Remortgaging From Yorkshire Building Society

Why Do People Remortgage From Yorkshire Building Society?

The most common trigger for remortgaging from YBS is reaching the end of a fixed or tracker rate. At that point, your mortgage moves to the standard variable rate, which is substantially more expensive than the deal you were on.

Borrowers also remortgage from Yorkshire Building Society to:

• Access better rates from lenders across the market who may offer more competitive pricing
• Release equity that has built up as their property value has increased
• Switch to a different product type, such as moving from a tracker to a fixed rate for greater certainty
• Reduce their mortgage term to pay off the loan sooner

If your mortgage is with Accord Mortgages, YBS's intermediary-only brand, the same options are available to you. A broker can search the market on your behalf and compare Accord's retention rates against other lenders.

Yorkshire Building Society's SVR and What It Means for You

Yorkshire Building Society's standard variable rate is currently around 7.49%. This is the rate you will move to once your initial deal expires, unless you arrange a new product beforehand.

At 7.49%, the monthly cost of your mortgage increases significantly compared to the fixed or tracker rate you were previously paying. On a £180,000 mortgage, this could mean paying hundreds of pounds more each month than necessary.

YBS does offer product switches for existing customers, but these internal deals are not always the cheapest available. Comparing them against the broader market is essential to ensure you are not overpaying.

How to Remortgage Away From Yorkshire Building Society

The remortgage process from YBS is similar to switching from any other lender:

• Review your current mortgage — check the end date of your deal and any early repayment charges that may apply
• Understand your equity position — a higher equity level typically unlocks better rates from new lenders
• Search the market — use a broker or comparison tools to find the most competitive deals for your circumstances
• Submit your application — the new lender will carry out affordability and credit checks
• Let the solicitor handle the rest — legal work is completed to transfer the mortgage from YBS to your new lender

Many borrowers begin this process around six months before their deal ends, which allows time to lock in a rate while avoiding early exit penalties.

What to Consider Before Leaving Yorkshire Building Society

Before switching away from YBS, take the following into account:

• Early repayment charges — leaving during your initial deal period will usually incur a penalty, often calculated as a percentage of the outstanding loan
• Deeds release fees — YBS may charge a fee to release your property deeds to the new lender
• Loyalty rates — as a mutual, YBS occasionally offers existing members preferential terms, so compare their product transfer rates carefully
• Accord Mortgages — if your loan is with Accord, you will need to work through a broker to access their retention products
• Portability — if you are planning to move home, check whether your YBS mortgage is portable before deciding to remortgage

How a Broker Can Help You Switch From YBS

Using a mortgage broker when leaving Yorkshire Building Society gives you access to the full market, including deals from lenders who only work through intermediaries. This is particularly relevant because YBS's own Accord brand is intermediary-only, meaning a broker can compare like-for-like.

A good broker will assess your financial situation, recommend suitable products, and manage the application process from start to finish. They can also advise on timing, helping you avoid unnecessary charges or gaps in your deal.

Many brokers offer their services without charging you a fee directly, as they receive a commission from the lender. This means expert advice at no additional cost to you.