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How long to remortgage ??

Middle_Earth
Middle_Earth Posts: 24 Forumite
in Mortgages & endowments
The introductory rate on my mortgage runs out in a couple of months and I will have to pay the full rate.

Obviously I'm not going to let that happen, but was wondering what kind of time scale I should allow to complete the remortgaging process ?

Thanks.
if i had known then what i know now

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    It can take anywhere between 4 to 8 weeks - it really does depend on the lender you go with and what processes they have in place. At the moment a lot of lenders have got back logs with their processing as they have had lots of applicants rushing to beat product rate increases.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • lisyloo
    lisyloo Posts: 30,094 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    My last remortgage took 11 weeks.
    I would personally allow more than 4-8.
    You can state a date on the application if you don't want to incurr a redemption penalty - just make sure it's clear.

    It might not be "normal" but it can take his long if lenders are busy.
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