Skipton Mortgages Reviewed
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In this guide, we will take a closer look at one of the Best Mortgage Lenders UK Skipton Building Society. We explore information about Skipton’s mortgage options as well as their benefits so that you can make an informed decision.
Alternatively, to learn more about what Skipton offers as well as any other mortgage lenders available, speak with our helpful team of mortgage brokers. We have advisers ready that can advise you on which lender is currently providing the most favourable deals and interest rates based on your specific circumstances, helping you save money when you’re ready to apply for a mortgage.
About Skipton building society
Skipton Building Society is actually one of the oldest building societies in the UK. They were founded in 1853 and have grown over the years to become the fourth largest building society in the UK.
Skipton Building Society offers a wide selection of mortgage options, but most of them are fixed-rate deals. It is also worth noting that it may be challenging to secure a mortgage with Skipton if you have poor credit, but the extent of your credit problems and the detail of your situation will determine your eligibility.
Is Skipton a good lender?
In a recent mortgage lender satisfaction survey carried out by Which?, Skipton Building Society ranked highly with a customer score of 79%.
After gathering feedback from Skipton customers, Which? rated them favourably in several areas, including value for money, customer service, and complaints handling.
According to a survey conducted by the trustworthy company Which?, Skipton may actually not always provide the most competitive mortgage rates. Therefore, if you want to find the most economical mortgage for you, you may have to consider alternative lenders. Our team of mortgage advisors at YesCanDo Money can assist you with this matter. Contact us to take advantage of our services.
Be sure to check out other review sites such as TrustPilot for further feedback from Skipton Building Society customers to determine how ‘good’ a mortgage lender they are. It’s important to note that mortgage deals and interest rates can fluctuate frequently, especially in the recent post-pandemic mortgage market. You may find that Skipton may not be the ideal fit for your personal situation and to ensure you get the best mortgage deal for your specific needs, it is crucial to compare various lenders and seek advice from a mortgage advisor.
Homeowner Mortgages
Skipton provides a range of mortgages to first-time buyers, home movers, and those looking to remortgage, including the mortgage types listed below.
Fixed-rate Mortgages
People love fixed-rate mortgages as they are black and white. Like with all fixed-rate mortgages available, if you get a fixed-rate mortgage from Skipton, your interest rate will stay the same for a specific amount of time. This is always a selling point for most people as you’ll be able to pay the same amount of money each month for the duration of your mortgage deal, making it easy to plan your finances.
Skipton offers fixed-rate mortgage options for 2, 3, or 5 years.
Tracker Rate Mortgages
A tracker mortgage is a type of mortgage where the interest rate changes in line with the Bank of England base rate. When the base rate is low, it can be a very attractive option, but always be aware that if the rate increases, your monthly payments may quickly become unmanageable.
Cashback Mortgages
Skipton offers cashback mortgages to first-time buyers and home movers. The cashback amount will depend on the specific mortgage deal, so be sure to check the details when comparing offers.
100% Mortgage
Introducing Skipton Building Society’s 100% Mortgage, a beacon of opportunity for first-time buyers aiming to navigate the property market without the burden of a deposit. This revolutionary approach redefines the path to property ownership, making the dream of having your own home an accessible reality. Dive into our detailed guide for insights on how to leverage Skipton’s no-deposit mortgage to your advantage. Whether you’re wrestling with high rental costs or seeking a stable investment, Skipton stands ready to support your aspirations.
High Loan-To-Value Mortgages
Skipton offers high loan-to-value (LTV) mortgages to eligible applicants, making it easier for first-time buyers to afford a deposit. They provide mortgages with LTVs up to 95%, subject to certain conditions and eligibility requirements.
Skipton Building Society has launched its Track Record Mortgage – 100% mortgage (deposit-free mortgage) which is highly anticipated and welcomed. This will help trapped renters that are first-time buyers wanting to get on the property ladder.
Loan-to-value ratio
The loan-to-value ratio (LTV) is the percentage of the property value that your mortgage covers. If you choose to go for a 95% LTV mortgage, Skipton will lend you 95% of the property’s value and will require a 5% deposit. For instance, if the property you are looking to buy costs £200,000, Skipton will lend you £190,000 for your mortgage, covering 95% of the total value. The remaining 5% would be £10,000 and is called your deposit which you will need to pay upfront.
