Questions & Answers

What does with advice and without advice mean?

With advice

If you’d like advice from us on choosing your next mortgage product, please call us on 0345 600 5947 to book an appointment to talk to one of our qualified, telephone-based Mortgage Advisers. They will assess your needs and circumstances and recommend a mortgage that they believe is most suitable for you. There’s no fee for this service and we only offer our own mortgages.

You might need advice if:

  • You’re unsure about which mortgage product is the most suitable for your needs and circumstances, or
  • Your personal circumstances have changed (e.g. changes to your income, marital status or financial position) which means you would benefit from a full review of your mortgage arrangements, or
  • You want to review any other aspect of your mortgage, e.g. if you want to borrow more money or change the length of your remaining mortgage term.

Without advice

You can choose to switch to another mortgage product without us giving you advice. You can only take this option if:

  • you don’t want to make further changes to your mortgage, for example the length of your remaining mortgage term, and
  • you’re confident that you can identify the right mortgage product for your needs and circumstances, and
  • you’re happy to take responsibility for your decision.

If you make your own decision to select a product on a without advice basis, you won’t benefit from the protection of the Financial Conduct Authority’s rules on assessing the suitability of the mortgage product for you and you won’t be able to claim for this under the Financial Services Compensation Scheme protection.

Need help?

Phone Call Skipton Direct 0345 600 5947

8am - 8pm
8am - 5.30pm
9am - 12pm

Whats the difference between a fixed rate and a discounted variable rate mortgage?

Fixed Rate Mortgages
The monthly interest rate, and therefore your monthly mortgage payment, is guaranteed to stay the same for a set period – even if other interest rates rise during this time. However, if interest rates fall during the fixed period, your monthly payment won’t change, so you may end up paying more than you would with a variable rate mortgage. At the end of the fixed rate period your rate will change to our Residential Mortgage Variable Rate.

Discounted Variable Rate Mortgages
Your monthly payments are based on a discounted rate set at a certain level below our Residential Mortgage Variable Rate for a specific period of time. This means that your rate and payments could go up and down during the discounted period. At the end of the discounted period your rate will change to our Residential Mortgage Variable Rate.

Important information - if you choose the without advice option

Why are you giving me this option?

At Skipton, we give full advice to our mortgage customers based on their individual needs and circumstances, which includes recommending the most suitable mortgage for them. Although we know that many customers really value this comprehensive approach, some customers have told us they’d prefer to be able to choose a mortgage product for themselves. That’s why we’re giving you the option to choose your mortgage product yourself. However, if you’d prefer us to give you advice about your mortgage, you can call 0345 600 5947 to book an appointment with one of our telephone-based Mortgage Advisers.

What if I want to make other changes to my mortgage?

If you want to make other changes to your mortgage, for example the length of your mortgage term, it’s important that we give you advice to make sure that your mortgage is right for you. Please call us on 0345 600 5947 to book an appointment with one of our telephone-based Mortgage Advisers.

What do I need to do next?

If you’d like to switch to another of our mortgage products without us giving you advice, please give us your instructions online by using the web address in the letter we sent you.

When do I have to give you my instructions?

If you want to make sure your product switch takes place as soon as your current mortgage interest rate ends, you’ll need to submit your instructions by the 20th of the month in which your current rate will end.

What will happen next?

When you’ve chosen the product you want and submitted your instructions, we’ll send you a formal Offer that will set out your specific mortgage arrangements, including details of your new monthly payment and the impact of any fees payable (whether paid up-front or added to the loan). The earliest date that we’ll send your Offer is the 1st of the month in which your current interest rate ends.

Once you’ve received your Offer, you’ll then have time to consider the full document and check the details. If you decide to go ahead and if you’re comfortable that your chosen mortgage product is suitable for you, you’ll then need to sign and return your Offer to us within 7 days. As long as you return your signed documents in time, we’ll honour the product you’ve chosen, even if it’s been withdrawn from general sale.

Once we’ve received your signed documents, we’ll make sure the rate change for your chosen mortgage is implemented on time and we’ll write to you to confirm when it’s been done. 

How do I know what my new monthly payment will be?

You can use our mortgage calculator to give you an indication of what your monthly payment might be on any interest rate. Just enter the mortgage balance, term and rate. Your most recent mortgage balance can be found on the front of the letter we sent you, although it’s worth bearing in mind that this may not include your latest monthly payment and should not be used as a figure to fully pay off your mortgage.

Your Offer will then show your specific mortgage payment based on the exact balance and term remaining at the date it is issued.

What if I currently make regular overpayments on my mortgage?

If you currently make regular overpayments on your mortgage, we’ll continue to collect the higher amount until you tell us in writing to do otherwise.

What if I have any questions?

You can call us on 0345 600 5947 and we can provide factual information on our products or simply accept your instructions.

If, however, you want us to help you decide which product might be suitable for your needs, then one of our telephone-based Mortgage Advisers will be able to give you full mortgage advice.

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