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Doing your remortgage application online with us can be quick if you have everything you need for reference. If you don’t have all the correct documents to hand in advance, it can slow the process down. Get your documents together and our experience shows the Application in Principle element of the process takes approximately 10 minutes, whilst the Full Mortgage Application process can take 15 minutes.
The remortgage process involves switching from your current mortgage lender to another to replace your existing mortgage. You can also use a remortgage to borrow extra money using the equity in your home. Here we explain the application and process, but if you’re ready to start, you can search for the right mortgage deal for you now. Find a remortgage deal
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 be prepared for the following:
A good first step is to get an up to date valuation of your property as it may have changed since you moved in. Depending on your propertys value, you may find that you have more mortgage options to choose from and could get a better interest rate than your current mortgage deal. It’s important to be realistic about the value of your property because we’ll also request a valuation to be carried out as part of your application.
Check when your current mortgage deal ends and when you will be eligible for 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 it will cost to repay your mortgage, including any Early Repayment Charges (ERCs).
The next step is to look at how much we can lend you and how much the payments would cost – this will allow you to compare it with your existing mortgage to make sure it’s affordable. Use our borrowing calculator to get an idea of how much we would be prepared to lend to you, or our repayment 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 apply 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 arrange 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