In This Article
About Skipton Building Society?
Skipton Building Society is a large building society headquartered in Skipton, North Yorkshire.
Skipton was established in 1853 as the Skipton Friendly Society and became the Skipton Permanent Building Society in 1865.
It converted to a limited company in 1979 and then to a building society in 1987 when its name was changed to Skipton Building Society.
Most of the society’s lending is done through mortgage brokers. They aim to operate a common sense, straightforward approach to lending via advisers with access to Skipton’s underwriting team if needed.
They also try to focus on communication through their lending process and aim to constantly communicate with the mortgage advisor in a timely, transparent and straight-talking way.
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Skipton Building Society mortgages
Skipton Building Society offers a range of residential and buy to let mortgage products. They focus on first-time buyers, helping the armed forces and government schemes, such as shared ownership.
Skipton residential mortgages
Skipton’s residential mortgages are designed to support a variety of customers with their residential mortgages. These are listed below:
First time buyers
They try to help first time buyers onto the property ladder and customers who do not intend to occupy the property.
Green products
They offer products that could support customers who want to reduce their carbon footprint via their green products.
Non-occupying borrowers
This is where one or more parties to the mortgage don’t own the property. In this case, the borrower who doesn’t own the property is essentially acting as a guarantor for the mortgage.
Self-employed contractors
Skipton could cater for self-employed contractors. They can consider contractors who are on a daily rate and can consider individuals where there are gaps in those contracts.
Shared Ownership
The Building Society has a range of Shared ownership options that may be able to allow you to purchase a share of a property you want. The remaining portion is then rented from a housing association, typically at a rate below market value. You will have the option to increase your share over time, known as staircasing.
Skipton buy to let mortgages
The building society aims to have buy to let mortgage products that can help first time buyers through to portfolio landlords with four or mortgaged properties.
Skipton can consider rental income when assessing affordability on their buy to let loans.
Skipton Building Society rates
Skipton Building Society aims to offer competitive rates, and their lending criteria has a common sense approach.
However, as with any mortgage, it’s important to compare the interest rate, fees charged, and the service the lender can provide.
Most of Skipton Building Societies lending is transacted via mortgage intermediaries. Therefore, if you are considering a mortgage with them, speak to a mortgage advisor who can help you compare your options.
Should I remortgage with Skipton Building Society?
You have a few options at the end of your initial mortgage deal. You may be able to switch to another deal with Skipton, move to the Variable Rate, or take out a new mortgage with another lender.
Skipton will typically contact you a few months before the expiry of your current rate. It may be best to review other rates available in the market as the new rate offered may not be as suitable.
If you are already a customer of Skipton Building Society, you can speak to them via a branch or via their customer telephone hub.
An independent mortgage advisor can advise you on all products available in the whole market and find the best option for you, which may not be staying with your current lender.
Application to Offer timescales
The time it takes for Skipton Building Society to produce a mortgage offer can vary from case to case. The average time and your expectation from application to offer can be around four weeks.
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Skipton has declined me. What now?
If Skipton Building Society has declined you a mortgage either directly or via a Skipton Building Society Mortgage Advisor, a new independent mortgage advisor may be able to still help you. Another lender could be willing to give you a mortgage, and a mortgage advisor would know which ones would be the best match for you. So even if you don’t have perfect credit, there’s still hope of getting a mortgage.
Conclusion
Skipton Building Society is a large building society established in 1853 that offers a range of residential mortgages, including products focused on first-time buyers, helping the armed forces and government schemes such as shared ownership. Skipton also offers buy-to-let products to help first time buyers through to portfolio landlords.
Their rates are considered to be competitive given their common sense approach.
Most of Skipton Building Societies lending is transacted via mortgage brokers.
Therefore, if you are considering a mortgage with them, speak to a mortgage advisor who can help you compare your options.
If you have been declined by Skipton Building Society initially for a mortgage, a mortgage advisor can still help you. Another lender could be willing to give you a mortgage, and a mortgage advisor would know which ones would be the best match for you. So even if you don’t have perfect credit, there’s still hope of getting a mortgage.
If you would like to speak to a mortgage advisor, please complete the contact form below, and I NEED ADVICE will match you with an expert mortgage advisor who can review the whole market and recommend the right mortgage for you.
They are experienced, which can boost your chances of being approved.
