About Skipton Mortgages
Skipton Building Society began providing savings accounts and mortgages to the people of Skipton in 1853. It has over 85 branches and is the 4th largest building society in the UK. In addition to savings and mortgage products, Skipton provides financial planning & advice, insurance and legacy planning for its customers. As a building society, Skipton is owned by its members and as such acts as a mutual financial organisation.
Skipton Building Society was named High Street Savings Provider of the Year 2022 at the Moneyfacts Consumer Awards. Skipton mortgages received the accolade of Best National Building Society at the what Mortgage Awards 2021 as well as receiving "highly commended" for the First-time Mortgage Buyers' Choice at Moneyfacts Consumer Awards 2022. Skipton was also named the 'Best Mortgage Provider' at the YourMoney Awards 2024.
Skipton mortgages can be arranged by first-time buyers, home movers and those looking to remortgage or finance a buy-to-let property. Skipton also offers mortgages for those using government schemes to buy their first home.
Skipton Mortgage key features
- 2, 3 and 5-year fixed rates available
- Track record mortgage for renters with small or no deposit
- Delayed start mortgages for first-time buyers
- Maximum term is 25 years for interest-only mortgages and 40 years for repayment mortgages
- Terms can extend to a maximum of age 75 and age 80 with pension income
- Maximum income multiple for borrowing is 5.5
- Valuations for residential and buy-to-let mortgages are free for properties worth up to £1.5 million
- Residential, buy-to-let and government scheme purchases covered
- Applications from self-employed, professional sportspeople, locum medical professionals, and zero-hour contracts workers are considered
Free mortgage adviceFixed rate mortgage coming to an end?
Our partner Habito is a leading online mortgage broker and will recommend the best mortgage for you:
- Habito checks over 20,000 mortgages from 95 mortgage lenders
- Over 9,500 5-star Trustpilot customer reviews
- It’s completely free
- Apply online with no obligation
Skipton Mortgage pros and cons
| Pros | Cons |
 Competitive fixed-rate deals
|
 Adverse credit is unlikely to be accepted by Skipton
Guarantor applications not accepted
|
What types of mortgages does Skipton offer?
Skipton Building Society offers a range of residential and buy-to-let mortgage products to suit different application types.
Skipton's residential mortgage product range covers a straightforward home purchase as well as Let to buy - Residential, Shared Ownership, Right to buy, Help to buy (includes Forces and Government help to buy), Track Record - No Deposit 100% options for renters, Discounted, Tenant and Family purchases.
The buy-to-let mortgages offered by the Skipton Building Society can be arranged by first-time landlords as well as portfolio landlords but Skipton allows a maximum of 10 properties within the portfolio of which a maximum of 5 can be held with Skipton. Buy-to-let applicants must earn a minimum of £20,000 unless they are portfolio landlords in which case they must earn a minimum annual income of £45,000 gross each or £60,000, jointly.
Skipton mortgage repayment options
Skipton Building Society offers interest-only and repayment (capital and interest) mortgages, as well as options to arrange your mortgage on a part-and-part basis, so that some is repaid on an interest-only basis while the rest is repaid to reduce the capital and pay the interest. First-time buyers are only offered repayment type mortgages.
How much can I borrow with Skipton Mortgages?
The amount that you can borrow on a mortgage with Skipton will be limited by your income and what you can afford based on your other financial commitments. Skipton bases the maximum amount you can borrow according to your income and the loan-to-value worked out according to your deposit amount and property price.
If your earnings are £50,000 or less, Skipton may lend 4.49 times your income and joint incomes of less than £60,000 will be limited to the same multiple of your combined incomes. Skipton also uses debt-to-income ratios for lending limits, so if your debt payments are more than 10% of your gross income, you may also be limited to borrowing 4.49 times your income, even if you earn more than the minimum income requirements. The applicable loan-to-value ratio will then be applied to determine whether you can borrow a larger multiple of your income, up to a maximum of 5.50 times.
Skipton's income multiples for mortgages by LTV
| Loan to value | Maximum income multiple for borrowing |
| Over 90% LTV | 4.49 times |
| Less than or equal to 90% LTV | 5.50 times |
Skipton's income multiples for mortgages by income
| Annual Gross Income | Maximum income multiple for borrowing |
| Less than £50,000 sole income | 4.49 times |
| Less than £60,000 joint income | 4.49 times |
What is the maximum loan size and loan-to-value (LTV) for a house purchase with Skipton Building Society?
| Maximum loan amount | Maximum loan to value (%) |
| Up to £600,000 | 100%^ |
| £600,001 - £750,000 | 90% |
| £750,001 - £1,000,000 | 85% |
| £1,000,001 - £1,500,000 | 80% |
| £1,500,001 - £3,000,000 | 75% |
| £3,000,001 - £5,000,000 | 60% |
^ 100% LTV mortgages are available to first-time buyers who can prove a history of equivalent rental payments and household bills maintained over 12 months.
Second home purchases for personal or a dependent relative's use are capped at a loan-to-value of 75%.
Skipton Building Society mortgage rates
Mortgage rates offered by Skipton Building Society are competitive with a wide range of rates to choose from including some with cashback offers. Skipton mortgage product fees vary between £0 and £1,995 but there are also a number of fee-free products to choose from.
It can often be helpful to work out the overall cost of the mortgage which will assess the interest rate as well as other costs associated with valuations, product and legal fees. The best way to find the most competitive mortgage deal is to work with an independent mortgage broker. You can search for one locally or submit a request online with Habito* - an online mortgage broker that searches for the best rates for your particular circumstances and may even be able to access rates that are not available directly for mortgage customers.
