Why Your Remortgage Could Be Delayed – 5 Common Reasons

Remortgaging is something most UK homeowners do every few years, usually when a fixed rate is ending. While the process should be straightforward, delays can and do happen, often costing homeowners money in the form of higher monthly payments or penalty charges.

Whether you’re switching to a better rate, raising capital, or moving from an interest-only mortgage, understanding the main remortgage delay reasons and how to avoid them can ensure a seamless remortgage process. Below are the five most common reasons remortgages get held up, and how WIS Mortgages helps stop them from happening.

Key Takeaways

• Remortgage delays are common and can lead to higher costs if you roll onto your lender’s Standard Variable Rate (SVR).
• The five most common causes of remortgage delays are: lender backlogs, legal or title issues, missing documents, property valuation problems, and changes to your financial situation.
• Many delays are avoidable with the right preparation, especially when working with an experienced broker like WIS Mortgages.
• A smooth remortgage typically takes 4 to 8 weeks. Delays can extend this to 10 to 16 weeks or more.
• Acting early (around 4 to 6 months before your fixed deal ends) gives you the best chance of completing on time and avoiding extra interest.

1. Lender Backlogs and Processing Delays

One of the most frequent causes of slow remortgages isn’t the borrower, but the lender. Lender delays can happen for several reasons, including:

• A lender is experiencing high application volumes
• Staff shortages or seasonal backlogs occur
• Extra underwriting checks are required

Some lenders can issue a mortgage offer within a week. Others can take 5 to 6 weeks just to assess documents. Due to this wide variance, having professional guidance can be a huge help. WIS Mortgages monitors lender processing times to help clients choose appropriately when speed is a key concern..

2. Legal or Title Issues

Even a simple remortgage still requires legal work. Any issues with the property title can slow things down, including:

• Name mismatch between ID and title register
• Remaining charges on the property (e.g. second loans)
• Leasehold complications
• Shared ownership arrangements
• Unregistered land
• Solar panel leases or title restrictions

Some of the most common remortgage delay reasons stem from free legal services, due to slower processing times. So, if speed matters, then working with an experienced broker like WIS Mortgages can help you understand your legal options and avoid common pitfalls. We can advise you on whether to choose a free legal package or a cashback option where you appoint your own solicitor.

3. Missing or Incorrect Documents

A remortgage can stall instantly if the lender doesn’t receive the right documents or if the documents don’t match the application. Typical document issues include:

Our team at WIS Mortgages checks all documents before submission to ensure they meet lender standards, preventing the most common remortgage delay reasons.

4. Property Valuation Problems

Most remortgages require a valuation, even if you already own the property. Delays can happen when:

• The lender cannot schedule a survey quickly
• The valuation report comes back lower than expected
• There are concerns about the property’s condition, construction type or extensions
• Comparable sales data is limited

If the valuation is lower than your estimate, the loan-to-value (LTV) changes, meaning your interest rate may also change. Where suitable, we can help you identify lenders that offer alternative valuation methods where appropriate, which may help reduce delays.

5. Changes in Your Financial Situation

Even after a mortgage offer has been issued, lenders can still withdraw or pause the case if your circumstances change. Common examples of this include:

• New borrowing (car finance, loans, large credit card spend)
• Job change or drop in income
• Recent missed payments or increased debt
• Change of address during the process

These can trigger a new affordability check and restart the underwriting process.

Case Study: When Applying Early Prevents Mortgage Delays

Our team at WIS Mortgages has extensive experience in helping our clients efficiently navigate the mortgage process. So, when one of our clients was looking to remortgage as his current deal was six months from ending, we were happy to help. This particular situation was made more complex as the property had a flying freehold. This meant that the legal work was more complex, taking three months to resolve. Meanwhile, interest rates started rising.

As we had advised the client to apply six months before their fixed rate expired, they were able to lock in a lower rate before any increases happened. It also allowed them extra time for legal delays without risking being moved onto the lender’s standard variable rate.

The early application saved the client around £100 per month, equating to £2,400 over the two-year deal. They also avoided being stuck on a higher rate while legal issues were resolved.

In this case, remortgaging early helped the client secure a lower rate and avoid SVR roll-on. While every situation is different, early applications can provide a buffer against legal delays and rate changes. Leaving it late is one of the biggest causes of mortgage completion problems.

Frequently Asked Questions

Q. How long does a remortgage normally take?

A. Most remortgages are completed within 4 to 8 weeks. If delays occur, it can extend to 10 to 16 weeks. These delays can cause many different problems, including increased costs.

Q. Can I remortgage before my fixed rate ends?

A. Yes, many people lock in a new deal months before expiry to avoid the standard variable rate. Early repayment charges may apply.

Q. Do I need a solicitor?

A. Yes, a solicitor is necessary when remortgaging. However, some lenders provide free legal work. Others offer cashback so you can choose your own solicitor.

Q. What happens if the valuation is lower than expected?

A. Your LTV may increase, which could affect the rate offered. A broker can compare alternative lenders for you.

Q. Can I remortgage if I’ve recently changed jobs?

A. Yes, but proof of salary may be needed. Some lenders accept day-one employment, while others will require probation to be passed.

Enjoy a Smooth Remortgage Journey With WIS Mortgages

Most remortgage delays are avoidable, but only if you know where the risks are. From lender backlogs to property valuation issues, each delay can push your completion date back and increase your costs.

If your rate is ending soon, or you want to avoid being moved to a higher standard variable rate, WIS Mortgages can help. Our team can reduce the risk of delays by preparing your case accurately and advising you on lender and legal options.

Get in touch to explore your remortgage options in time to avoid SVR increases, where possible. You can also use our remortgage savings calculator to learn more about remortgaging.

Important FCA Warning

As a mortgage is secured against your home, it may be repossessed if you do not keep up the mortgage repayments. Written by the mortgage experts at WIS Mortgages, specialists in complex income and affordability assessments.

WIS Mortgages is a trading name of WIS Contractor Mortgages Limited, which is authorised and regulated by the Financial Conduct Authority. FCA number: 824411.

This article is for information purposes and does not constitute personal mortgage advice. You should speak to a qualified mortgage adviser to assess your individual circumstances.