There are many reasons why you may wish to remortgage your home, whether it be to clear debts, save money, or release funds. 

In many cases, it’s the best option to take - and means you don’t have to settle for your current lender's SVR (standard variable rate). 

But how long does it take to remortgage your home? And what exactly does remortgaging a property entail? That’s what we’re going to explore today in this post. 

Read on to learn all about remortgages, and to find out more about the remortgaging process - including how long a remortgage takes to complete.

What Exactly Does Remortgaging Involve?

Remortgaging your home (paying off your existing mortgage loan with the proceeds of a new mortgage) involves six key steps - from organising your paperwork to conveyancing and completion. 

You can remortgage your home whenever you need to - there isn’t a set limit as to how many times you can remortgage. However, most people will remortgage their property when their existing mortgage term is coming to an end. 

If you’re considering remortgaging your house, the first step you need to take is arranging your paperwork - get together your current mortgage details, and consider how long you have left.

Is it the best option to remortgage right now? Will there be any exit fees or charges? What about mortgage arrangement fees? 

Once you’ve decided to move forward with the remortgage process, it’s time to find the right deal for you. This is something we can help with at LTC Mortgages - we have over 15 years of experience helping homeowners find the best remortgage rates. 

Then, it’s time to arrange the Agreement in Principle, which gives you an idea of how much money your mortgage lender will lend to you. Once you have your agreement, you can apply for a new mortgage deal. This involves completing a full application.

Once your application has been checked, your lender will perform a valuation on the property. This isn’t the same as a survey - surveying goes into more depth. Your lender will also check over your credit history and application to determine whether they’ll accept your application.

The final stage of the remortgaging process involves conveyancing. When remortgaging your home, your conveyancer will update the property information and the Land Registry where appropriate, and provide a completion date. 

How Long Does It Usually Take?

The remortgaging process can vary depending on your circumstances and your lender. However, in most cases, it can take between four to eight weeks to remortgage your home from the date you apply until completion.

In some cases, as long as everybody in the party (your lender, solicitor, and mortgage broker) are aware of the completion date, the remortgaging process can be completed within just a week. Read on to learn how you can speed up the remortgaging process.

How Can I Speed Things Along?

First of all, simply knowing about the steps can speed up the process - knowing what you have to do in advance can save plenty of time during your remortgage journey.  If you wish to speed things along, it may be worth mentioning to your conveyancing solicitor that you’re in a rush.

If you inform them that you’re in a hurry from the very beginning, they can handle their tasks quickly. Although not all conveyancers will speed things along for you, a polite request and gentle nudge can be helpful.

It can also be extremely beneficial to have your paperwork ready to go in advance, so you can send them to your solicitor and lender promptly and avoid delays. Paperwork such as your redemption statement from your lender should be prepared in advance so you can get back to your solicitor quickly.

Being in a good financial position can also streamline the remortgaging process and affect how quick the application can take.

If you encounter problems with your credit history or your problem, this could lead to long delays - so ensure everything you provide your lender is factual.

It may also be helpful to check your credit report beforehand, so you can be prepared for any questions when it comes to it. 

Although these tips can be helpful, having a quality mortgage broker is generally the best way to speed things along. 

At LTC Mortgages, we can help you to find the best remortgage deals and the most competitive mortgage rates, saving you time and money. As well as this, we can find the right insurance - protection for your home, belongings, and finances.