Remortgaging involves similar processes to those you probably came across when you originally bought your home. However, because you're not actually moving and so don't have to wait for your own survey to be done, you don't have to find a buyer for your own home and you're not part of a chain waiting for someone else to move, the whole process is much quicker.
Most remortgage processes can take from between 6 -8 weeks. If you need things to be finalised more quickly, you can approach any number of lenders (including mainstream banks and building societies) who will do everything online. For your part, if you want your application processed quickly, it's helpful to have all your paperwork and documentation in order, so make sure you know where everything is before you make a remortgage application. You'll need your proof of identity documents, current bank statements, payslips, P60's and a 'Redemption Statement' from your current lender to show how much you owe on your existing mortgage. You'll need to complete the application form which will include questions in relation to all of these documents.
Your home will need to be valued by your prospective lender's choice of surveyor. You will be charged a fee for the valuation plus fees for the bank to arrange the loan and the associated legal work. However, some lenders offer remortgaging services with free legal work and valuations for new customers. If the lender is happy with the details of the valuation of your property, you will be given a mortgage offer. Your new lender will deal with your current lender and the whole process ends when you receive a completion statement from your solicitor or new lender.
