[x close]

In the next few weeks we'll be improving the way you can manage your account online using your mobile.

Find out more information

A guide to Remortgaging

The freedom to move your mortgage without moving home

When you're thinking of remortgaging, it's easy to make the switch with our flexible products and expert service.

What is remortgaging?

Put simply, remortgaging is where you switch your mortgage to another lender. This is normally done when your mortgage deal comes to an end and can be a way to save money (by securing a lower interest rate thereby reducing your monthly payments or reducing the term of the mortgage). It can also be used to release capital to pay for things like home improvements on your home.

Existing customer?

Find out how to do an Existing Borrower Transfer to secure a new mortgage deal.

Things to consider

Before you make any decisions on changing to another mortgage deal, it’s important that you find out all the costs involved. A new mortgage deal that reduces your monthly payments could look attractive but there may be fees and/or charges to pay when you switch. Other things to look out for:

  • You may need to speak to a Mortgage Adviser more than once.
  • You should be prepared to show evidence of your income and outgoings eg household bills, debt repayments.
  • A mortgage lender will need to make sure that you can afford the new mortgage now and in the future should interest rates rise.
  • You will also need to pay a solicitor or licensed conveyancer to carry out the necessary legal work.
back to top

How to get started

Step 1: Check your existing mortgage

When beginning the remortgage process you should first check when your current mortgage deal ends and when you will be able to move the mortgage. You should also look into whether there are any charges to move from your existing mortgage deal. You can ask your Lender to send you a redemption statement which will tell you how much you need to repay your mortgage, including any Early Repayment Charges (ERCs).

Step 2: Find a new mortgage

Before looking at our range of mortgages and the different types of products we offer, you should check what mortgage deal you can afford and how much the payments would be by using our mortgage calculators :

How much can I borrow?
Find out how much we may be able to lend you

How much will it cost?
Get a quick estimate of your mortgage payments

If you’re unsure of the mortgage types on offer and what they mean you can read the information on the right hand side of the page or you can view our mortgage guide . Alternatively the links below will take you directly to our mortgage products:

If you’re still unsure you can always speak to a qualified Mortgage Adviser in one of our branches or call us on 0345 166 9242.

Step 3: Apply for a remortgage - 3 ways to apply

It's always good to have choices. That's why you can choose to apply for your remortgage at your local branch , online or over the phone – whichever suits you best.

Select a mortgage product from the links in Step 2 to start your remortgage application.

Types of mortgage

Fixed rate mortgages
  • Allow you to keep the interest rate the same for a set period of time, even if there are fluctuations in the Bank of England Base Rate.
  • This could be right for you if you're on a fixed budget for outgoings and you like to plan your finances in advance.
  • If you want to come out of a Fixed rate mortgage before the end of the special rate period, early repayment charges will apply - all our Fixed rate product pages have details about this.

Tracker mortgages
  • Track the Bank of England Base Rate giving you a variable rate of interest over a set time.
  • Because of this, the interest you get charged on your mortgage will rise when the Base Rate increases and fall when it decreases. This in turn will increase or decrease your mortgage payments.
  • A minimum rate of interest ('the collar') is applied to Tracker mortgages, which means that your interest rate won't go below a set level even if the Base Rate falls.
  • Its important to consider the risk that your mortgage payments could increase should the Base Rate rise in the future.

Offset mortgages

With both Fixed rate and Tracker mortgages, you can choose to link your mortgage to your savings with an Offset mortgage:

  • This give you the option to use any savings you may have to offset against the balance of your mortgage.
  • You keep your Offset Savings and your Offset Mortgage accounts separate but your savings reduce the interest charged on your mortgage. This can then either help to reduce your mortgage payments or reduce the term of your mortgage.
  • An Offset mortgage also gives you an option to fix your interest rate for a set time or to track the Bank of England Base Rate.
  • If you want to come out of an Offset mortgage before the end of the special rate period, early repayment charges will apply. Please see the individual Offset product pages for details.

Need more help?

To find out more about our mortgages, you can view our guide to mortgage types.

Ready to find a remortgage deal?

Use our search tool to see our remortgage deals and find out if we could help reduce your mortgage payments.

back to top

Some things to bear in mind

As well as the main benefits of remortgaging, there may be other incentives available. Some of our mortgage products come with Remortgage Legal Service which will cover the legal costs of moving your mortgage to us, and Free Valuation, which covers the standard mortgage valuation cost on selected products. You can find out more about these services in this section.

Free Valuation

On selected products, we'll cover the cost of a standard mortgage valuation. Please note that this excludes second or subsequent valuations and does not include homebuyer's surveys, building and structural surveys or specialist reports. If you decide to change the loan amount you need after we have the valuation, you may be asked to cover the costs of a new valuation.

Remortgage Legal Service

On selected products, we'll cover the legal costs** we've agreed with Optima Legal to complete your mortgage move to us. There shouldn’t be any other additional costs, but it's worth noting that this service is only for standard remortgages where the title of your property is registered freehold (heritable in Scotland), or leasehold.

Here's some things to be aware of. You can only take advantage of our free legal service if you apply directly with us and not through a third party. Also, we won't be able to cover:

  • the cost if you need to register the property with the Land Registry in England, Wales or Northern Ireland
  • any costs related to the transfer of title, postponement/discharge of charges, costs of notice to a landlord for a leasehold property, insurance to cover title defects or the costs of your own legal adviser

We'll ask you to pay any extra costs that aren't directly related to your mortgage transfer to our legal service provider, including any reasonable expenses we incur if your mortgage doesn't complete.

**There’ll be a charge of £35 plus VAT made by Optima Legal for transferring the funds to repay your existing mortgage.

back to top

3 ways to apply

Visit a branch

Enter a town, city or postcode to find your nearest branch.

Call us

If you’re not sure which mortgage is right for you, why not speak to one of our mortgage advisers?

0345 166 9242*

  • 8am - 8pm: Mon to Fri
  • 9am - 1pm: Sat

Online

We have a wide range of mortgages to choose from. Visit the following sections to help you decide which one is right for you.

Need more Information?

back to top

Help & support

Your questions answered

You might also be interested in

Key Facts Illustration (KFI)

Our online tool will provide you with a comprehensive summary of any product available to you, including the amount of the monthly payments and any fees which you must pay.

 

Why choose the Yorkshire?

 

We believe in trust

It's what our Society was built on, and what we continue to build on today. That's why 3.5 million members trust us with their money, and why we go out of our way to offer good honest products that give good honest returns.

We believe in financial security and we are here for the long term. Right in the heart of the communities we serve. Solid. Dependable. Trustworthy.

We speak your language

SVR. APR. LTV. We'll spell everything out for you. It's not mortgages that are confusing. Often it's the jargon that comes with them. So at the Yorkshire we explain everything in plain English. Simply. Clearly. In language you can understand.

If there's anything on here you don't understand about mortgages just ask. Alternatively, our mortgage advisers are here to help.

Our customers aren't just customers

When you join us, you become a member. You'll be part of our society - a mutual Society with no external shareholders to satisfy. Our only focus is to serve your needs and help to make your money work hard for you. So it's second nature to us to put you at the heart of everything we do.

From genuine staff who deliver exceptional customer service, to good honest rates. It's always been about our customers. And always will be. That's why our Society is one that we are proud to be part of. One that is built on trust.