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Skipton Building Society is the UK's 4th largest building society, best known for its Track Record 100% mortgage for renters and competitive high loan-to-value pricing. Here's what to know before you apply.
Skipton Building Society is a good choice for renters and first-time buyers who want a genuinely innovative lender, particularly through its Track Record 100% mortgage, which doesn't require a guarantor. It's rated the UK's second-best mortgage lender by Which?, with a 77% customer satisfaction score and 4.3/5 on Trustpilot from over 17,000 reviews.
As with any mortgage decision, it's worth comparing Skipton Building Society against other lenders before you apply. Speak to an advisor to see how it stacks up against your other options.
Skipton Building Society mortgages are offered by one of the UK's most established mutual lenders, with products for first-time buyers, renters, home movers, remortgagers, and buy-to-let landlords. Here's a quick summary of what to expect.
Skipton Building Society was founded in 1853 in Skipton, North Yorkshire, and has grown into the UK's 4th largest building society and one of the country's largest mortgage lenders. As a mutual organisation owned by its members rather than shareholders, Skipton focuses on long-term member value over short-term profit - a philosophy reflected in its "Founded on Fairness" approach.
Skipton serves over one million members through around 85 branches across Great Britain, stretching from Aberdeen to Plymouth. The society has received the What Mortgage Award for "Best National Building Society" for 10 consecutive years and was named "Best Mortgage Provider" at the YourMoney Awards 2024. Which? rated Skipton the UK's second-best mortgage provider, behind only Nationwide, with a 77% customer satisfaction score and full marks for customer service transparency.
Skipton is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. Savings held with Skipton are protected by the Financial Services Compensation Scheme up to £85,000 per person, and its mortgages fall under Financial Conduct Authority consumer protection rules.
Skipton's mutual status means it can prioritise member value over shareholder returns. In practice, this shows up in a few ways: it maintains a variable rate that's often lower than many competitors' equivalent rates, it has introduced innovative products like the Track Record 100% mortgage when other lenders wouldn't take the risk, and its underwriters take a common sense approach rather than rigid box-ticking.
Product range
Fixed-rate deals are Skipton's most popular product, available over 2, 3, or 5-year initial periods. Your rate stays the same regardless of Bank of England base rate changes, giving you payment certainty during the fixed period. After that, you'll move onto Skipton's variable rate unless you remortgage to a new deal.
Who they suit: buyers wanting predictable monthly payments and protection from rate rises. Five-year fixes work well if you plan to stay put; two-year fixes suit those who might move or expect rates to fall further.
Skipton's tracker mortgages follow the Bank of England base rate plus a set margin. If the base rate drops, your payments reduce; if it rises, they increase. Most Skipton trackers come with low or zero early repayment charges, making them flexible if you need to switch later.
Who they suit: borrowers comfortable with some payment variation who want flexibility and believe rates may fall.
This is Skipton's standout product - the UK's only true 100% mortgage that doesn't require a guarantor or family member to provide security. Launched in 2023, it's designed for renters who've proven they can afford regular payments but struggle to save a deposit alongside high rents.
Key features:
Eligibility requirements:
Since launch, Skipton has received over £296 million in Track Record applications, helping thousands of renters move from renting to owning.
Another product aimed at first-time buyers. Skipton lets you defer mortgage payments for the first 3 months after completion, giving you breathing room when you're juggling moving costs, rental deposits, and new home expenses.
Interest still accrues during those 3 months and gets added to your balance, so you'll pay slightly more over the full term. For buyers struggling with upfront costs, this can still be useful.
This lets up to 4 people's incomes count toward affordability, even if only 1 or 2 people will own the property. Parents can help boost borrowing capacity without going on the property deeds themselves. It's similar to a guarantor mortgage but with more flexibility.
Skipton offers buy-to-let mortgages for landlords with existing property portfolios - it doesn't lend to first-time landlords who've never had a mortgage. You can hold up to 5 Skipton buy-to-let mortgages with a maximum combined value of £3 million, and up to 10 mortgaged properties in your total portfolio. Rental income must cover a set percentage of your mortgage payment, with the exact threshold depending on your tax position.
Skipton's remortgage products often include free valuations and free standard legal fees, which can save you £500 to £1,000 or more compared to lenders who charge for these. When comparing deals, it's worth factoring in total costs - a lender with a lower headline rate but higher fees might cost more overall. Speak to an advisor to compare the total cost of remortgaging with Skipton against other lenders.
The Track Record mortgage's rent-to-mortgage-payment test catches some applicants out. If your current rent is unusually low for your area, you may not be able to borrow as much as you'd expect - it's worth checking this before you get your hopes up on a specific property.
Compare your options
An advisor can compare Skipton Building Society's mortgage range against other lenders and help you find an option that matches your deposit, income, and circumstances.
Skipton Building Society's mortgage rates change frequently, so it's not useful to quote specific figures here. As a general rule, Skipton tends to be most competitive at higher loan-to-value bands, particularly for first-time buyers and renters using the Track Record mortgage. Speak to an advisor for up-to-date pricing based on your circumstances.
