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What Remortgage Information Do I Need to Know?

Remortgaging is something that most homeowners will consider at some point. Whether you’ve come to the end of your current mortgage term or you’re hoping to secure a better deal, learn more about your remortgage options in our expert guides.

Posted On: January 11, 2022
Updated On: January 16, 2023

How Long Does Remortgaging Take?

Perhaps your fixed-rate mortgage deal has come to an end and the standard variable rate is less than favourable? Or, perhaps your mortgage term has come to an end and you’re not in the best position to sell up? If you can’t afford to repay the capital, a remortgage with a new lender is a feasible option.

If you’re remortgaging out of necessity, it’s important to jump on the bandwagon in good time to allow for a smooth transition and a good chance to secure a low mortgage rate or more favourable repayment terms.

But how long does a remortgage take?

The remortgaging process typically takes between 4 to 8 weeks after you apply. In other words, it’s best to anticipate two months for your remortgage to be finalised. This timeframe is shorter than the average conveyancing process for transferring property ownership, which takes an average of 12 weeks.

If you’re looking to switch lenders you will need to instruct a conveyancer to transfer the mortgage product. However, if you’re sticking with your lender and simply transferring to a different rate, you don’t typically need to seek the help of a property lawyer. Skipping this step should save you some time, but it’s always worth seeing if another lender has a better offer for you.

Don’t have the time to research the mortgage market?

We get it, researching the mortgage market for a suitable remortgage package can be time-consuming and overwhelming. However, a mortgage advisor can help make the process of finding a remortgage that much easier. At Agentis, we will evaluate how much your property is worth, factoring in the change in loan to value rate and any property valuation increases since you last took out your mortgage.

Speak to Agentis today to get the right remortgage advice for you.

*You may have to pay an early repayment charge to your existing lender if you remortgage.