The Yorkshire has launched a mortgage for borrowers who are moving their loan, but not moving home.
The new two-year mortgage, which is only available for people remortgaging, has a fixed interest rate of 4.39% and offers a free remortgage legal service and a refund of the property valuation fee. In addition, as with all Yorkshire mortgages, borrowers will benefit from free accident, sickness and unemployment cover for the first six months, daily interest calculations and an annual overpayment option of up to 10% of the original loan.
The product does not require the sale of any compulsory insurance policies and there is no tie in of early repayment charges beyond the fixed rate period. As with many competitive mortgage deals there is an application fee of 495 for the mortgage.
Rachel Court, head of mortgages at the Yorkshire, says: The number of people looking to remortgage over recent weeks has been the highest we have ever known. At the Yorkshire we usually design products that are available to everyone, whether they are moving home or just switching their mortgage, but it seemed appropriate at this time to design a product specifically for remortgagors.