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
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.
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).
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.
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.
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.
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.
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:
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.
Speak to one of our friendly mortgage advisers about your options