How long will it take to remortgage?

The remortgaging process typically takes from 4 to 8 weeks after you apply. For most applications, you’ll need to speak to one of the lender’s mortgage advisers, who are qualified to advise you about the best deal for your needs. Before you get to this stage, think about the following 5 questions to help you get a clear idea of your situation and needs before applying.

**1. What will it cost to leave your current mortgage? ** Some mortgages include charges when you leave under certain circumstances, such as an exit fee or early repayment charge. This could be thousands of pounds if your current mortgage deal hasn’t ended, so check the documents you received from your current lender or contact them for details.

2. What do you want from a new mortgage?

Do you want to lower your monthly payments or have the flexibility to pay off your mortgage sooner? Is a fixed rate right for you, so your payments won’t change for a set period? Think about what you need now and how your needs might change in the future.

3. Is your credit score in good shape?

When you apply to move your mortgage, the new lender will check your credit score with credit reference agencies. Before you apply, make sure the details on your credit score are correct, as even a spelling mistake in your address history could cause a problem.

4. How much can you borrow?

Try our mortgage calculator to see how much you could borrow and what your monthly payments may be. You should also think about how a change in interest rates could affect your finances – our interest rate calculator shows how rate changes would affect your payments.

**5. Which remortgage deals are available? ** Once you know what you want and how much you can borrow for it, you can start comparing mortgage deals.