How long does it take to remortgage?

It normally takes around six weeks to switch to a new mortgage deal with the same lender. If you’re applying to switch lenders, it’ll take longer.

To avoid frustrating delays, start looking into it in advance – roughly eight weeks to three months before your current rate expires is ideal. Don’t worry, you won’t have to switch the second you’re approved. A successful mortgage offer usually comes with an expiry date of 3 months, so you can take more time if you need to.

Here’s a rough timeline for finding and securing a remortgage deal:

  1. Speak to a mortgage broker
  2. Get your documents together
  3. Submit your mortgage application
  4. The lender values your property, sometimes automatically
  5. You get a mortgage offer from the lender to confirm your mortgage has been approved
  6. A solicitor handles the transfer of deeds from one lender to another
  7. Your mortgage completes
  8. You receive a letter from the new lender confirming your mortgage has been transferred, and that they’ll start taking new payments

What documents do I need for remortgaging?

Missing paperwork can really hold up a remortgage, so try to have everything ready before you start. You’ll find you need a lot of the same documents as you did for your first mortgage.

You’ll need high-res scans of these documents:

  • Proof of salary (payslips, or SA302 forms if you’re self-employed)
  • Proof of address (council tax/utility bill)
  • ID (passport or driver’s licence)
  • Bank statements
  • Your latest mortgage statement

Here’s a full list of the documents you’ll need.

You’ll also need to know some details about your mortgage:

  • Whether it’s interest-only or repayment
  • When your deal expires
  • Whether it’s fixed or variable rate
  • How long the mortgage term is (in years)
  • Who the lender is

You can find these by checking your mortgage statement or the original mortgage paperwork.

Should I remortgage with the same lender?

It depends. If you stick with the same lender for your remortgage, you’ll almost certainly make savings on time – but just like staying with the same energy or insurance provider, it may not be the best deal for you in the long term. If you’re not sure, it might be a good idea to talk to a mortgage broker.