About Skipton Building Society Mortgages

Skipton Building Society was founded in 1853 to help people save for the future and achieve their dreams of owning their own homes. It has become one of the largest building societies offering a range of mortgage solutions including Mortgages home, Interest Only, First Time Buyers, Remortgaging, Buy to Let, Additional Borrowing, New Build and Moving House. The Society provides mortgages to first time buyers starting with a minimum 10% deposit.

You can get advice on the type of mortgage which are:

• Fixed rate – These let you budget and protect against interest rate rises during the term the rate is fixed. But if external interest rates fall, you won’t benefit from this.
• Variable rate tracker – The monthly payments can go up or down. This means you can take advantage of low interest rates but there is a risk that rates may rise during the product period. If the product is a tracker, it will go up and down in line with the external rate it's tracking. Tracker mortgages may be subject to a floor, below which payments will not fall.
• Variable rate discount – Sometimes we offer mortgages with a discount off our own variable mortgage rates for a set period. (Your payments will increase if our variable interest rates rise, but a discount takes the pressure off by keeping them lower for a set time at the start). Our variable rate is set by us and is not linked to the Bank of England base rate.

If you’re thinking of remortgaging your existing property, you can get fixed and variable rate remortgage products that could be suitable for you. If you remortgage with Skipton, and choose a remortgage product with free legal fees, you won't have to pay anything for the standard legal costs, providing a home conveyancing service free of charge. You will also not normally be required to pay for a valuation of your property. The APR for remortgages ranges from 1.99% to 2.75%.

For Buy to Let mortgages, you can get the fixed rate or variable rate and the let property expected to achieve a minimum rental income in relation to the mortgage payment, for the property to qualify for a mortgage. Skipton’s Buy to Let mortgages allow portfolio landlords to build a maximum of up to 5 properties with a total borrowing of £1,500,000 with the Society. The APR ranges from 1.59% to 2.99%

For additional borrowing, you can borrow from £5,000, often up to 90% of the value of your home. Apart from products that offer cashback, additional Borrowing is available on any of our remortgage products.

The Core Features of Skipton Building Society Mortgages

• Borrowing up to 90% of the property value
• Both fixed and variable rates are available
• No upfront fee & early repayment fee’
• Cash back options
• Affordable rates and flexible repayment terms

How does it work?

It’s essential you know what you may be able to borrow before looking for your first home, so you’ll need to call us for an affordability check first.

You can obtain a Decision In Principle (DIP) over the phone, once you have found a property, and it only takes around ten minutes. The amount thy lend is based on an overall assessment of affordability, which considers your income, expenditure and the impact of potential future interest rate rises.

If your Decision in Principle is approved, the mortgage team will arrange a mortgage advice appointment where you will be advised on suitable mortgage and submit your full application. if all criteria are met you will receive your mortgage offer. A conveyancer is instructed to complete the legal work of investigating the legal title and preparing the mortgage documentation. Once all legal work is completed, the funds are released.

The Final Advice

Skipton is a good choice if you need highly flexible mortgages. The application process is slick and easy while their underwriters are always very professional and friendly and make the complete process of applying through to offer a great experience.