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There is no single answer, because it depends on your lender, whether you are staying with your existing lender or moving, and your own circumstances. A straightforward product transfer with your current lender can sometimes be arranged quickly, while a full remortgage to a new lender, involving a valuation, credit checks and legal work, typically takes longer. Starting the process a few months before your current deal ends gives you the best chance of a smooth switch.
What happens at each stage?
A typical remortgage to a new lender goes through several stages, each of which takes some time:
- Research and application. Comparing deals or speaking to an adviser, then submitting your application with supporting documents such as proof of income and bank statements.
- Credit check and initial assessment. The lender checks your credit file and runs an affordability assessment based on your income and outgoings.
- Valuation. The lender arranges a valuation of your property, sometimes a physical visit and sometimes a desktop valuation using comparable sales data.
- Underwriting. A mortgage underwriter reviews your application, the valuation and any supporting documents, and may come back with further questions.
- Mortgage offer. Once approved, the lender issues a formal mortgage offer.
- Legal work. A solicitor or conveyancer handles the legal side, including checking the title and redeeming your old mortgage.
- Completion. Your new lender pays off your old mortgage and your new deal begins.
Our guide on how to remortgage step by step explains each of these stages in more depth.
What can make it faster or slower?
| Factor | Tends to speed things up | Tends to slow things down |
|---|---|---|
| Type of switch | Product transfer with your existing lender | Moving to a new lender |
| Documents | Everything ready and up to date | Missing or out-of-date payslips, accounts or bank statements |
| Property | Straightforward freehold, no title issues | Leasehold with a short lease, or title problems |
| Credit history | Clean file, or well-explained older issues | Recent or unexplained adverse credit needing further checks |
| Valuation | Desktop valuation accepted | Physical survey needed, or access delays |
| Employment | Employed with straightforward payslips | Self-employed, needing accounts or SA302s |
None of this is fixed. The same lender can move quickly for one applicant and more slowly for another, depending on how complete the application is and how busy the lender or your solicitor happens to be at the time.
Does adverse credit make it take longer?
It can, though not always. A lender assessing an application with a CCJ, default, missed payment or other adverse credit may ask for more information: what happened, when, whether it is settled, and what has changed since. This can add time to the underwriting stage, particularly if the lender wants a written explanation or extra documents.
Specialist lenders who consider adverse credit sometimes have different processing timescales to high-street lenders, and this varies between firms. A product transfer with your current lender can sometimes be quicker in this situation, because it may not need a full affordability reassessment where you are not borrowing more, though a lender can still decide what it offers someone in arrears. If you are self-employed as well as dealing with adverse credit, our guide on self-employed bad credit remortgages explains what extra documents lenders commonly ask for and how this can affect timing.
What happens if the timeline slips?
Even with good preparation, timelines can slip, for example if a valuation needs to be repeated, an underwriter asks for more information, or your solicitor is waiting on a search result. If your current deal end date is approaching and your remortgage has not completed, speak to your existing lender, since many will extend a rate offer for a short period or confirm what happens if you move onto the standard variable rate (SVR) briefly. This is usually manageable and short-lived rather than a serious problem, but it is worth understanding your position rather than being caught by surprise.
How can you help things move smoothly?
- Start early. Many lenders allow applications a few months before your current deal ends, often 3 to 6 months ahead depending on the lender. Our guide on when to remortgage explains the timing in more detail.
- Get your documents ready. Recent payslips, bank statements, proof of address and, if self-employed, accounts or tax calculations.
- Check your credit file first. Get your free statutory report from Experian, Equifax and TransUnion, and correct any errors before you apply.
- Respond quickly to requests. Underwriters and solicitors often need extra information; replying promptly can prevent delays building up.
- Consider using an adviser. A specialist adviser familiar with adverse credit can sometimes anticipate what a lender will ask for and prepare your application accordingly.
What this means if you are remortgaging with adverse credit
If you have a CCJ, defaults, mortgage arrears or another form of adverse credit, it is worth allowing extra time in your planning, both to gather explanations and documents and in case a lender takes longer to underwrite your application. Checking your credit file early, through your statutory report, means you know what a lender will see and can address anything inaccurate before you apply.
If your deal is ending soon and you are worried about timing, speaking to your current lender about a product transfer, or getting advice from a specialist adviser, can help you understand your options without committing straight away. If you are also dealing with debt problems, free and impartial help is available from MoneyHelper, StepChange and National Debtline. Our bad credit remortgage page sets out the wider picture for homeowners in this position.
Frequently asked questions
Is a product transfer quicker than a full remortgage?
It often is. Because a like-for-like product transfer with your existing lender does not usually need a full affordability assessment or a valuation, it can often be arranged more quickly than moving to a new lender, which usually involves a credit check, valuation and legal work.
Can adverse credit make a remortgage take longer?
It can. A lender may ask more questions about a CCJ, default or missed payment, or ask for extra documents to understand what happened and what has changed since. Some specialist lenders who consider adverse credit may also have longer processing times than mainstream lenders, though this varies.
How early should I start the process before my deal ends?
Many lenders let you apply for a new deal a few months before your current one ends, often 3 to 6 months ahead depending on the lender. Starting early gives you time to deal with any credit issues, gather documents and avoid moving onto your lender's standard variable rate.
What is the slowest part of remortgaging?
The legal work and valuation often take the longest, particularly if there are title issues, a leasehold with a short lease, or delays getting a survey booked. Self-employed applicants or those with adverse credit may also face extra time while a lender reviews additional documents.