Buy-to-let Mortgages
Skipton provides a variety of buy-to-let mortgage products. From landlords who wish to purchase properties for renting out to tenants, to people looking to move abroad and convert their residential mortgage to a buy to let.
Find the best deals on mortgage rates
If you’re looking to buy your first home or want to switch to a different mortgage product, there are three ways to find the most favourable mortgage rates.
You can visit every mortgage lender’s website and use their online mortgage rate calculators. This will give you an estimate of the mortgage rates they can offer you but it will take you a lot of time.
You can use a comparison website. This is a faster option however, be wary as comparison websites do not allows have access to all available mortgage lenders.
The best way to get true information on the rates and lenders more suited to your situation is to speak with a qualified mortgage adviser or broker. They have access to the most recent mortgage rates from multiple lenders and can help you find the best deal based on your unique circumstances.
Case Study: Maternity Leave and Skipton Mortgages
Skipton Mortgage Calculator
For a more detailed and personalised mortgage affordability, use our Mortgage Affordability Calculator here >
Advantages of choosing Skipton Building Society
Established and reputable lender: Skipton Building Society has a long history in the mortgage industry, making them a well-established and reputable lender. Over the years, they have assisted numerous customers in successfully obtaining mortgages and have a reputable history.
Wide range of mortgage products: Skipton provides a wide selection of mortgage options to accommodate different types of borrowers, such as first-time buyers, home movers, and landlords.
High LTV mortgages: Skipton’s high LTV mortgages can help borrowers with smaller deposits access the property market.
Fixed-rate options: Skipton’s fixed-rate mortgages allow borrowers to lock in their interest rate for a set period, providing stability and predictability in their monthly payments.
Cashback incentives: Some of Skipton’s mortgage deals come with cashback incentives, providing extra financial assistance to borrowers.
Disadvantages of choosing Skipton Building Society
Limited options for bad credit borrowers: Skipton might not be the best option for borrowers with poor credit, as they may have stricter lending criteria compared to other lenders.
Potentially higher interest rates: This is not specific to Skipton but more of a suggestion to always shop around. As with any lender, Skipton’s interest rates may not always be the most competitive on the market. It’s essential to compare mortgage rates and terms from various lenders before making a decision.
In conclusion, Skipton Building Society is a well-established lender with a diverse range of mortgage products. However, it’s crucial to compare their offerings with other lenders to ensure you secure the best mortgage deal for your circumstances. Consulting with a mortgage adviser or broker can help simplify this process and provide expert guidance throughout your mortgage journey.
Frequently Asked Questions
Is Skipton Building Society part of Barclays?
No, Skipton Building Society is not part of Barclays. Skipton is an independent building society, separate from Barclays, which is a multinational banking and financial services corporation.
How long does Skipton mortgage take?
The time it takes to process a Skipton mortgage from submitting the application to a mortgage offer really varies depending on individual circumstances as well as the overall complexity of the mortgage application. On average, it usually takes 2 to 4 weeks from application to offer, but this can be shorter or longer based on factors such as property valuation and underwriting.
Who is Skipton owned by?
Skipton Building Society is owned by its members, who are customers with savings accounts or mortgages. As a mutual organisation, Skipton operates with the primary goal of serving its members’ interests rather than generating profits for external shareholders.
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Grant Humphries (CeMAP)
Grant Humphries (CeMAP) is a proficient Mortgage & Protection Adviser at YesCanDo Money. With a career spanning since 2001, Grant has honed his expertise in understanding mortgage lenders' criteria, complex financial situations, and the nuances of the mortgage market. His deep knowledge enables him to provide tailored solutions, especially for professionals and those with unique financial profiles. At YesCanDo, Grant's commitment to excellence is evident. He takes pride in guiding clients through their mortgage journey, ensuring they feel confident and informed at every step. From first-time buyers to seasoned investors, Grant's analytical approach and dedication make him a trusted adviser in the financial landscape
