Change of contact details
Payments
Types of repayment mortgages?
General
Letting a Property
Change of Contact Details
How do I add/remove my partner's name on my mortgage?
If you wish to remove or add someone on your mortgage you will need to contact the Skipton Direct department on 0845 850 17 00*.
How do I advise you that my name has changed?
Complete a change of name/address form and send it to our Mortgage Administration department or your local branch.
If your name has changed due to marriage please send your original marriage certificate.
Print a change of name/address form 
.
How do I notify you of a change of address?
Complete a change of name/address form and send to our Mortgage Administration department. Print a change of name/address form .
If you are leaving the property please inform us of your arrangements to care for the property and how long you will be away.
Payments
Can I change my payment date?
Generally no, your payments must be made on the first of each month as outlined in your offer of advance. If you would like to discuss it further please call Mortgage Payments on 0845 850 17 66*.
Can I change the way I repay my mortgage?
You can complete a change of repayment type form signed by all parties to the mortgage account and send it to our Deeds Data Control department. On receipt we will consider your request, there will be a conversion fee of £55.
If you want to change to an Interest Only basis we will need details of how you will pay the capital at the end of your mortgage term.
View our tariff of charges .
Can I make regular overpayments to repay my mortgage early?
Yes, you can do this in a number of ways. You are able to make overpayments at any time, or you can make a monthly overpayment, which may be:
- a fixed amount above your contractual monthly payment
- a fixed monthly amount until the contractual payment may exceed the specified amount.
You need to write to Mortgage Administration to make a request for overpayments.
If my mortgage is subject to a early repayment charge, how will this affect any overpayments I want to make?
This charge will apply to overpayments made during a set period. This will be irrespective of whether you have a Repayment or an Interest Only mortgage.
The charge shown on your Mortgage Offer will be calculated on the overpayment and debited to your mortgage account. You can usually have the facility to repay up to 10% of your original advance in any ‘one year’ without charge. Your ‘year’ will be dependent on the product selected and you should consult your mortgage offer for more detals.
Types of Repayment mortgages
What is a Repayment mortgage?
This is where you pay an amount of the original capital as well as the interest each month. Provided all payments are made in full, your balance will be repaid during the mortgage term.
What is an Interest Only mortgage?
Each month you will repay interest on the amount borrowed, but at the end of your term you need to be able to pay off the remaining capital. This may be achieved by taking out an Endowment, Pension or ISA, which should provide you with the amount you need at the end of your mortgage term. You must be aware that the value of investments plans can go down as well as up and are not guaranteed upon maturity. This makes an interest-only mortgage a more risky option than a repayment mortgage.
What is a Part Interest Only and Part Repayment method?
This is a combination of both Repayment and Interest Only mortgage. For example a loan of £50,000 could be made up of £30,000 Repayment and £20,000 Interest Only. So there would be a remaining balance of £20,000 at the end of your term.
General
How is my interest calculated?
The interest on your mortgage repayment is calculated daily on your outstanding balance. So when you make a monthly payment or overpayment, the amount on which your interest is calculated is immediately reduced. Note your actual monthly payments are based on 12 equal payment for the year to keep it consistent for your budgeting.
Is interest charged on my annual insurance premium?
No interest will be charged if you make your premium payment in full on the 1st of each month.
Can I alter the term of my mortgage?
You can complete a change of term form signed by all parties to the mortgage account and send it to our Mortgage Administration department. On receipt we will consider your request, there will be a fee of £50. If you wish to discuss the term of your account please call our Customer Service helpline on 0845 850 17 77*.
View our tariff of charges .
What is a Higher Lending Charge (HLC)?
The HLC is a charge used to protect the Society in the event that you default on your mortgage. The charge will be added to your mortgage account as a one off premium.
For loans between 75% and 90% of the valuation or purchase price, you will not have to pay a penny, we will credit your mortgage account with an amount equivalent to the HLC on completion. Above 90% you are liable for the full amount above 75%.
Letting a Property
Can I let my property?
If you are considering letting your mortgaged property, you must complete a Consent to Let application form which you can obtain by calling our Customer Service helpline on 0845 850 17 77*. Alternatively, you can request the Consent to Let application by clicking here.
How does letting affect a mortgage interest rate?
If you have authorisation to the letting of your property your rate will increase by 0.50% for Loan To Values of up to 80%, and by 1% for LTV's of greater than 80%.
If the property is being let without authorisation the figures increase by 1.50% and 2.00% respectively.
The rate increase will be added to whatever your rate is at the time.
What is the £100 letting fee for?
In processing the Consent to Let application form we need to go through a number of administration issues, and this fee goes towards all this.
View our tariff of charges .
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.