Moving home

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, however, possible that some or all of the charges can be refunded to you if you take out a new mortgage with us, providing you meet these conditions:

• To get a full refund of your Early Repayment Charges you must take out a new mortgage with us for at least the same amount as your existing mortgage (known as the portable amount) on the same product terms as your existing mortgage.
• In addition, you and the property need to comply with the lending criteria applying at that time, complete your new mortgage 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 mortgage, you can often top up the difference between the portable amount and your new loan with one of our current special products or standard variable rate. 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 your new mortgage.
• The terms applying to the portable amount of your new mortgage will depend on the terms that apply to your existing mortgage when your new mortgage completes.
  For example, if your existing mortgage is a fixed rate for say, 2 years, which then reverts to the standard variable rate with Early Repayment Charges applying for a further 3 years and you move anytime during the 5 year period, the terms applying to the portable amount will be exactly the same.

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 new mortgage.

To find out more or to submit an application, please call our Member Contact Centre on 0845 1200 100, or contact your local branch.