A Self Cert Re Mortgage – How Long Does it Take?

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By ElizabethGrant


Generally a self-cert mortgage will take between 6-8 weeks from start to finish. This is an average on all cases and there are exceptions to the rule. Some urgent cases can take two weeks to complete, although your broker would have to be certain of whom he has placed the case through as some lenders have a constant back log of applications that can take a few days to get round to.

There are also cases that can take in excess of 8 weeks to complete and this can be down to various reasons such as onerous requirements from a lender, the mortgage having to be re written with another lender or information not forthcoming from applicants.

An approximate time scale for a 6-week application from start to finish will follow this pattern:

Week 1 - Contacting a broker, completing an enquiry form and receiving quotes and illustrations back from the broker

Week 2 - Acknowledging and accepting the quote. Getting an application sent to you. The completion of this application, the providing of the documents requested and the posting back of the application will generally consume the second week.

Week 3 - Your broker will assess the application and forward to the lender who will start processing the application and may initiate a valuation on the property.

Week 4 - The lender will process the results of the valuation and subject to this being satisfactory and all the other documentation being in order they will submit the case for offer.

Week 5 - The case will be offered and copies of the offer will be posted to the applicant, solicitor and broker for checking. The solicitor will start requesting redemption statements from your existing lender in order to redeem the existing loan.

Week 6 - Your solicitor should have redemption figures and will request the new funds from your new lender in order to complete the re-mortgage.

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