What type of mortgages do they offer?

Skipton’s mortgage products range fall into the broad categories below:

• First-time buyer mortgages: Including options for borrowers using a government scheme such as Shared Ownership and the First Homes Scheme.
• Remortgages: With deals for existing customers as well as those who are applying to move to Skipton Building Society from another mortgage lender.
• Homemover mortgages: A range of products aimed at borrowers who are buying a  new home or want to port their existing Skipton mortgage to another property.
• Buy-to-let mortgages: Including options for portfolio landlords, first-time landlords, and Investors purchasing specialist property types such as HMOs.
• No-deposit mortgages: Skipton’s Track Record mortgage is a specialist product aimed at people with no deposit but a history of making rent payments on time.

Skipton’s mortgage options include 2, 3 and 5-year fixed rates, and 2-year trackers.

Eligibility criteria

The eligibility criteria for a Skipton Building Society Mortgage can vary depending on the product type, but the general requirements for a residential mortgage are below:

• Deposit requirements: The minimum amount of deposit that Skipton will accept outside of its ‘Track Record’ deals is 5% of the property’s value.
• Credit history: Accepts most types of bad credit, with conditions, but serious issues such as bankruptcies and IVA needs to have been satisfied for 3-6 years.
• Age: Borrowers can be no older than 75 at the end of the term. If the term runs into their retirement, Skipton expects to see evidence of adequate retirement income.
• Employment history: Applicants in full-time jobs need to have been in continuous employment for at least six months, while self-employed mortgage applicants can potentially get approved for a mortgage based on just one year’s accounts.

Buy-to-mortgage criteria

Eligibility requirements for a buy-to-let mortgage with Skipton are as follows:

• Deposit requirements: Deposit requirements start at 25% of the property’s value.
• Rental income: For basic rate taxpayers, the minimum rental income must be 125% of the mortgage payments, or 145% for higher rate taxpayers and portfolio landlords.  
• Portfolio size: Skipton will not lend to landlords with 10 or more properties in total, five of which can be mortgaged with this lender. For all buy-to-let landlords, total borrowing with Skipton Building Society cannot exceed £3 million.
• Maximum loan size: The maximum size for a single loan is £1.5 million.

Skipton’s buy-to-let mortgages come in fixed and variable rate options, and are available to first-time landlords who have owned a home for at least 6 months.

100% mortgages

Skipton Building Society is well known as one of the few lenders who are willing to offer mortgages to borrowers who have no deposit. Their ‘Track Record’ mortgage is a 100% LTV deal aimed at renters who haven’t owned a home in the last three years.

The eligibility criteria for Skipton’s no deposit mortgage is as follows:

• Applicants must have clean credit
• Need evidence of making 12 monthly rent payments in a row in the last 18 months
• A maximum term length of 35 years
• Maximum borrowing of 4.49 times salary
• A maximum property value of £600,000

Skipton’s 100% mortgage is one of several options for borrowers with little or no deposit. Alternatives include borrowing a deposit or using a guarantor.

You should speak to a mortgage broker before you apply to make sure you make the right decision for your needs, circumstances and budget.

What interest rates does Skipton offer?

Skipton's mortgage rates on their residential and buy-to-let ranges are competative with other building societies, but the deal you qualify for will come down to your loan-to-value ratio, the strength of your application and the type of product you choose.

Here are some examples of Skipton's latest mortgage rates at the time of writing (October 2024):

• Two-year fixed deal at 60% LTV with a £495 fee: 4.88%
• Two-year fixed rate product at 75% LTV with a £495 fee: 4.85%
• Two-year fixed rate product at 75% LTV with a £995 fee: 4.80%
• Two-year base rate tracker mortgage at 60% LTV with a £995 fee: 5.58%

Skipton's current standard variable rate (SVR) is 6.79%.

How much will Skipton let you borrow?

Skipton caps their maximum mortgage borrowing at between 4.49 and 5 times the combined annual income of all mortgage applicants. They reserve their highest income multiple for applications where the total income is over £80k and the LTV under 90%.

You can find out how much you could borrow based on these income multiples and compare it with the higher ones that some lenders use by entering your household income into the calculator below:

Are Skipton mortgages any good?

Skipton Building Society has received positive reviews from its customers, currently holding an average rating of 4.3/5 on TrustPilot, based on feedback from over 16,000 people.

Skipton’s mortgage division also received strong feedback in a survey of the market carried out by consumer group Which? The building society was ranked in joint first place out of 22 UK mortgage providers, with a customer satisfaction score of 78%.

Pros and cons

The table below shows the pros and cons of Skipton Building Society as a mortgage lender to help give you an idea of whether they are the right option for you:

Compare mortgage rates from Skipton today

You can use our free service to compare mortgage rates and deals from Skipton with their competitors from across the market, choose one you like in real time, and access support from one of our whole-of-market mortgage brokers at any point in the process.

Follow the steps below to browse rates in real time and choose your mortgage online:

Get started here: Then select whether you are looking for a two-year fixed-rate mortgage to buy a property or for remortgage purposes.

Specify the purpose of the property: You can compare two-year fixed-rate mortgages for residential or buy-to-let purposes, as well as remortgages.

Choose your own mortgage: Finally, tell us what stage you are at in the process and you can compare rates from across the market and choose the deal you want.

After you have selected a mortgage deal, one of our mortgage brokers will check over your application before securing an agreement in principle for you. They will be on hand to offer bespoke advice, make sure you’re getting the best deal, and oversee your application.