Getting a mortgage: Features and benefits

First Time Buyers

Getting a mortgage for the first time can seem very difficult, especially considering the different types of mortgages available and the size of deposit you may need to save up before you can afford a mortgage.

You may find that depending on the mortgage provider, you can secure a mortgage deal with a higher Loan to Value which means that the deposit you need to contribute to a mortgage is lower. However, you should be aware that the higher your Loan to Value is, the higher your monthly mortgage payments could be, meaning that you’ll pay more for your mortgage over the longer term.

Read our First Time Buyer page for more information on our First Time Buyer mortgages and to see our latest deals for First Time Buyers.

Remortgage

Remortgaging is a type of mortgage which involves switching mortgages from one lender to another, usually when an existing mortgage deal comes to an end. It can be a good way to get a cheaper mortgage as you may be able to switch to a mortgage with a lower interest rate and therefore reduce your monthly mortgage repayments - but you should also consider whether there are fees and charges, such as Early Repayment Charges(ERCs), involved for switching from your existing mortgage provider.

Find out more about getting a remortgage deal with our remortgaging page. If you’d like to know more about the process of applying for a remortgage with YBS, you can read our applying guide page.

Home Movers

We also provide mortgages for those changing from one property to another, should you wish to switch mortgages at the same time as moving home. This is different to the process of moving home and taking your existing mortgage with you (known as ‘porting’). Obtaining a new mortgage when you move can be a good way to secure a better deal although you should make sure you are aware of any exit fees such as ERCs or other charges you would need to pay to leave your existing mortgage provider.

Moving home can be a particularly stressful time so we make every effort to make the process of finding a mortgage as easy as possible. You might find that you need to increase the size of your mortgage if you are moving to a bigger property so it’s important to check on your affordability before beginning an application. Essentially a Home Mover mortgage application works the same way as those for a remortgage or for First Time Buyers but you’ll need to tell us about the property being sold as well as the new property.

You should refer to our Home Movers guide which details everything you need to know about getting a mortgage when you want to move to a new property.

Buy to Let

Another type of mortgage available from certain mortgage providers is the Buy to Let mortgage. This is a mortgage obtained for the purposes of letting a property out.

You may feel that purchasing a property to let is a good investment although it's worth considering that you would need to be prepared to tie up your money in the property for the medium to long term. There are also legal responsibilities that come with owning a rental property such as providing a rental agreement and making sure the property meets the necessary safety standards.

Yorkshire Building Society does not currently offer any Buy to Let mortgages but you can refer to the Money Advice Service website for guidance on how to purchase property for the purposes of letting.