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October 7, 2020
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Typically it takes around 6 weeks to remortgage, although it is possible to do it within a week if your broker, bank and solicitor are all aware of a pressing completion date.
The fastest way is to remortgage with the same lender in a process known as a product transfer. Because you're applying for a new mortgage deal with your current lender, affordability and eligibility checks are not as stringent and you can get a deal that could save you hundreds a month very quickly.
At Mojo we can often help you do a product transfer in the space of 24 hours, which is perfect if you are about to slip on to a SVR.
Because timing a remortgage wrong can cost you thousands of pounds - you want to remortgage as your current introductory period ends. This will mean you have no early repayment charges and you spend the absolute minimum amount of time on your lender's SVR, which can be up to twice as expensive as the mortgage interest rate you have been paying.
If you decide you don't want a product transfer and want to remortgage with a new lender (you usually get better deals this way), it is treated as a new mortgage application. That's why it takes a similar amount of time as your first mortgage.
The new lender still needs to be certain about your finances, your affordability and the property. It will be subject to a full underwriting and valuation process, and this is what usually takes the most time.
As you are not buying a house this time, you don't need to wait for solicitors searches or other people in the chain, but solicitors will still need to get involved in your remortgage.
There is still legal work involved in remortgaging.
Your conveyancers need to verify your identity and your ownership of the property. They also need to register the new mortgage provider with the Land Registry and arrange the release of the funds.
As mentioned, a remortgage can be faster if you use your existing lender as it will be treated as a product transfer so you may not need any extra legal work.
Bear in mind new mortgage regulations were rolled out in 2014, so if your last mortgage was before that, or if you have had a change in financial circumstance since – such as a lower income or more unsecured debt – you may find it more difficult to get a mortgage
Here's a few other articles you may find useful.
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