13 May 2026
Mortgages can feel like a maze.
Numbers. Jargon. Fine print.
But here’s the good news: it’s simpler than it looks. And once you crack the basics, everything starts to click.
More control. More confidence. Maybe even a better deal.
And we’re here to help you with this.
We’ve partnered with Phil Spencer’s Move iQ to help you feel more confident about your mortgage. In this episode, Skipton’s very own mortgage expert, Simon, chats with Phil about what really matters when it comes to your mortgage. Check out the video linked below or start with the essentials here.
First things first: what do your mortgage payments cover?
Your monthly mortgage payment usually has two parts:
- The loan (sometimes called the capital) - that’s the amount you borrowed
- The interest - that’s the cost of borrowing the money.
Most people are on a repayment mortgage. Each payment chips away at both the loan and the interest. Bit by bit, the balance you owe gets smaller and smaller, and the mortgage is repaid at the end of the term.
Some people have an interest-only mortgage. Here your monthly payment only covers the interest. The amount you borrowed stays the same, unless you make extra payments. You’ll need to pay off the full loan amount by the end of the mortgage term.
Overpayments – a little goes a long way
One of the easiest ways to get ahead of your mortgage is by making overpayments.
It can mean paying off your mortgage sooner and paying less interest overall. That’s because you’re cutting the balance faster, so interest is charged on a smaller amount for a shorter time.
And no, it doesn’t need to be huge amounts. An extra £50 or £100 – whatever works for you.
It can all quietly add up in the background.
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Top tip:
Check your lender’s rules first. Most allow overpayments, but limits can apply.
Don’t let your deal drift
Life changes. Rates change. Your circumstances change too.
A deal that once suited you may no longer be the best fit. If you’ve been on the same deal for a while, it’s worth checking:
- what deal you’re on
- when it ends
- could you do better?
When you signed up, you may have had a fixed or discounted rate for a set time. When that ends, many roll onto the lender’s standard variable rate (SVR) or mortgage variable rate (MVR). These rates can be higher, which could mean you are paying more than you need to.
A good habit is to check your deal well before it ends. If the rate ends within six months, it’s time to start thinking about your next deal. A quick check now could save you a bigger headache later.
Don’t ignore your annual statement
Think of your annual statements as your mortgage map – a handy snapshot of where you are.
It tells you three things you really need to know:
- your interest rate and the type of deal you’re on
- your remaining term, which is how long is left on the mortgage
- your outstanding balance, which is what you still owe.
Put together, it gives you a clear picture of where you are now, not just where you started. So don’t file it away and forget it. Give it a read – it may tell you more than you think.
Know your LTV
LTV stands for loan to value.
It’s simply how much you’ve borrowed compared with the value of your home.
- say your home is worth £200,000
- you owe £150,000
- that means your LTV is 75%.
Why it matters?
Because lenders often use LTV to work out what deals they can offer you. And in many cases, a lower LTV can open the door to better rates.
You might be able to improve yours by:
- overpaying your mortgage
- increasing your property’s value (renovations, improvements)
- simply benefiting from house price growth.
Your LTV is like your mortgage health meter. The lower it is, the stronger your position may be.
One simple move to stay in control
If you do just one thing, do this: Check when your current deal ends.
That one check can make a big difference. If it’s up within the next six months, you know you’ve got time to compare new deals, ask questions, and avoid rolling onto a more expensive rate without meaning to.
Checking is easy.
- you can usually do it online
- you can usually look at your statement
- you can speak to your lender.
And if you need more support, talking to your lender or broker can help make the complicated feel much simpler.
The bottom line
Mortgages don’t need to feel mysterious.
Watch the MoveiQ – Getting to grips with your mortgage episode for expert tips.
Then take five minutes to check your own details:
- read the statement
- check the deal
- look at the balance.
Because once you know how it all fits together, the whole thing becomes much easier to handle.
You’ll know what your monthly payment is. You’ll know what to look for on your statement. And you’ll know when it’s time to review your deal.
Small actions can lead to big gains.
Want to feel even more in control?
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You could lose your home if you don't keep up your mortgage repayments.