When your fixed or tracker deal ends, you'll move onto Skipton's variable rate. This tends to be lower than many competitors' equivalent rates, but it's still worth remortgaging to a new deal before your initial period ends - speak to an advisor about the potential savings. Skipton typically contacts you a few months before your deal ends to explain your options.
Understanding the full cost picture helps you compare Skipton Building Society against other lenders fairly.
Free standard legal work is included on many remortgage products. For purchases, you'll need to appoint your own solicitor.
Employed applicants: minimum 6 months' continuous employment; basic salary plus contractual guaranteed income (such as car allowance or London weighting); bonuses and overtime may be considered with evidence.
Self-employed applicants: minimum 2 years' trading; sole traders need 2 years' net profit; limited company directors need 2 years' dividends plus salary or remuneration; an accountant's certificate is preferred.
Contractors: day-rate contractors earning £50,000+ are assessed on daily rate multiplied by 5 and by 48 weeks; those earning under £50,000 are assessed on their latest payslip multiplied by 12; a minimum of 6 months' contracting history is required, alongside 2 years' industry experience; IR35 status doesn't affect the assessment.
Example: a couple earning £70,000 combined could potentially borrow up to £385,000 (5.5x income) at 85% LTV, subject to affordability.
Skipton accepts some adverse credit but draws firm lines. Satisfied defaults over 12 months old, minor credit blips if explained, and limited missed payments beyond 6 months ago may be accepted on a case-by-case basis.
Credit requirements
If you have credit issues, a specialist lender may be a better fit than Skipton - speak to an advisor to explore suitable alternatives.
Important: Skipton is "valuer-driven" - if their surveyor raises concerns about the property as security, the decision won't be overturned regardless of other factors.
Skipton works well for mainstream borrowers with clean credit and standard properties. If you have adverse credit or an unusual property type, specialist lenders may offer more flexibility, though often at a higher cost.
Understanding how Skipton stacks up against other major lenders can help you decide whether it's the right fit.
Skipton may suit you if you're a renter wanting a 100% mortgage without family help. Nationwide may suit you if its specific rates or products suit your LTV band better - it's worth comparing both before deciding.
Skipton may suit you if you value a strong customer service reputation, the Track Record mortgage, or faster processing. Halifax may suit you if you want a larger branch network or already bank with Lloyds Banking Group.
Skipton may suit you if you want innovative high-LTV products like the Track Record mortgage. Yorkshire Building Society may suit you if its specific rates suit your needs better - always compare both before you apply.
Understanding real customer experiences helps set realistic expectations.
Based on helping customers connect with mortgage specialists who arrange Skipton mortgages, we find customer service is generally strong, particularly around communication during the application process. If you're struggling with payments, Skipton encourages early contact and offers forbearance options including payment holidays - call 0345 850 1766 to discuss options before you fall behind, or contact MoneyHelper on 0800 138 7777 for free, impartial guidance.
Understanding what's involved can help you prepare and avoid delays.
How it works
Decision in Principle (DIP)
Before house hunting, get a Decision in Principle to see how much Skipton might lend. This uses a soft credit check that won't affect your credit score, and is valid for 30 days. You'll need income details, existing credit commitments, monthly outgoings, and employment details.
Full application
Once you've had an offer accepted on a property, submit your full application - online (first-time buyers), by phone, through a branch, or via a mortgage broker. You'll need proof of identity, proof of address, your latest bank statement showing salary, your latest 3 months' payslips (employed) or 2 years' accounts or SA302s (self-employed), plus proof of your deposit source.
Underwriting and valuation
Skipton's underwriters review your application manually, taking a common sense approach rather than relying purely on automation. They'll arrange a valuation of the property, which is often free on Skipton products. This typically takes 9-10 days from application to offer, though complex cases can take longer.
Mortgage offer
If approved, you'll receive a formal mortgage offer valid for 6 months (new purchases) or 3 months (remortgages). Review it carefully and contact Skipton or your advisor if anything's unclear.
Completion
Your solicitor handles the legal work and coordinates completion day. Skipton transfers funds by CHAPS, and you get the keys to your new home. New borrowers typically receive a 'Welcome Home' gift box shortly after completion.
Unique 100% mortgage for renters. The Track Record mortgage is genuinely innovative - no other lender offers a true 100% mortgage without requiring a guarantor. For renters who've struggled to save a deposit alongside high rents, this can open up homeownership that wouldn't otherwise be possible.
Competitive high-LTV pricing. Skipton's pricing at higher LTV bands is often strong compared to larger banks. Factor in free valuations and free legal fees on many remortgages, and total costs can work out favourably even where the headline rate isn't the lowest.
Free valuations on most products. Free valuations on properties up to £1.5 million can save you £200 to £500 compared to many competitors.
Free legal fees for remortgages. Selected remortgage products include free standard legal work, saving a further £300 to £500 or more.
Lower variable rate than many competitors. Skipton's variable rate tends to sit below many high-street banks' equivalent rates. It's still worth remortgaging before your deal ends, but the gap is smaller if you don't get round to it straight away.
Strong customer service ratings. Which? Recommended Provider status and consistently positive reviews point to reliable service.
Innovative first-time buyer products. Delayed Start mortgages and the Income Booster scheme show a genuine commitment to helping buyers onto the property ladder.
Strict on credit history. If you have active debt management plans, recent defaults, missed payments in the last 6 months, or recent payday loan usage, Skipton won't help. Specialist lenders may be more flexible.
Limited specialist products. No self-build mortgages, limited development finance, and more restricted buy-to-let criteria compared to specialist providers.
Valuer-driven decisions are final. If Skipton's valuer raises concerns about a property, the decision won't be overturned. This can be frustrating if you believe the assessment is wrong.
Mixed online and app experience. Many customers find the digital experience fine, but others report frustrations with security processes, app functionality, and online service limitations.
Not always the cheapest at low LTV. At lower LTVs with excellent credit, some lenders may offer more competitive pricing than Skipton. Always compare total costs, including fees, rather than the headline rate alone.
Skipton Building Society mortgages tend to work best for:
Consider other lenders if you:
If you're struggling with existing mortgage or debt repayments, free and impartial guidance is available from MoneyHelper on 0800 138 7777.
An advisor can help you assess whether Skipton Building Society suits your situation and support you in accessing suitable deals.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Get started
Common questions
Yes, for most mainstream borrowers. Skipton is rated the UK's second-best mortgage lender by Which?, with a 77% customer satisfaction score and 4.3/5 on Trustpilot from more than 17,000 reviews. Its innovative products, competitive pricing, and included benefits (free valuations, free legal fees on many remortgages) offer genuine value. That said, it's not well suited to borrowers with significant credit issues or unusual property types.
Skipton uses Experian for credit checks but doesn't publish minimum score requirements - it assesses applications individually. What matters most is your recent credit behaviour: no missed payments in the last 6 months, no active debt management plans or IVAs, and no defaults in the last 12 months. Minor historical blips may be considered if you can explain them.
It depends on the type and timing of the issue. Skipton may consider satisfied defaults over 12 months old on a case-by-case basis, but it won't accept applications with active debt management plans, undischarged bankruptcy, missed payments in the last 6 months, or recent payday loan usage. If your credit history has significant issues, a specialist adverse credit lender may be more suitable.
Getting a Decision in Principle uses a soft search that doesn't affect your credit score, so you can check your eligibility without risk. If you proceed to a full application, Skipton performs a hard credit check that appears on your credit file. Multiple hard checks in a short period can temporarily lower your score, so it's worth avoiding applications to lots of lenders at once.
Skipton's average time from full application to mortgage offer is around 9-10 days, faster than many competitors. Straightforward applications may complete toward the lower end, while complex cases, such as self-employment or an unusual property, may take longer. Having all your documents ready and correctly packaged speeds up the process significantly.
Yes, with a minimum of 2 years' trading history. Sole traders need 2 years' net profit figures; limited company directors need 2 years' dividends plus salary or remuneration. Skipton prefers accountant-certified accounts but will accept SA302s. Contractors have slightly different criteria based on their day rate and earnings level.
Typically: proof of identity (passport or driving licence), proof of address (utility bills), your latest month's bank statement showing your salary, your latest 3 months' payslips (employed) or 2 years' accounts or SA302s (self-employed), and evidence of your deposit source. For buy-to-let, you'll also need proof of rental income.
Many Skipton mortgages are portable, meaning you can transfer your existing deal to a new property without paying early repayment charges. But porting still requires full underwriting - you'll need to meet current lending criteria, and the new property must pass valuation. Sometimes it works out cheaper to switch lender entirely, so it's worth comparing your options.
Yes, but with restrictions. Interest-only is limited to a maximum of 70% LTV with a maximum term of 25 years, and you'll need a credible repayment strategy in place. First-time buyers aren't eligible for interest-only and must take a repayment mortgage. Most borrowers opt for a repayment mortgage, where each payment reduces the balance owed.
You'll move onto Skipton's variable rate. While this tends to be lower than many competitors' standard variable rates, it's worth remortgaging to a new deal before your fixed period ends - speak to an advisor about the potential savings. Skipton typically contacts you a few months before your deal ends to explain your options.
Yes. Most Skipton mortgages allow overpayments of up to 10% of your original loan balance per year without early repayment charges. This allowance doesn't roll over if unused. Overpaying reduces your balance, cuts your total interest, and can shorten your mortgage term.
Yes. Skipton is authorised by the Prudential Regulation Authority and regulated by both the Prudential Regulation Authority and the Financial Conduct Authority. Savings are protected by the Financial Services Compensation Scheme up to £85,000 per person. As the UK's 4th largest building society with more than 170 years of history, it's a well-established, safe institution.
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