Find out how easy it is to switch your mortgage to YBS | Mortgages | YBS
Applying for a remortgage
Looking to switch your mortgage?
When you decide it’s time to remortgage your property, it’s important to familiarise yourself with the process first. Understanding the remortgage process before you commit to a new deal will help you decide if it’s right for you.For instance, a new mortgage deal that reduces monthly payments might look attractive initially, but you may need to consider Early Repayment Charges or other additional fees when you switch.
How long does a remortgage take?
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.
How to remortgage with Yorkshire Building Society
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.
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 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
Remortgage Legal Service
On selected products, we'll cover the legal costs we've agreed with Optima Legal for properties in England & Wales, or LMS* for properties in Scotland & Northern Ireland, to complete your remortgage. On a typical remortgage there shouldn’t be any other additional costs, but it's worth noting in some circumstances additional work will be required that isn’t covered under the remortgage legal service and you will need to pay for this. Typical examples of this include:
- Where there is a second charge on the property.
- Where ownership of the property is changing at the same time as the remortgage (Known as a Transfer of Equity).
- If the property is Leasehold, the costs of notifying the Landlord/management company about the remortgage.
- Dealing with any restrictions on the Title
These are just a few examples of where you may incur additional costs so you should ensure that you read your paperwork carefully and are clear about any fees payable. The solicitor will always contact you to advise you if there is additional work and explain the costs. You can then decide whether or not to proceed.
You can only take advantage of our remortgage legal service if you apply directly with us and not through a third party.
Before you apply for a remortgage
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:
1. Value your property
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.
2. Check your existing mortgage
3. Affordability check
4. Get a lending decision
5. Search for a remortgage deal
6. Apply for your remortgage
Call us or book an appointment
Speak to one of our friendly mortgage advisers about your options.