Top tips for managing your mortgage

Jen Lloyd, Head of Mortgage Products and Proposition
24 November 2025

Your mortgage is probably your biggest monthly outgoing. And that’s why it can really help to fully understand how it works so you feel confident rather than overwhelmed.

This is especially true when you need to make decisions over your mortgage. Perhaps your current mortgage deal is close to coming to an end. Maybe you’re looking to borrow more to pay for things like home improvements. Or you could simply want to know more about the options available to you.

Here are my top tips for managing your mortgage.

Prepare at least three months before your current deal ends

It’s a good idea to start planning early, so you have plenty of time to make the right decision for you. If your initial deal period ends soon, don’t wait until last minute to think about what comes next.

If you’re a Skipton member, we’ll let you know three months before your deal ends and encourage you to get in touch with us or your mortgage broker to discuss your next steps.

Depending on the type of mortgage product you're on, you'll have a few options to choose from when your deal period ends. You'll either:

• Start paying the Mortgage Variable Rate (MVR) or discounted Mortgage Variable Rate (where applicable). The interest rate on this is set by us and changes from time to time.
• Take a mortgage out with another lender.
• Switch to another deal with us.

In the three months before your current deal ends, you’re able to select your next one. And you’re not tied to it, meaning you can switch again ahead of your deal ending – for example, if rates were to fall in that time.

It’s worth thinking about having a conversation with an expert a good three months before your current deal ends. That way you know where you stand and are in a good place if you need to look at things like your monthly finances.

The interest rate tightrope

If you’re on a fixed rate mortgage, the landscape can often be very different when your deal comes to an end. The last few years have really shown this, with mortgage rates quickly rising before slowly starting to come down again.

This can make for a real dilemma when it comes to a fixed rate deal ending and deciding whether to move onto another fixed rate. Depending on what has happened with rates over your fixed term, you could expect to face cheaper or more expensive repayments. But there’s also a question of what could happen to rates in the future, and what this could mean. For example:

• If you fix for another term and rates go down after, you might be left paying more compared to others in the same situation.
• Equally if rates go up after you fix, you might benefit from lower repayments.
• No one can predict the future, but getting advice on the options for your situation could help you make an informed decision.

Here at Skipton Building Society we offer a range of mortgages with fixed and variable rates. There are pros and cons to each type of mortgage, which is why a chat with one of our mortgage advisers or your broker could come in useful. It’s all about finding what works best for you.

You’ll be pleased to know that switching from one Skipton mortgage product to another doesn’t require you to pass an affordability check, there are no legal fees, and no valuation requirements.

Consider paying more now to pay less in the future

If you can afford to overpay your mortgage, you could pay off your mortgage sooner and save money in interest payments.

By paying more now – either as a lump sum or regular payment – you’ll reduce the amount you need to pay in the future. This could come in very handy if your financial circumstances are due to change, such as reducing your work hours or even planning to retire in the next few years. You should know that overpayment may lead to your contractual monthly payment being recalculated.

And if you took out a deal when mortgage rates were lower, overpaying now whilst you’re on a cheaper rate could make all the difference later down the line.

It’s important you’re mindful of early repayment charges though. If you’re on a Skipton fixed rate mortgage, you can overpay up to 10% of your original loan amount every year without having to pay an early repayment charge.

Wanting to make home improvements – think about additional borrowing

You could borrow more money on your mortgage to raise extra funds for something that may involve a larger expense – such as a new kitchen or buying a new car. If you’ve had a mortgage with us for at least the last six months, you might be able to borrow up to 95% of the value of your home (75% for Buy to Let customers), subject to criteria including affordability and conduct of your account.

Plus, if you’re looking to make your home more energy efficient – including things like solar panels, insulation or new windows and doors – we offer Green Additional Borrowing products to our existing borrowers. We also have a member offer that could help you consider energy saving improvements to your home.

You can find out more about these options on our Additional Borrowing page.

If you're not sure, seeking some advice could make all the difference

Having a conversation with an expert could be one of the most important things you can do when it comes to your mortgage.

It could help you to understand what you already know and what you need help with:

• From being aware of how your mortgage works
• What rate you’re on and what you’ve got left to pay
• Whether you could benefit from overpaying your mortgage
• What’s best for you if you’re coming to the end of an initial deal.

There can be a lot to get your head around when it comes to your mortgage. And as one of our members, the last thing we want is for you to feel uncertain about something so important. That’s why we’re here to help you feel confident about managing your mortgage.

You can phone our friendly team for help with your mortgage questions on 0345 850 1711 or book a video call when it suits you.