re ready.
You could lose your home if you don’t keep up your mortgage repayments
Let’s take a closer look
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Remortgaging can be simpler than getting a first mortgage, as you don’t have to deal with other factors around moving house and changing property ownership. But we’ll still need to assess your application, carry out a property valuation and transfer your mortgage.
Staying with your existing lender and choosing a product transfer often involves fewer checks than switching lenders. Even so, comparing options could help you find a better deal.
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Yes, it’s possible to be declined for a remortgage. Common reasons might include a low or poor credit rating, missed or late payments, high levels of existing debt, or recent drops in income. Applications could also be refused if you have mortgage arrears or a high loan-to-value ratio (LTV).
Find out what to do if your mortgage application is declined.
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Your remortgage might get delayed for a range of reasons, including:
- delays with property valuations
- missing or incomplete ID or income evidence
- changes to your employment or income
- leasehold properties requiring additional legal work.
While there are things you can do to prevent some of these delays, others might be out of your hands. It’s worth being clear with your new lender and conveyancer if you’re on a tight timeline so that they can set realistic expectations.
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You need a conveyancer to handle the legal checks involved in the remortgage process. They can:
- help with title checks
- liaise with your lender
- make sure your existing mortgage is repaid
- register your new mortgage with the Land Registry.
This helps prevent legal or financial issues down the line.
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Remortgage costs
Remortgaging can involve several costs. Find out the potential fees upfront to help you work out whether to remortgage.
Important legal information
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