Taking out a remortgage loan means receiving a brand new mortgage from a new lender, and using the funds received from the new mortgage to pay off the old one. You are in essence taking a new loan from a new lender. In the UK, there are many different administrative and legal steps that must be taken in order for a new mortgage to be finalised. In other words, the process is bound to take a bit of time.
Nevertheless, many lenders do manage to complete the process quickly. In some cases remortgage loans might be finished within a few days. However in most cases, it takes about a month before all the processes are sorted well. Normally the only reasons that a remortgage would not be finished within the one month time frame would be due to some unexpected developments or unusual characteristics of the property.
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Legal Processes
When you obtain a new mortgage, conveyancing solicitors set into motion a plethora of legal procedures, a process which of course takes a fair amount of time to complete. On top of that, some lenders require a formal valuation to be performed before they will allow a remortgage to take place. This is required because the lender wants to have an accurate estimate of the property's true value in order to protect the interests, as well his offer you the best remortgage deal available. This is only possible if they can determine accurate loan-to-value ratio.
Lender Experience
Of course, the lender itself will affect how long the remortgage process requires. One way to speed up the process is to use the same lender you had for your original mortgage, because this lender will be more familiar with the property and might be able to finish the procedure more quickly. Many lenders who advertise online will market their fast remortgages with speed as the primary selling point. But beware of starting a remortgage deal just because you think you may get a hold of your money faster. Take care to shop around and only deal with reputable lenders, or you might come to regret your decision to do business with a so-called fast remortgage lender.
Your Financial Situation
If you really and truly need to receive your funds quickly, then it might be the case that your financial situation is already quite shaky. In this case, it is far better not to rush into a problem remortgage loan, lest you wind up with the wrong deal and find yourself in a worse financial situation than before. Take the time to do your homework first - it will turn out to be time very well spent.
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