In theory, remortgaging is a simple process and need only take four to six weeks. In practice, however, it can take much longer.
Here are the main stages involved in remortgaging and an estimation of how long each will take:
- Research the market, find out about a new mortgage and calculate the benefits and costs involved: 3 hours
- Contacting your mortgage lender and asking them to match the deal: 3 days
- Contacting the new lender and applying for a re-mortgage: 1 day
- Waiting for a surveyor to revalue your property: 10 days
- Waiting for new lender to formalise the offer: 10 days
- Completing all necessary paperwork and switching the mortgage: 21 days
To be on the safe side, it may be worth adding a few days to some of these stages.
Note, however, that the amount of paperwork involved is the same regardless of how long it takes, so most of the time, apart from brief bursts of activity, simply involves waiting for the next stage to happen.
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