Yorkshire Building Society Remortgage
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A Yorkshire Building Society remortgage can give your finances a fresh start, at the competitive rates you’d expect from a mutual organisation. The remortgage service on many products offers free standard legal fees, valuations and transfer of funds.
Yorkshire Building Society Review
Yorkshire Building Society was established in 1864, and is currently the 4th largest building society in the UK. It has assets in excess of £17 billion, and provides mortgages, savings, insurance, loans, travel finance and credit cards to 1.9 million members nationwide.
In 2006 Yorkshire Building Society received a ‘Lending Excellence Gold Award’, the result of a public vote commissioned by Lending Strategy magazine.
Whether you need to offset extra savings or accommodate a major life change, a Yorkshire Building Society remortgage could help you:
- Find your feet with a lower interest rate in the early years of the policy
- Enjoy the flexibility to make extra payments without penalty, and “borrow back” from the overspend at a later date
- Offset any savings against your mortgage, with no tax to pay
- Release equity for home improvements or a family car
What is a remortgage?
A remortgage is when you replace your existing mortgage with a new one. There are many reasons for remortgaging, but the majority fall into one of the two following categories:
- Remortgaging to save money – If you have a fixed rate mortgage deal, your interest rate will usually switch to the lender’s Standard variable Rate (SVR) which is likely to be higher and will probably mean that you have to pay more each month. By switching to a better deal with a different mortgage provider, remortgaging could potentially allow you to benefit from lower interest rates and lower monthly mortgage repayments.
- Remortgaging to raise money – Remortgaging can allow you to release some of the equity in your home. This could be useful if you wanted to carry out repairs to the property, add an extension, help your child with their own mortgage deposit, or consolidate other existing debts.
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