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How long does it take to remortgage a home

Remortgaging allows you to recover the money you have been repaying your original mortgage lender by paying off the balance of his mortgage and pocketing the rest of the money. You pay off this balance from the money you get from remortgaging. Because the amount of money you get from remortgaging depends on the value of your house, you will be able to keep part of these funds after repaying the balance the original mortgage. There are many reasons why you may want to remortgage. The big question is how long does it take to remortgage. The more urgently you need the money, the shorter you will want the remortgaging to take.

Be actively involved

The first thing that you need to be clear about is why you need to remortgage in the first place. Your reason for remortgaging will push you into processing the mortgage faster. Most delays in processing remortgages are human. When you do not feel the urgency to process the mortgage faster, you will slacken, and the remortgage will take longer. You must actively follow up everyone involved in remortgaging your home if you need the money sooner. Consider two people, one who want the money to build an annexe and the other who wants to pay school fees. The one who needs the money for building an annexe is not confronted with an emergency. His needs are not as time bound as the one who wants to pay for school fees. He will let the mortgage processing process takes its own course.

Planning Ahead

Remortgaging will take a shorter time if you intend well before starting the process. There are many steps involved in remortgaging. Some of these steps can take quite long to accomplish. They may take even longer if you are not adequately prepared. You must have all documents ready before you start remortgaging. Make sure that everything the parties involved in remortgaging want is ready when they need it. You can only do this by anticipating what will be necessary. You may find it hard to know all documents required from you during remortgaging. If you are doing it for the first time, you can ask a solicitor about the things you need in getting a remortgage.

The Remortgaging process

Remortgaging involves the same step as mortgaging except now you have two loans to process. One of the loans will close, and the other starts. Your current lender will expect you to pay off the balance of his mortgage plus some fees. Some of the fees you will pay to include closure charges, early repayment charge and missed payment fees. Closure or exit fees are paid for when the mortgage terminates. It can be replaced by early repayment charge if the mortgage ends before the prearranged time. Most people who remortgage find themselves paying this fee rather than the closer fee.

The new lender and other people you recruit to help you with remortgaging may affect how long you remortgage. You will need a solicitor during the whole process. Make sure that the solicitor is highly efficient. He must be fully engaged in this duty. You can get such a solicitor by referral or from one of the many solicitor review websites. 

Posted by on 22/02/2017 in Equity Release, Mortgages

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