Established in 1853 and headquartered in North Yorkshire, Skipton is the UK’s fourth largest building society. It operates 88 branches throughout the UK, and serves around a million customers. As well as savings accounts and insurance policies Skipton offers a range of residential and buy-to-let mortgages.
What mortgages does Skipton offer?
Skipton Building Society offers mortgages to first-time buyers, homemovers, and borrowers remortgaging their current home. It could lend up to 95% of the property value if you’re buying your first home or moving – and up to 90% if you’re remortgaging.
The lender also offers buy-to-let mortgages up to 75% of a property value.
What are the mortgage rates like at Skipton?
According to data from our mortgage broker partner, Better.co.uk, the average two-year fixed rate at Skipton building society over the last three months across all products and deposit levels stood at 5.45%.
Current costs for two-year fixed rate mortgages at Skipton range from 4.75% to 5.75% depending on whether you’re a first-time buyer, homemover, or remortgager — and on the loan to value being applied for.
The average five-year fixed rate at Skipton taken over the last three months across all products and deposit levels stood at 5.09%.
Current costs for five-year fixed rate mortgages at Skipton range from 4.41% to 5.10% – again depending on whether you’re a first-time buyer, homemover, or remortgager — and on the loan to value being applied for.
When the fixed rate period ends, borrowers at Skipton are moved onto the lender’s Residential Mortgage Variable Rate (RMVR) – currently at 6.29%.
Skipton Building Society offers fixed-rate mortgages for buy-to-let properties. Applicants will need a minimum 25% deposit.
Rates are correct as of mid-February 2023 but are subject to frequent change.
How long does a mortgage application take with Skipton?
According to data from Better.co.uk, the average time from mortgage submission to approval at Skipton Building Society over the last 12 months was 23.3 days.
However, times vary considerably according to factors such as the volume of applicants when you apply, and your individual circumstances.
How much could I borrow from Skipton?
Skipton Building Society could lend up to 4.5 times your annual income. The exact value you are offered depends on the loan-to-value (LTV) ratio at which you plan to borrow, as well as your salary.
Other factors such as your credit history, regular outgoings, and age will also be taken into account.
How do I get a mortgage from Skipton?
You can apply for a mortgage from Skipton Building Society directly, or go through a mortgage broker.
A broker will compare Skipton’s mortgage offerings with the wider market to ensure you get the best deal for your needs and some – such as Better.co.uk – do not charge the customer, taking their fee from the lender instead.
Since brokers are familiar with the mortgage application process and can help you gather the documents you need, your application may be processed more quickly.
If you choose to go directly to the building society, you’ll need to first apply for a decision in principle. This gives you an idea of how much the provider could lend you based on some preliminary personal details.
After a decision in principle has been issued, you’ll be invited to arrange a mortgage advice appointment over telephone or video call. During the appointment, an advisor will recommend a mortgage option that fits your circumstances and prepare a full application for you.
When the appointment is over, you’ll receive a copy of the application so you can check all your details are correct. You’ll also get a document called a mortgage illustration. This sets out important details about the mortgage you’re applying for.
Once you sign and return these documents, your application will be officially submitted to the lender.
Will I need a good credit score for a Skipton mortgage?
To be accepted for a Skipton Building Society mortgage, you will need to have a very good credit score. If you have a history of poor credit, the building society is unlikely to offer you a mortgage.
What’s the customer service like at Skipton?
Skipton Building Society scored 66% for overall customer experience in the latest ratings from data provider Fairer Finance.
Do I need buildings insurance?
If you take out a mortgage with Skipton Building Society, you’ll be required to have suitable buildings insurance in place for the duration of the mortgage term.
Skipton offers its own buildings insurance policies, but you are not obliged to purchase one from the lender.
Should I get a mortgage from Skipton Building Society?
Skipton Building Society is a well-established provider with market-competitive rates and good customer service scores, offering a range of different mortgages.
However, it may not be the right lender for you. Mortgage deals and rates change regularly, and Skipton may not be the best match for your individual circumstances. Contacting a fee-free mortgage broker can help ensure you’re making the best choice when you’re ready to apply for a mortgage.
