How long will it take to remortgage?
When you remortgage, the process is similar to that when
you buy a home, but is much quicker. The exact length of
time it will take depends on the lender, but somewhere around
four to six weeks is normal.
However, if you are in a real hurry, it is possible to
find fast track remortgage services, particularly with mainstream
lenders geared up to do business online. Some rapid remortgage
services promise to get your deal done inside a week, as
long as there are no problems with your application.
This is itself is rather less likely than with a home purchase
mortgage, because the application forms for a remortgage
are often a lot more straightforward. To help speed your
application it is also worth having all your paperwork in
order before you apply, so get together your bank statements,
salary details, existing mortgage statements, proof of identity
documents and anything else you are likely to need.
One way in which some lenders seek to speed up the process
of remortgaging is through the use of title insurance. This
type of product gives both you and the lender a guarantee
against defects in the title of a property, such as missing
or incorrect legal documents, fraud, a defective lease,
inaccurate boundary descriptions and so on. This avoids
the necessity of having a solicitor carry out the conveyancing
work when you are remortgaging. If something does ultimately
come to light, the insurance provider defends your rights
in court if necessary and will be responsible for any compensation
payouts.
