Head of Content
Mortgage Advisor & Director
Skipton Building Society
About Skipton Building Society
Skipton Building Society is an award-winning financial services provider with over 165 years of experience. They offer a wide range of mortgage products, including fixed-rate and variable-rate mortgages, to suit your individual needs and circumstances.
You can compare the latest rates from Skipton with 90+ competitors across the market below:
Compare Skipton Building Society Mortgages Online in Seconds
We work with 90+ mortgage lenders from across the market, including Skipton Building Society. We can help you compare mortgage rates from different lenders and find the best deal for you.
Use our free comparison tool to compare mortgage rates from 90+ lenders in seconds. We'll show you the latest deals from Skipton Building Society and others so you can make an informed decision about which option is right for you.
To get started, fill in our quick online form or call 01484 242424 to speak to our expert mortgage advisers today!
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 range features 100% LTV deals 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?
Mortgage rates can sometimes be higher at lenders like Skipton since their products are aimed at borrowers who are unlikely to be approved for a mortgage elsewhere. The exact rate you will end up with will depend on the LTV and the product type, among other factors.
You can compare the latest rates from Skipton with their competitors from across the market for free with our mortgage-sourcing tool.
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:
|
Advantages |
Disadvantages |
|
Very flexible with deposit requirements |
Higher income multiples are available elsewhere |
|
Plentiful options for buy-to-let mortgages (including deals for first-time landlords) |
Stringent maximum age caps |
|
Positive reviews from existing customers |
Longer fixes available elsewhere |
|
Flexible mortgages for self-employed applicants |
Difficult to be approved with moderate-to-severe bad credit |
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.
How Teito Works
You have two options when you get started with Teito: you can select the option to speak with an advisor straight away or source a mortgage yourself. If you want to choose your own mortgage deal, follow the steps below:
Click ‘Get Started’
Hit the button below and enter a few quick details. It takes less than 60 seconds to begin the mortgage process with us
Compare Quotes Online
Next you can view rates and deals from across the entire market online and choose the one you want in real time
Apply Online
We’ll take it from here and have an expert mortgage broker on hand to ensure you have chosen the best deal for you
FAQs
Skipton does not currently offer self-build mortgages directly. Head to our dedicated self-build mortgage page to find a lender that does provide them.