If you already have a mortgage with the Yorkshire and you want to move home, you will need to pay off (redeem) your existing mortgage.
If your mortgage product is subject to Early Repayment Charges, you must pay these charges when repaying your loan. It is possible, however, that some or all of the charges can be refunded to you if you transfer your current loan with us to your new home, providing you meet these conditions:
To get a full refund of your Early Repayment Charges you must transfer your existing mortgage product for at least the same amount (known as the portable amount) and over the same product terms.
In addition, you and the property need to comply with the lending criteria applying at that time, complete your new loan within 6 months of repaying your existing loan, pay any fees which apply - which could include valuation fees, Higher Lending Charge and a product fee - and move to a property within England, Wales, Scotland or Northern Ireland.
If you need to borrow more than your original loan amount, you can apply to top up the difference between the portable amount and your new loan with one of our current mortgage products, subject to current lending criteria applied at that time. If you wish to borrow less than the portable amount, then we can only refund part - on a pro rata basis - of the early repayment charges which you paid. For example if the portable amount of your existing mortgage is £50,000 and you only wish to borrow £40,000 now, 80% of the early repayment charges made will be refunded to you on completion of the loan on your new property.
The terms applying to the portable amount of your loan will depend on the terms that applied to your original mortgage product. For example, if your existing mortgage is a fixed rate for 5 years and you move after 2 years, the product terms & conditions will still apply on the ported amount for a further 3 years.
Joint borrowers who are ending their joint borrowing arrangement will be entitled to 50% each of any portable amount, and of any refund of early repayment charges which is made. This can be changed if both borrowers give their written consent.
In all cases the early repayment charges will be payable when you repay your existing mortgage. A refund will be made to you after completion of your mortgage on your new home.
To find out more or to submit an application, please call our Member Contact Centre on 0845 1200 100, or contact your local branch.
Yorkshire Building Society is one of the largest building societies in the UK. We offer a range of financial products and services including: savings & investment accounts, insurance products, loans, mortgages and more.
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Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).
