Yorkshire Bank extends fee-free remortgage incentive

Yorkshire Bank is continuing to waive arrangement fees for new customers who remortgage to its Rapid Repay and Flexible Repay mortgages in September 2008.

Customers will also get £200 towards legal fees for the month and will not have to pay a valuation fee.

Yorkshire Bank waived fees for a range of its fixed rate, offset, flexible and tracker mortgages for customers re-mortgaging in August.

Gary Lumby, head of retail at Yorkshire Bank, says: “Our August fee free offer proved very successful and we are keen to continue to help make mortgages more affordable. We know that every penny counts in these cost conscious times and our current account mortgages are a great way to ensure that your money is working hard for you all of the time.”

On a typical £100,000 current account mortgage, if the £1,139 saved on the fee-free deal was paid into the account it would pay off the mortgage eight months early and save £4,469 in interest.

Lumby, says: “Leave just an extra £50 in the account each month and you’d be mortgage free four years and four months earlier and be £22,400 better off.”

Rapid Repay is a repayment current account mortgage that combines, mortgage, personal loan, overdraft and savings in one, with a maximum LTV of 90%.

Flexible Repay is an interest only current account mortgage which works in the same way as Rapid Repay, except the credit limit remains the same throughout the term of the mortgage, it also has a maximum LTV of 90%.