How Long Will It Take?
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.
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Remortgages
Guide
