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UK's 14th largest lender

Skipton lent just over £4bn in 2018. That's 1.5% of all mortgage lending.

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14-day submission time

That's 2 days faster than the average of 25 lenders we measured.

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Borrow 4.75 x your income

You could borrow up to this amount if you meet the lender's requirements.

About Skipton

Skipton has over one million customers spread out across its savings and mortgage accounts. This helps it to account for a 1.2% share of the UK residential mortgage balances.

Founded in 1853, today Skipton offers mortgages to clients ranging from first-time buyers to landlords. As is the case with many lenders, Skipton has affordability and credit checks in place, so if you’re unable to pass these then you may struggle to get approved for a mortgage with them.

Skipton offers first-time buyer mortgages, buy to let mortgages, help to buy mortgages, forces help to buy mortgages and the ability to remortgage.

In this review we'll cover:

Is Skipton a good mortgage lender?

There are a number of ways to assess a mortgage lender’s level of quality. We find that the best way to do this is to look into how its customers feel about the lender’s services.

Between July and December of 2018, the Financial Conduct Authority (the financial regulator) received 376 officially upheld complaints.(1) This is around 0.2% of their customers, and is below the 0.4% average across the lenders we’ve looked at.*

*The number of customers served by this lender isn’t publicly available so we’ve estimated this figure based on market share and average house price in the UK.

How long does a Skipton mortgage application take?

Skipton has an average application processing time of 14 days. This is slightly below the current average for lenders we have tested, which is 16 days.

When considering how long an application will take to process, there are a number of factors to be taken into account. Firstly, your own personal circumstances contribute to a longer or shorter processing time. Secondly, if it’s a busy time of year for mortgage applications, then this could impact on the processing time. And don’t forget, the quality of your application can also affect the process. 

If time is of the essence, then a mortgage broker can help to progress your application as swiftly as possible.

How much could I afford to borrow from Skipton?

As of August 2019, Skipton lends its customers up to 4.75 times their income. Of course, depending on your personal circumstances, this can vary.

These details were last updated on 8th August 2019.

Frequently asked questions (FAQs)

This information was updated in August 2019

What types of mortgages does Skipton offer?

Skipton has a range of mortgages that could suit your circumstances – whether you’re a first-time buyer, you want to remortgage, you’re moving home or you’re a landlord.

First-time Buyer

If you’re a first-time buyer, Skipton has:

  • 2-year-fixed rate mortgages

  • 2-year tracker mortgages

  • 5-year fixed-rate mortgages

  • 7-year fixed-rate mortgages

Remortgaging

If you need to remortgage, Skipton has:

  • 2-year fixed-rate mortgages

  • 2-year tracker mortgages

  • 5-year fixed-rate mortgages

  • 7-year fixed-rate mortgages

Moving House

If you’re moving house, Skipton has:

  • 2-year fixed-rate mortgages

  • 2-year tracker mortgages

  • 5-year fixed-rate mortgages

  • 7-year fixed-rate mortgages

Landlord

If you’re a landlord, Skipton has:

  • 2-year buy-to-let fixed-rate mortgages

  • 5-year buy-to-let fixed-rate mortgages

How long is a Skipton mortgage offer valid for?

Your Skipton mortgage offer is valid for six months. If you don’t end up buying the home you intended to, you won’t be able to transfer the offer to another property.

Some limited deals may give slightly different conditions depending on the promotion.

Does Skipton credit check after a mortgage offer?

If new information emerges later on, or your circumstances change, Skipton may need to do another credit check and consider whether you can still afford the mortgage.

This could lead to your mortgage offer being withdrawn if your situation has changed significantly.

When is my first mortgage payment to Skipton due?

Your first Skipton mortgage payment will be due on the first day of the month following release of funds.

It’s worth noting that funds for completion are sometimes released to a conveyancer a day before completion if they request it.

When it comes to charging interest, Skipton counts the day the funds are released as completion rather than the legal completion date.

How much can you overpay on a Skipton mortgage?

With Skipton you can pay off your mortgage sooner than you’d planned by increasing your monthly repayments or paying off a lump sum.

If you pay more than 10% of your mortgage balance in any one year, there are early repayment charges on most Skipton mortgages.

Does Skipton offer mortgage payment holidays?

Yes. In fact, you could have a mortgage payment holiday for up to three consecutive months.

There are a number of conditions:

  • You’ve had your Skipton mortgage for six months

  • You’ve had no arrears

  • It won’t take the Loan to Value of your mortgage above 95%

  • You’ve made enough overpayments to cover the holiday

  • You can’t take more than six months of payment holidays in a 12-month period

  • You need to discuss it with Skipton first

Bear in mind that while you won’t pay anything during the holiday, Skipton will carry on adding interest to your account, so your balance will increase.

What happens when my Skipton mortgage deal ends?

When your Skipton mortgage deal ends, if you don’t switch to another deal your mortgage will be moved onto one of three variable rates.

They are:

  • Standard Variable Rate (SVR)

  • Base Rate Tracker (BRT)

  • Mortgage Variable Rate (MVR)

Which rate your mortgage is moved onto depends on when you applied for your deal. You’ll find it on your mortgage offer.

Does Skipton offer online banking?

Yes, it does! You can check your balance, make payments into your savings account, transfer money to your account, and see your mortgage details, transactions and mortgage statements.

What insurance does Skipton require me to have?

You need building insurance if you have a mortgage with Skipton. You can choose the provider, but the policy has to meet Skipton’s requirements.

Did I have PPI on my Skipton mortgage?

If you’re wondering whether you had Payment Protection Insurance (PPI) on a Skipton mortgage it’s best to check directly with them. However, the deadline to make a claim was the 29th August 2019, so you may no longer be able to claim. 

PPI isn’t included with new mortgages.

How do I contact Skipton?

You can visit Skipton here.

Or call one of these numbers:

New mortgages:      0345 607 9825

Application updates: 0345 607 9825

Additional Borrowing:  0345 607 9842

Changing your mortgage: 0345 600 8085

Payments and general enquiries: 0345 850 1711

Online help desk: 0345 702 5026

Lines are open:

Monday to Thursday 8:00am to 8:00pm

Friday  8:00am to 5:30pm

Saturday 9:00am to 12:00pm

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Your home could be repossessed if you don't keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

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Sources

All information was sourced from Skipton’s own website, unless referenced below.

  1. FCA

Source, used for info but not directly referenced in article: