How to switch your current YBS mortgage to a new rate

This page helps you to switch deal if your mortgage with us is ending in the next four months.  No need to apply again, no affordability checks, no conveyancer needed.

We’ve got different information if you want to:

Not sure which deal you’re on?

If you're not sure what deal you're on or when your fixed rate deal ends, log in to online banking and select “My mortgage”.
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How to switch rates if you have a product ending soon

This information is for you if you have a fixed rate, tracker or discounted rate that will end before the end of your mortgage term. If you are on our standard variable rate (SVR), find out about how to switch your deal or recalculate your existing monthly payment
Number 1

We send a reminder

Around 120 days before your current deal is due to end, we'll contact you. We only offer you deals that we know you're eligible for.
Number 2

Review your options

You’ll need your mortgage account number then either find your deals online or speak to our team about your options over the phone.
Number 3

Secure your rate

Agree your new rate online or over the phone. Once you’ve paid any fees, we’ll send a letter to confirm your new rate and the date it will begin. 
Number 4

Look out for a better rate

After you've agreed your new rate, you can still switch again to a better rate on the same terms. You can do this up until two weeks before your new rate is due to start.

Important to know for switches from a current fixed, tracker or discounted product

Does not apply to customers on SVR

Once you’ve accepted your new rate, this is binding. The only exception is if we offer the same product with a reduced interest rate before your new rate starts.

For example: a 2 year fixed rate at 6.99% (75% LTV, £995 fee and free valuation) is withdrawn and replaced with a 2 year fixed rate at 6.49% (75% LTV, £995 fee and free valuation). The only change is the rate. The other features of the product have stayed the same.

It’s your responsibility to check our current range of mortgage products before your new rate starts.

It’s also your responsibility to switch to a new, lower rate. You can switch as many times as you like up to two weeks before your new rate begins. You can log into your YBS mortgage at any time to check our current products. 

 

Reasons to switch mortgage rate

It’s quick and easy 
You can switch your rate in just over a week. It can take between 4 to 8 weeks if you were to move to another lender.

Get a new rate without more checks
No need to apply again. We only offer you rates that we know you can get.

You won’t need a conveyancer
You won't need a conveyancer to switch rate. You would if you remortgaged to another lender.
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Things to consider

What happens if I don't switch?
You will move onto or stay on our standard variable rate (SVR). If you stay on our SVR:
Your mortgage payments could go up or down.
You can make unlimited overpayments.
You can pay your mortgage off early without any Early Repayment Charges.
Quick checklist
If the mortgage is in joint names, you must have the authority to switch rate on behalf of all applicants.
The property should be your main residence.
Your mortgage must be no more than one month behind with payments. It must have no more than one missed payment in the last 12 months.
We need up to 7 days to switch to a new deal. If you choose to switch with less than 7 days of your current deal left, your interest rate may go onto our standard variable rate (currently 7.99%). This could mean your monthly payment increases.
We’re unable to offer the following online
Making changes to interest only mortgages
Borrowing more or making a lump sum payment
Changes to term or repayment type
If you are trying to do any of these, please call us.

Switch your YBS mortgage to a new rate

Review your options and switch

You’ll need your mortgage account number. You can find this on any letter we've sent you about your mortgage.

Will I receive advice?
No

Get help from an expert

Talk to one of our friendly team about your options.

Will I receive advice?
It’s your choice
9am to 5pm Monday to Friday
9am to 1pm Saturday
Calls to 03 numbers are charged at the same rate as 01 or 02 numbers from all phones.
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Reasons to stay with YBS

Owned by you
If you’re a member, the Society belongs to you. No external shareholders, just people like you.

Loyalty savings accounts
Access to exclusive savings accounts for YBS members.

Part of the community
From educational programmes to supporting people in challenging situations. We care for our community.

 

Call us
Chat to our mortgage specialists about your options.
9am to 5pm Monday to Friday
9am to 1pm Saturday
Calls to 03 numbers are charged at the same rate as 01 or 02 numbers from all phones.
Book an appointment
Book an appointment and we'll call you back.

How to switch your mortgage

There are two ways you can apply to switch your mortgage deal with Yorkshire Building Society:

  • Without advice ('execution only') – online and over the phone.
  • With advice over the phone.

Switching your mortgage deal online without advice

If you apply to switch your mortgage deal online, it is known as an 'execution only' application. It’s designed for those customers who have a good understanding of the mortgage application process and can be confident they will be able to choose a product that’s suitable for their needs.

If you proceed without taking advice, you are taking responsibility for choosing the mortgage. If you (customer) believe that the mortgage you have chosen isn't suitable for your needs, you will not be able to complain that the mortgage was unsuitable.

It does mean that you won't be eligible to receive advice on your mortgage switching application. But if you change your mind and decide you would like some advice once you've started your application, you can swap how you apply from online to over the phone.

Before applying to switch your deal online, you must be aware of the following:

  • The product you wish to apply for including the interest rate and its term.
  • Interest rate type e.g. fixed, or variable.
  • The early repayment charges associated with the product.
  • The price or value of the property you are looking to purchase or remortgage.
  • The loan amount you want to borrow.
  • The length of term required.

If you choose a mortgage without advice (execution only)

  • You should be comfortable choosing the right mortgage without our advice.
  • We won’t advise if the mortgage you select is the right choice for your needs, which means that you’ll be giving up the benefits of Financial Conduct Authority protection on mortgage suitability.

If you are unsure on any of the above, switching your mortgage deal with advice may be more suitable for you.

Benefits of receiving mortgage advice

A mortgage is likely to be the largest financial commitment you make in your life, therefore you may benefit from speaking to one of our mortgage advisers over the phone.

A mortgage adviser will be able to review your incomings and outgoings and make a suitable mortgage term and product recommendation to suit your individual needs.

An adviser will be able to provide guidance on the following, amongst other points depending on your circumstances and needs:

  • Mortgage term.
  • The interest rate on your chosen mortgage deal vs the product fee you may have to pay for selected deals where the interest rate is lower.
  • The affordability of the loan.
  • If a fixed or variable rate would best suit your circumstances.