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Mortgages

Applying for a remortgage

Looking to switch your mortgage? Find out how to apply for a remortgage with YBS.


The remortgage process

The remortgage process is where a mortgage holder switches a mortgage from one lender to another, either to replace an existing mortgage or to raise money against a property.


What you need for a remortgage

When you switch your mortgage, it’s important to find out all the costs involved before committing to a new mortgage deal. A new mortgage deal that reduces your monthly payments could look attractive on first glance but there may be fees and/or Early Repayment Charges to pay when you switch and other costs associated with making a new mortgage application.


Other things to keep in mind:

  • You should be prepared to show evidence of your income and outgoings e.g. household bills and debt repayments in the same way that you would when buying a new property.
  • 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. Find out what’s involved with our Conveyancing and mortgages guide page.

Before you apply

Your personal circumstances and whether or not you can afford a mortgage is just as important for a remortgage as it is for a house purchase. You’ll need to make sure you have the necessary documents to prove your income as well as any other money you receive. All mortgage providers will also perform a credit check as part of the application so it’s a good idea to check your own credit report before applying. Before starting a remortgage application with YBS, you should refer to our information on lending criteria and how your income and expenditure affect your application

 

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The YBS Remortgage Application process

Follow the easy and simple steps below to apply for a remortgage with Yorkshire Building Society:

value

Value your property

A good first step is to get an up to date valuation of your property as this may have changed since you moved in. Depending on the value of the property, you may find that you have more mortgage deals to choose from and you could get a better interest rate than your current mortgage deal.

Check your existing mortgage

Check your existing mortgage

You should first check when your current mortgage deal ends and when you will be able to move to a new deal. 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).

Affordability check

Affordability check

So you’ve checked your existing deal and you’re ready to proceed with the remortgage process. Next you should look at how much YBS can lend to you and how much the payments would cost – this will allow you to  compare with your existing mortgage to make sure it’s affordable.
We have a borrowing calculator which will illustrate how much we would be prepared to lend to you and an affordability calculator to show how much the repayments for a new mortgage deal would cost.

Get a lending decision

Get a lending decision

You can get an online lending decision on your remortgage from us in just 10 minutes (this is also known as an ‘Approval in Principle’). We’ll take some details about your circumstances, income and outgoings and this will enable us to tell you if we would be prepared to lend to you and how much we would lend.

Search for a remortgage deal

Search for a remortgage deal

Our remortgaging page lists all our current remortgage deals. You will just need to enter the current value of your property and the outstanding mortgage amount and term and we’ll then search our mortgage range to present you with the most applicable deals. You can filter this list to help find the best product for you.

Apply for your remortgage

Apply for your remortgage

When you’ve obtained a successful Approval in Principle and have found a suitable remortgage deal, you’re ready for the full application process. You can do this online , or if you need advice, in one of our branches or over the phone .The application will allow us to take some further details about you and your remortgage needs plus we’ll instruct a valuation of your current property. You should refer to our information on mortgage fees and charges before beginning an application.

 

Our remortgage incentives

As well as the main benefits of remortgaging, there may be other incentives available. Some of our mortgage products come with a Free Remortgage Legal Service which will cover the legal costs of moving your mortgage to us, and free standard valuation, which covers the standard mortgage valuation cost on selected products:

  • Free standard valuation
    On selected products, we'll cover the cost of a standard 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.
  •  Free Remortgage Legal Service
    On selected products, we'll cover the legal costs we've agreed with Optima Legal, or Wilson Nesbitt* for properties in Northern Ireland, to complete your remortgage. 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. 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.

*Yorkshire Building Society chooses to introduce its customers to Optima Legal and Wilson Nesbitt for its remortgage Legal Services. Legal Services are not regulated by the Financial Conduct Authority.

 

Need some help?

Visit us

You can visit us in branch to speak to a mortgage adviser.

 

Call us

Speak to one of our friendly mortgage advisers about your options

0345 166 9510*

  • 8.00am - 8.00pm, Mon-Fri
  • 9.00am - 1.00pm, Sat