How long do remortgages take?

[pinksunsets]

When you're applying to a new provider? I've stayed with the same provider since I first bought my place but now considering changing to a cheaper deal. Only thing is I only have 6 weeks until my current fix ends - is that enough time?

I'd give it at least 3 months.

Longer than you think! I naively thought it might take about a month, but it took 6 weeks in the end with me answering questions and providing additional info very quickly.

48 hours (last week). Mortgage applications at the moment are v low so v quick!

When you say your fix "ends", what do you mean? What probably happens is you're going onto a SVR, which will cost you an amount extra each month because the interest rate will be a bit rubbish, but with no lock-in. You're not [likely] going to be suddenly stuck with a new fixed rate for the next 5 years.

It isn't the end of the world if you don't get it re-mortgaged bang on time, it'll just cost you a small amount extra for each month you're late by.

It took us about a month last time! But we had a good broker who pushed things along a bit, and we got all the paperwork out to them very quickly. If you get everything you need ready (solicitor, ID documents, last 3 months payslips etc) I doubt if it'll take months and months.

If you change provider you will need a valuation and depending on your property a surveyor may need to come out. That can take up to a month to sort out.

There is no rush in the sense of not having a mortgage, if you haven’t done anything by the time your fix ends you will still have a mortgage with your current provider - you will just move to their SVR (Standard Variable Rate). This is usually higher than the BoE base rate - and each mortgage provider sets their own SVR.

If you are looking at new rates now, and you may see some that are a slightly smaller percentage than your current provider. You need to bear in mind the costs and “faff” of changing provider. Yes, you may see a rate that is, say, 0.4% cheaper than your current provider. But just bear in mind that a new lender will, most likely, want to carry out a valuation, require proof of funds/income etc, Sometimes, a small percentage saving isn’t worth it - it could be easier and quicker with your current provider.

Either way, ensure you sort out a new deal - with current or new provider. Don’t just let things lapse and end up on the SVR - this is always more expensive.

Next time, please bear in mind that most lenders let you sort a new deal out a fair way before your current one ends - ie anything from 3-6 months in advance. Don’t leave it until you only have six weeks. And if, for example, you “choose” a deal 3 months before the end, if a better rate comes up before your new deal starts, you can usually reapply.

True, but the amount extra won't necessarily be small if OP fixed at a very low rate. When we were remortgaging back in February we ended up paying the SVR for one month after our fix ended and it almost doubled our monthly payment.

Longer than you think. Get going immediately I suggest!

We've just done this. Took 3 weeks start to finish. Nat West

I went through London and Country in a blind panic for a new mortgage and it took days to get one! I had all my documents sorted out beforehand. I think you've got enough time!

Thanks @user1471538283 and everyone else. I'm also in touch with L&C who told me it should be less than a month (fingers crossed!). If for some reason it doesn't go through in time, I always have the option of a simple rate switch with my current provider.

If I end on the SVR will I have to pay for that whole month and then start the new mortgage the month after? Or do I just pay for the days I'm on the SVR and switch to the new lender mid month?