Rates change regularly so do take the time to search current rates using our Mortgage Rate Comparison Tool.
- 2-year fixed rate up to 75% LTV at 5.07% with a product fee of £495
- 5-year fixed rate up to 85% LTV at 5.19% with no fee
- 2-year fixed rate buy-to-let up to 75% LTV at 5.86% with no fee
- 5-year fixed rate track record first-time buyer mortgage for renters with 100% LTV at 5.80% and no product fee
Skipton's current reversion rate is 6.29% and is applicable once the period of an initial deal ends.
Skipton mortgage fees
A number of mortgage products are available free of a product fee with Skipton Building Society. Where a product fee is payable, it ranges between £495 and £1,995. Application fees are non-refundable and vary for different mortgage products. If your mortgage offer is renewed or extended then your application fee will usually be transferred.
Can you make overpayments with Skipton Mortgages?
Skipton Building Society allows its fixed-rate mortgage customers to pay up to 10% in overpayments per annum without allowing for any rollover of this allowance from one year to the next. However, customers on Skipton's base rate tracker mortgages can make unlimited overpayments without incurring any early repayment charges.
Early repayment charges are calculated as a percentage of the overpayment amount and they vary between 1.25% and 6%.
What is the maximum mortgage term with Skipton Building Society?
Skipton allows a mortgage term of up to 25 years for residential mortgages as long as the term does not take the borrower beyond the age of 70 or their elected retirement age. However, you can take a repayment (capital and interest) mortgage for as long as 40 years - again, you must abide by the maximum age at expiry of the mortgage. Skipton Building Society provides mortgage lending for retirement, but this is decided on a case-by-case basis, and the borrower must present evidence of retirement earnings to qualify.
Is it hard to get a mortgage with Skipton Building Society?
Skipton mortgage applications are assessed using their specific lending criteria which isn't overly strict but is unlikely to accommodate borrowers with certain kinds of adverse credit history. While Skipton may accept mortgage applications from those with minor blemishes to their credit reports such as a small value missed payment, those with debt management plans or payday loans are unlikely to be accepted.
The application process is a speedy one and Skipton adopts technology to help housebuyers upload documentation easily to them and the online portal also provides customers with easy access to check the progress of their applications. The average application to offer turnaround is 10.7 days currently and web chat and telephone wait times are around 20 seconds to a minute.
How do Skipton Mortgages check your credit rating?
Skipton Building Society uses an open banking feature with Experian that allows mortgage applicants to share their banking records and credit history as part of the mortgage application. The open banking feature gives Skipton access to payment history and income information without the need for mortgage applicants to provide paper copies which can greatly speed up the process.
A credit check is a normal and necessary part of your mortgage application and it is wise to check your specific records with Experian, Equifax and TransUnion before submitting your application. This will go a long way towards avoiding delays or declines to your mortgage application due to the credit information that is held about you. Any errors or omissions can be rectified by contacting the credit reference agency with current and correct details but this may take some time. You can learn more about this in our article "Best way to check your credit score for free".
Do Skipton Mortgages offer mortgages to people with bad credit?
It is unlikely that Skipton will offer a mortgage to anyone with all but very minimal adverse credit events. Debt management plans, county court judgements and defaults must meet strict time parameters and Skipton Building Society will also assess the value of these transactions. Payday loans used in the last 2 years, for example, would result in a declined mortgage application.
Although issues of poor credit history can affect your mortgage application, there are a number of specialist mortgage lenders who may stretch to parameters that mean you can get the mortgage you are seeking. To avoid disappointment, it is wise to contact an independent mortgage broker with all of your credit information as they will be able to source the lender who will offer the best rates for your particular circumstances. Often brokers can have access to mortgage deals that are otherwise unavailable to direct mortgage customers.
Skipton Building Society is likely to accept your mortgage application as long as you meet the following criteria:
- 1 CCJ in the last 3 years that was £500 or less and is now satisfied
- IVAs and Bankruptcies must have been discharged more than 3 years ago
- No indication of credit limit breaches and no arrears within the last 6 months
- 1 default of less than £500 that occurred more than 12 months ago and is satisfied
- 3 defaults as a maximum in the last 24 months less than £1000 and are satisfied
- Mortgage or secured loan payment arrears in the last 6 months declined
- Mortgage or secured loan payment arrears of 2 months or more in the last 2 years declined
The above is not an exhaustive list and each criterion is also subject to your overall credit score.
Skipton Mortgages customer reviews
Skipton Building Society scores 4.3 out of 5.0 stars on the independent customer review site Trustpilot, based on over 17,500 reviews, making it "excellent" overall. The reviews cover a range of Skipton customers from banking, mortgages and financial advice. Skipton Building Society is ranked 3rd out of the 21 best mortgage lenders by Which? where it earned 5 stars for clarity and online access
Summary
Skipton Mortgages is a good lender with a large number of mortgage customers who cite the ease of application and the convenience of its online portal and app, which allow them to keep an eye on their mortgage affairs, as reasons for their positive experience. However, mortgage customers with adverse circumstances or specific lending needs may find that Skipton's mainstream qualifying criteria do not suit them.
If a link has an * beside it this means that it is an affiliated link. If you go via the link Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. But as you can clearly see this has in no way influenced this independent and balanced review of the product. The following link can be used if you do not wish to help Money to the Masses - Habito
MTTM AI (beta) 
