Skipton Building Society is the UK’s 7th biggest lender. In the guide, we our mortgage brokers will review them as a lender and provide an extensive overview of their products & services.
About Skipton Building Society
Skipton Building Society is a UK-based financial institution that was founded in 1853. As of 2021, it is the seventh-largest mortgage lender in the UK and has over 1.4 million members.
Skipton offers a wide range of financial products and services, including savings accounts, ISAs, insurance, and mortgages.
Their mortgage options include fixed-rate, variable-rate, and buy-to-let mortgages, with competitive interest rates and flexible terms. Skipton has a strong reputation for customer service and is committed to helping its members achieve their financial goals.
As of 2021, Skipton Building Society has over 1,800 employees across the UK, with its headquarters based in Skipton, North Yorkshire. They have 87 branches located across the UK, and their products and services are also available online and over the phone.
Is Skipton Building Society a good lender?
Skipton Building Society has a strong reputation for customer service, with a score of 86% in the latest independent customer satisfaction survey conducted by the Institute of Customer Service. Skipton has consistently scored well in this survey, and their commitment to putting their customers first is reflected in their high rating.
They have a range of digital tools and resources to help customers manage their finances, and their staff are trained to provide expert advice and support. Overall, Skipton Building Society is a well-respected financial institution with a strong focus on customer service and helping its members achieve their financial goals.
Who owns Skipton Building Society?
Skipton Building Society is owned by its members, who are also its customers. It is a mutual society, which means it is owned by and run for the benefit of its members rather than being owned by shareholders who expect to receive a return on their investment. The members of the Skipton Building Society elect a board of directors to oversee the management of the society on their behalf.
How long does a Skipton mortgage take?
Skipton’s current application-to-offer period is 10.5 working days, although this will vary depending on your case and Skipton’s workload.
Advantages of using Skipton
The advantages of using Skipton Building Society for a mortgage include:
- Wide range of products: Skipton Building Society offers a wide range of mortgage products to suit different needs, including fixed-rate, variable-rate, and buy-to-let mortgages.
- Flexible policies for the self-employed: Skipton Building Society has policies that are favourable for the self-employed.
- Longer mortgage terms: Skipton Building Society offers mortgages with terms up to 40 years, which can help borrowers manage their monthly repayments by spreading them out over a longer period of time. They consider terms until age 75 or 80.
- High-income multiples: Skipton Building Society offers higher income multiples than many other lenders. For example, They may lend up to 4.75 times income with a 10% deposit, while most lenders typically offer only 4.5 times income.
- Competitive rates: Skipton Building Society offers competitive rates on their mortgages and on occasion, market-leading rates. This can help borrowers save money over the life of their mortgage.
- High loan-to-value mortgages: Skipton Building Society offers high loan-to-value (LTV) mortgages, such as 90% and 95% LTV mortgages. This can be particularly beneficial for first-time buyers or those with smaller deposits who may struggle to secure a mortgage with other lenders.
- Cashback and free legal incentives: Skipton Building Society offers mortgages with cashback and free legal incentives, which can help borrowers save money on the upfront costs of buying a property.
- Reputable lender: Skipton Building Society is a reputable lender with a long history of providing mortgages and other financial products. This can provide peace of mind for borrowers who want to work with a trusted provider.
- Good customer service: Skipton Building Society is known for its good customer service, which can be particularly important when dealing with the complexities of a mortgage application and ongoing payments.
A disadvantage of using Skipton
- Skipton Building Society can be fairly strict when it comes to lending to borrowers with adverse credit history, and there more are more flexible lenders than Skipton when it comes to adverse.
How much will Skipton lend?
Skipton Building Society offers generous affordability calculations when assessing mortgage applications. This means they may be willing to lend up to 5 times a borrower’s income, which could be beneficial for those looking to borrow a larger amount.
Skipton Building Society offers up to 4.75 times income at 90% LTV, which is higher than many other lenders who typically cap this at 4.5 times income.
Does Skipton offer Joint borrower sole proprietor mortgages?
Skipton Building Society offers joint borrower sole proprietor mortgages. This type of mortgage allows two people to apply for a mortgage together, but only one person will be listed as the legal owner of the property.
This can be beneficial for borrowers who want to apply for a mortgage with a partner or family member but want to ensure that the property is owned solely by one person.
New builds and government schemes
Skipton Building Society offers a range of mortgage products, including residential and buy-to-let mortgages. In addition, they offer new build products, which are specifically designed for borrowers who are purchasing a newly constructed property.
Skipton Building Society also offers first homes scheme products, which are designed to help first-time buyers get onto the property ladder. These products may include features such as lower deposit requirements, shared ownership options, and government-backed schemes such as Help to Buy.