We have already looked at the various stages involved in the process of remortgaging.
Here’s a timeline that will help you progress the process along with some tips to smooth your path.
Here are the important stages
Day 1
Research the market, find out about a new mortgage and calculate the benefits and costs involved
Day 2
Contact your mortgage lender and ask them to match the deal. You might want to lay it on thick, telling them how much you have valued being a customer and how much you would like to remain.
Ask them to offer you something from their first-time borrower range, which will quite possibly be of similar value to the rival lender’s.
Day 6
Having waited in vain for your old lender to offer a good deal, contact the new lender and apply for the new mortgage.
Get all the forms filled in over the phone and have them sent to you.
Don’t take out their offers of home and contents insurance, which you can get more cheaply elsewhere.
Compare quotes on home insurance
Day 9
Sign and send off the forms, along with payment needed for the application fees.
Day 14
Arrange valuer’s visit.
Day 28
Contact your lender to chivvy them along with your deal. If you have any outstanding paperwork, send it back completed.
Day 35
Set up direct debt form for the new mortgage and enjoy your cheaper loan.
Here are some typical times you’ll have to wait for key stages in the remortgage process:
- Waiting for a surveyor to come round and revalue your property: 10 days
- Waiting for new lender to formalise an offer: 10 days
- Completing all necessary paperwork and switching the mortgage: 21 days
Next article in this section: What is remortgaging?
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