Remortgage timescale
- Thread starter baz178
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Soldato
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- 31 May 2009
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Here houses have been taking 12-16 weeks for reasons I am not overly certain on, do they do significantly more searches now than thye did 10-15 years ago?
What for a remortgage? They don’t do searches do they ? Should be simple.
It’s a remortgage nobody his moving thought it would only take 2 or 3 week.
Up to 8 weeks is what I got from a mortgage advisor friend, but if its a straight and easy remortgage then should be less.
Sorry misunderstood. Complete usually refers to buying a property. I’ll be following this then as I don’t know what it is like these days and I’ll be renewing next year but could be with the same lender. However if it’s a new lender then the info here could be useful.
Soldato
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Sorry @baz178
I read it as Re: Mortgage, not remortgage.
Depends if you move or not, if remortgaging with same lender its usually instant after phone interview or face to face interview.
Shifting lenders, not sure.
Where moving lenders! Does say on internet from actually starting and getting an offer to finishing with solicitor around 4 - 8 week.
You don't usually "remortgage" with the same lender. You do a rate switch / product transfer.
A remortgage means the old mortgage is totally closed down and a new one opened, usually when moving lender, although there are unique instances where this has to happen with the same lender (usually referred to as an "internal remortgage").
But your usual remortgage from one lender to another, does unfortunately take a bit longer these days. 6-10 weeks isn't unusual depending on the time of year (there are some points in the year with peak workloads). It also depends if you use your own legal firm or the fees assisted ones you are offered by the lender, who will save on costs, but usually take much longer.
What from starting with the solicitor once you have your offer ?