Need to remortgage quickly? Perhaps your low fixed rate deal is coming to an end, or already expired and you’re paying the higher standard variable rate already. (Check out our guide on mortgages if you’re not sure what that means).
Or perhaps you need to release cash fast or lower your monthly repayments. Whatever the reason, here’s how to remortgage quickly.
You need to be aware, you may have to pay early repayment charges if you remortgage during a fixed term deal.
How to remortgage quickly
Step 1: Get ready
First thing you need to avoid is spending too long in the self-researching phase. Whether that be researching on comparison sites or across various direct only deal lenders or researching mortgage brokers.
Why? Because most of the deals you find won’t factor in speed, and a good mortgage broker will already know the best lenders for faster applications. And we’ve already done the research on mortgages brokers for you.
What you do need to do is gather together everything about your current mortgage, and your personal information, such as payslips and passport.
Step 2: Set
Pick a mortgage broker. Our recommendation is of course the top one, who is online (very important for speed), free, and searches the whole market.
You don’t need to use any of our recommendations, they are just a guide to help you.
Step 3: Go
The key to speed is to start the process as soon as possible, as it’s mostly a waiting game.
Don’t hang about to start if you need to remortgage now, you can always pull out later on before the application has fully started.
We always recommend using an online mortgage broker, and this is especially true if you need to remortgage quickly, as you can fill out the information form within as little as 15 minutes.
Step 4: First lap
Fill out the form on the brokers website accurately, don’t speed on this bit as it could delay the process later if you get something wrong.
Once that’s done, you should be speaking to a mortgage adviser almost straight away. Let them know you are looking for a quick remortgage.
This will affect their mortgage advice, as they know who the quickest lenders are, and will also give themselves a bit of urgency to get your mortgage done as soon as possible.
You should be given a mortgage recommendation within 24 hours, if not within a few hours depending on how busy the mortgage adviser is.
The mortgage recommendation is their official advice, regulated by the FCA, so you can be sure they have considered all of your personal circumstances, with speed being a factor.
But make sure you are happy with the rate and overall cost of the mortgage too, not just the speed.
Step 5: Second lap
Once you’re happy with the mortgage recommendation, give the broker the go ahead to apply for the mortgage.
There will be credit checks from the lender, so make sure you are happy to apply at this point, it’s better to take a bit of time to think about this first rather than rush ahead.
Once applied, this is the part that will take some time, as it has to go through the lenders underwriting process. A good time frame here would be under 2 weeks.
Make sure to tell your mortgage adviser, or if you are passed to a lending team to manage this part of the process, tell them too, that you are short of time, and that they need to pressure the lender to add you to the top of pile!
It’s always worth them asking. The lender won’t want to lose a sale, especially if you have a large mortgage amount.
Step 6: The winner
If all your underwriting checks are correct, that’s credit checks, affordability, property valuation and mortgage policy, you should have a mortgage offer from the lender within 2 weeks, and sometimes it can be a lot faster, but don’t expect this.
You’ve won the race! A fast remortgage. You don’t need to do anything else, it will all changeover and you’ll be on your new mortgage and on your way.