Remortgaging - features and benefits

Please note that some of our mortgages have product fees or early repayment charges - please refer to individual mortgage products for more information.

Take a look at our current mortgage range to find a remortgage product that suits your needs.

• Apply for a remortgage at your local branch

Remortgage process

Why choose a mortgage with us?

Because we're a mutual organisation - owned by our members - we focus our efforts on offering you great value mortgages and service, and not on paying dividends to outside shareholders. This has helped us to win a long list of awards.

Where do I start?

• Redeeming your existing mortgage
  It's always a good start to understand the process of paying back your existing mortgage. Some mortgages have what's known as an 'early repayment period', where an early repayment charge is payable for redemption before the early repayment period is completed. To find out the redemption status of your mortgage, contact your lender and ask them to send you a Redemption Statement. This shows the cost that you would have to pay to clear your mortgage.
• Choosing a new mortgage
  Depending on when you last took out a mortgage, you may have noticed that a few things have changed in recent years. Apart from the standard variable and fixed rate type of mortgage, several others are now common including loans with flexible payment features and links to bank accounts. For an overview of the mortgages we offer, see our Mortgage types section. If you want to see the deals we currently have available in more detail, visit Current products.

How much can I borrow?

Once you're clear on the status of your existing mortgage, you need to decide how much you want to borrow. To help work this out, you can use our Borrowing Calculator. This can work out your borrowing capacity including joint applications if you're buying with someone else, plus additional factors such as overtime and bonuses.

Costs

Obviously the cost of your mortgage is a major consideration. Why not compare our mortgage rates with those of other lenders by getting a Key Facts Illustration? For a mortgage cost only estimate, you'll need our Cost Calculator or our offset Demonstrator.

Next steps

Our Types of mortgage section has lots of background information if you need it, and if you'd like any further help please don't hesitate to contact us.

Remortgage legal service

On selected products we will pay part of the legal costs as agreed with our legal adviser in completing the moving of your mortgage to the Society. These costs are limited to a straightforward case where the title to your property is registered freehold (heritable in Scotland) or leasehold. In most cases there should be no additional costs.

Our payment does not include the following costs (which are your responsibility):

• Costs of first registration (in England, Wales and Northern Ireland) if necessary 
• Costs such as those arising on transfer of title, postponement/discharge of charges, costs of notice to landlord when property is leasehold, additional insurance to cover defects in title and any costs charged by any legal adviser instructed by you.

Any work where the amendment and subsequent cost is not directly related to transferring the mortgage to the society will be payable by you to the Society's legal service provider. The free remortgage legal service only applies for applications made directly to the Society, and is not available for applications made via an intermediary or third party. If you use this service and your mortgage does not complete then any reasonable costs or fees which our legal advisor has incurred will be payable by you. The legal advisor only acts for the Society. If you require any legal services, you will need to appoint your own legal advisor.

Mortgage Advance Transfer Fee

On completion of your mortgage with the Society, we will release the mortgage funds electronically and our current charge for this is £23.50.

Please note that a charge will also be made by the legal adviser for transmitting funds to repay your existing loan.

Free Valuation

On selected products the Society will pay for the valuation. The valuation is purely for the Society's purpose in assessing your property's suitability as security for the loan, therefore you will not receive a copy of the report. If you change the loan amount you require after we have obtained the valuation we may need to change the type of valuation and this cost will be met by you.