How long does a remortgage take

Most remortgages to a new lender take between four and eight weeks from application to completion. Allow up to three months if your case is less straightforward or you want to start well before your current deal ends. If you are asking how long does it take to remortgage because your rate is about to change, the useful thing to know is which parts of the timeline you control, and the legal stage is one of them.

This guide sets out the remortgage timeline stage by stage, explains what your conveyancer does after the offer and covers what slows a case down. It applies to England and Wales, and it deals with the process rather than which mortgage to choose.

The remortgage timeline from application to completion

So how long does it take to remortgage a house with a new lender? Four to eight weeks is the usual range, split across four stages.

These stages are not always consecutive. Conveyancing checks can begin while the lender reviews your application, so some legal work may run alongside mortgage approval. These are indicative ranges, not promises: the overall timescale depends on the lender, the property and how quickly paperwork moves between everyone involved.

Choosing a deal and applying

This is the stage you control most. Completing the remortgage application itself may be relatively quick if your documents are ready, although the time required depends on the lender, your circumstances and whether additional information is needed. You will usually need proof of identity and address, recent bank statements and proof of income, such as payslips, or tax calculations if you are self-employed.

Many lenders let you secure a rate three to six months before your current deal ends, so there is room to apply early. A mortgage broker can compare lenders for you.

From application to mortgage offer

Once you apply, the lender assesses affordability, checks your credit history and arranges a valuation, and an offer usually follows within about two to four weeks. People often ask how long does a remortgage take after valuation. Once the valuation is back and the lender is satisfied, an offer often follows within a week or two, although a query about your income or the property can add time. Depending on the lender, the valuation may be a desktop assessment, a drive-by or a visit inside the property.

Delays at this stage tend to come from a recent change of job, errors on your credit report or a valuation lower than expected. Checking your credit report before you apply lets you fix mistakes early.

What your conveyancer does during the legal stage

Some conveyancing work can begin while your mortgage application is being assessed. Once the mortgage offer and lender instructions are available, your conveyancer can complete the remaining checks and prepare for completion.

For anyone asking how long a remortgage takes after the offer, this stage may take several weeks depending on the property, lender requirements and outstanding enquiries. Your conveyancer typically:

1. carries out identity and anti-money-laundering checks on you
2. asks your current lender for a redemption statement, showing what you owe and any early repayment charge
3. checks the title to the property and any restrictions on it, and reviews the lease if the property is leasehold
4. checks the requirements in your mortgage offer and arranges any searches the lender asks for
5. reports on title to the new lender, usually through a certificate of title, so the funds can be released
6. completes the remortgage, using the new lender's funds to repay the old mortgage and sending you any surplus

Following completion, the conveyancer arranges for the new lender's charge to be registered and the previous lender's charge to be discharged at HM Land Registry. HM Land Registry notes that paper DS1 discharges can take longer to process than electronic discharges. Registration times vary, but these post-completion steps do not normally delay the remortgage completion itself.

Our guide to remortgage conveyancing covers the legal work in full, and our overview of the remortgage conveyancing process goes through the steps in order. For the days straight after the offer lands, see what happens after a remortgage offer.

What slows a remortgage down

Most delays trace back to a short list of causes:

• incomplete or out-of-date documents sent to the lender or conveyancer
• a recent change of job or errors on your credit report
• a valuation that comes in lower than expected
• a restriction or a query on the title
• a leasehold property, where lenders look at the lease length, ground rent and service charges
• a late redemption statement from your current lender
• a completion date set too tightly for the lender's own requirements

That last point matters more than it looks. Some lenders ask conveyancers to send the certificate of title several working days before completion, in one published example at least five, so a date fixed too early can slip.

Leasehold cases usually take longer too, because the conveyancer may need information from the freeholder or managing agent before the lender will release funds. Our guide to common delays in conveyancing covers the wider picture.

Product transfers and other quicker routes

A straightforward product transfer with your existing lender is generally quicker than switching lenders and may be arranged within days, although the timing and effective start date depend on the lender and product.

Separate conveyancing work is not normally needed where ownership and borrowing arrangements remain unchanged. The trade-off is that you may not see the best rate on the market, so it is worth comparing before you accept. Adding or removing a borrower requires the lender's agreement; where property ownership also changes, a transfer of equity may be needed and can involve legal work.

If you are switching lender and time is tight, a few habits shorten the legal stage. Tell your conveyancer your deadline when you instruct them, ask your current lender for a redemption statement early, keep your identity documents to hand and reply to queries the same day.

Remortgaging to release equity

A remortgage that raises extra money can take a little longer than a like-for-like switch. The answer to how long does it take to remortgage and release equity is still roughly four to eight weeks, but allow extra time. Lenders may ask what the money is for, want evidence such as quotes for building work and look harder at affordability as the loan grows. If the lender wants a physical valuation rather than a desktop one, that can add a week or two.

When to start so you finish before your deal ends

Start about three to six months before your current deal ends. To work out how long to remortgage, count back from the end date, allow the eight-week upper range and add a buffer. A mortgage offer usually lasts three to six months, although some lenders set a complete-by date, so check the dates on yours.

Finishing late can move you onto your lender's standard variable rate, which is often higher, and finishing too early can trigger an early repayment charge. A broker or your lender can confirm the dates that apply to your deal.

Getting a remortgage conveyancer lined up before your offer arrives

The legal stage is the part you can plan, so it helps to know who will handle it before the offer lands. When you compare fixed-fee conveyancing quotes, ask each firm how long it expects the legal stage to take for your lender and property type, and ask it to confirm that in writing.

Some lenders use a panel of approved firms, so check whether yours does. Our guide to mortgage lender panel solicitors explains how panels work, and the mortgage solicitors by lender page is a place to start. Our guide to remortgage conveyancing fees shows what a quote usually covers, and prices differ by area, so it can help to compare quotes for your own city, for example in London.

Questions people ask about remortgage timescales

How long does remortgage take with the same lender?

A straightforward product transfer with your existing lender is often the quickest option and may be arranged within days. The effective start date and any need for additional checks vary by lender and product, so ask yours.

How long does a remortgage take to go through once the offer is accepted?

Some legal checks may already be underway when the offer arrives. The remaining work may take several weeks, depending on lender instructions and outstanding enquiries. Your conveyancer cannot control how fast either lender responds, so give the firm your deadline at the start.

How long does remortgaging take for a leasehold flat?

Usually longer than for a freehold house. Lenders and conveyancers look at the lease length, ground rent and service charges, and may need information from the freeholder or managing agent.

Can a remortgage be done in two weeks?

In a straightforward case, particularly with your existing lender, sometimes. Switching to a new lender in two weeks is unusual, because the valuation, the offer and the legal work all have to move quickly, and nobody can guarantee it.

How long does a mortgage offer last?

Usually three to six months. Some lenders set a complete-by date instead, so check the date on your offer before you plan completion.