The mortgage game has been slow over these last few months, and many clients are asking me more frequently: how long does it take to Remortgage?
This may be due to financial cut backs, wanting a new deal with a lender or go with a new lender altogether, but how long does it actually take?
The process of a Remortgage usually takes from 4 to 8 weeks after you apply, and for most applications, you’ll need to speak to me, Stephen Kerrigan, a mortgage advisor in Doncaster, who is qualified to advise you about the best deal for your needs.
Is it time to Remortgage?
When considering a Remortgage or just simply thinking about the option later in the future, it is definitely worth checking the latest offers if your current mortgage deal is about to end, or has already moved to a fellow-on rate. For instance, if your home is worth more than when you bought it, your loan-to-value ratio may have changed – and this could mean you have access to a wider range of deals.
Remortgaging could also help you raise money for home improvements too or special purchase, but think carefully about whether you can afford the extra amount over the full mortgage term.
What will it cost to leave your current mortgage deal?
Some mortgages will include charges when you decide to leave, such as an exit fee or early repayment charge, and these are NOT cheap – thousands of pounds to be exact! So, make sure to check the documents you received from your current lender or contact us here at MortgagesRM – Fee Free Mortgage Advisor in Doncaster.
What do you want from your new mortgage?
When homeowners are searching for a new deal, what is the main reason why you want a Remortgage? Like do you want to lower your monthly payments or have flexibility to pay off your mortgage sooner?