Remortgage to HSBC

Remortgaging is when you move the mortgage on your property from one lender to another.

If your current mortgage rate is coming to an end within the next 6 months, most lenders, including HSBC, will let you lock in a new deal before you need it to start.

Arranging your remortgage during this period will give your new lender enough time to complete the remortgage process.

The mortgage with your new lender will then start as soon as your current mortgage rate ends. This means you’ll avoid paying any early repayment charges on your existing mortgage and spending any time on the current lenders’ usually more expensive standard variable rate.

Even though you're not buying a new property, remortgaging does involve legal work.

Some lenders will instruct a solicitor or licensed conveyancer for you, or you may be able to choose your own.

When you remortgage to HSBC, if you use our appointed solicitors, we’ll cover the fee for the legal work done on our behalf. Any fees for any non-standard legal work would be payable by you.

Remortgaging to HSBC typically takes 4 to 8 weeks.

This time is taken from the date you apply but it isn’t guaranteed. There may be delays along the way which mean it can take longer.

Some parts of the remortgage process are out of your hands, but you can still play your part to prevent delays.

Before you start, it’s useful to get a redemption statement from your current lender. Then, make sure you’ve got this and other documents such as payslips (or your accounts if you’re self-employed) and bank statements to hand when you start your application. Also, have paper and digital copies available so they’re ready to send as soon as your lender requests them.

Check your credit report. Some minor issues like an incorrect address or a mistaken missed payment can impact how lenders see you. If you spot a mistake, contact the relevant credit reference agency to correct it as soon as possible.

When remortgaging, your new lender will look at your credit history. If you have a poor credit rating, it can be tricky to remortgage as the new lender will be more likely to offer you a mortgage if they can see you’re reliable at borrowing and repaying money.

If you’ve had credit problems since taking out your mortgage, such as missed payment for example, it can show on your credit file and lower your credit score.

If you’re worried about your credit rating, it’s worth checking your credit report. Some minor issues like an incorrect address or a mistaken missed payment can impact how lenders see you. If you spot a mistake, you can contact the relevant credit reference agency to correct.

If you have a low credit rating, you may want to wait and improve your credit score before applying for a remortgage.