Remortgaging - how long is it taking now?

[Palavah]

Posting here for traffic:

Remortgaging, owner-occupier, v straightforward case re income, employment history, no further borrowing etc.

Looking at switching for deals with Nationwide, HSBC, Lloyds.

Current deal ends 2nd October.

How long is it taking right now? I know Ive left it later than I should have done. Have I got time to switch?

That’s plenty of time.

A friend just got hers done in about 2 weeks.

Thanks Merry - that's reassuring. Did she go directly or through a broker, do you know?

We just ported a mortgage with NatWest, similar to you, no issues with value etc and from completing the application to it being valued and offer issued it was 4 working days.

I went with the same lender, did it online to get a new deal. Took 10 minutes and was approved instantly. We were going to use a broker but found a decent deal, saving £200 a year.

Via a broker.

I'm with Newcastle, applied online but as I wanted to discuss reducing the term, had to speak to an advisor. 4 day wait for the appointment, paperwork sent and returned by email the same day, confirmation of new deal 4 days later.

At the same time I also applied to switch to Nationwide (same rate). Applied online, well within affordability and LTV. Had to have a valuation, which took 14 days. Which is ridiculous as their own House Price Indicator tool (used industry-wide it's that good) took me less than a minute to confirm the current value of my house.

Either way you've got plenty of time!

Seven weeks and counting. No extra borrowing. We got the offer straight away but the legal side is taking forever.

It really can vary from 2 weeks to two months. Worth weighing up the saving it it means you’ll go into Svr for a month. Realistically though it should be done in 3/4 weeks, lots of down valuations happening at the moment, just worth considering if your loan to value is already high.

Our mortgage broker recently did ours. Took a couple of weeks from him first contacting us. Don't know how speedily he did things on his side.
There was no credit checking, no affordability or underwriting checks required so that sped things up.
Halifax interest rate 1.47%