Switching to a new lender can get you a better rate, but the process involves more steps than simply accepting your current lender’s offer. Done well, it’s straightforward. Done without preparation, it can drag on and risk you slipping onto a costly standard variable rate while you wait. Here’s how to keep the process moving smoothly from start to finish.
1. Start Early — Ideally 3 to 6 Months Before Your Deal Ends
Most lenders let you secure a new deal up to six months in advance, often at today’s rate, with the option to switch to something better if rates fall before completion. Starting early gives you a buffer against any delays along the way, which is the single biggest factor in keeping the whole process smooth.
2. Check Your Current Deal’s End Date and Any Charges
Before applying anywhere new, confirm exactly when your current deal ends and whether an Early Repayment Charge applies if you switch before that date. Getting this wrong, either paying an unnecessary charge or missing your window and slipping onto your lender’s standard variable rate, is one of the most common and avoidable mistakes.
3. Get Your Paperwork Ready in Advance
A new lender will ask for broadly the same documents as your original mortgage application:
- Proof of ID and address
- Recent payslips or, if self-employed, two to three years of accounts
- Three to six months of bank statements
- Details of your current mortgage balance and lender
Gathering these before you apply, rather than scrambling once the application is underway, removes one of the biggest sources of delay.
4. Compare the Whole Market, Not Just Your Current Lender
It’s tempting to simply accept your current lender’s retention offer since it’s quick and involves less paperwork. But comparing the wider market, or having a broker do it for you, means you can see clearly whether switching lenders actually gets you a better deal once fees are factored in. If your current lender’s offer is genuinely competitive, a broker should tell you that honestly rather than pushing a switch unnecessarily.
5. Apply Promptly Once You’ve Chosen a Lender
Mortgage offers from a new lender are usually valid for three to six months, so once you’ve compared the market and picked a deal, apply without unnecessary delay. The sooner the application goes in, the more time there is to resolve any issues the lender raises before your current deal ends.
6. Respond to Requests Quickly
Once your application is submitted, the new lender’s underwriters may come back with follow-up questions, for example, about an unusual bank transaction or a gap in your employment history. Responding promptly keeps your application moving. Slow responses are one of the most common reasons a remortgage takes longer than expected.
7. Instruct a Solicitor Early, Even If You Think You Won’t Need One Yet
Many lenders offer free legal work as part of a remortgage deal, but it still needs to be arranged in good time. Appointing your solicitor or conveyancer as soon as you’ve accepted a mortgage offer, rather than waiting, avoids a last-minute bottleneck closer to your switch date.
8. Keep Your Finances Stable During the Process
Avoid taking out new credit, missing any payments, or making large, unexplained transactions while your application is in progress. Lenders can and do recheck your credit file and bank statements later in the process, and a change in your circumstances partway through can delay or even derail the switch.
9. Confirm Your New Mortgage Starts Exactly When Your Old One Ends
Your solicitor and the new lender should coordinate so your new mortgage completes on, or just before, the day your current deal ends. This avoids any gap where you’d otherwise be sitting on your existing lender’s standard variable rate, even briefly.
Common Reasons Remortgages Get Delayed
- Leaving the process too close to the current deal’s end date
- Incomplete or inconsistent paperwork
- Slow responses to underwriter questions
- Not instructing a solicitor until late in the process
- New credit applications or unexplained bank transactions during underwriting
- Assuming the current lender’s offer is best without checking the market
Frequently Asked Questions
How long does it take to remortgage to a new lender?
Typically four to eight weeks from application to completion, though starting three to six months before your current deal ends gives you a comfortable buffer.
Can I remortgage to a new lender without a solicitor?
No, legal work is required to register the new mortgage, though many remortgage deals include free legal services as part of the package.
What happens if my remortgage isn’t finished before my current deal ends?
You’ll move onto your current lender’s standard variable rate until the new mortgage completes, which is usually more expensive, so it’s best avoided by starting early.
Will switching lenders affect my credit score?
A remortgage application involves a credit check, which can cause a small, temporary dip, similar to any mortgage application.
Can a broker handle the whole remortgage process for me?
Yes, a broker can compare the market, recommend a lender, and manage much of the application and liaison process on your behalf.
Thinking of switching lenders? Speak to our team for free, no-obligation help making your remortgage as smooth as possible.
