Benefits of a Skipton Mortgage
When you take out a mortgage, you might appreciate some support on your journey. For this reason, we provide the following benefits.
- Daily interest - by calculating the interest you pay on a daily basis, we may be able help you save thousands of pounds over the life of your mortgage.
- Overpayments up to 10% per year without charge even if there is an Early Repayment Charge (ERC) – this option could allow you to pay your mortgage off earlier than planned, potentially saving you thousands of pounds in interest.
- Payment holidays - if you've made overpayments and are eligible, we offer payment holidays, giving you a break from mortgage payments for up to three consecutive months.
- Mix and match - if you'd like a combination of products, your mortgage adviser may be able to recommend a combination of products to suit your personal requirements. In such cases, the highest product fee of those chosen will apply.
- For Buy to Let mortgages, rental income is tested for affordability purposes on 145% or 125% (depending upon your circumstances) of the mortgage interest payment at an interest rate of 5.5% pa.
- One free standard valuation up to a maximum purchase price/estimated valuation/ultimate valuation of £1,500,000. See product information for details.
- Free standard legal costs for some products if you're remortgaging.
- Cashback following completion for some products.
- Portability - your product may be portable, meaning you may be able to move your mortgage deal with you (subject to lending criteria) if you choose to move house, without paying an ERC unless you are reducing the balance.
- Personal Adviser - you will receive your own dedicated mortgage adviser to offer help, information and advice. Buy-to-let applicants will receive all the help and information they need to make a decision about their mortgage.
- Protection - we offer both buildings and contents insurance to protect your home and its contents as well as cover such as Critical Illness Cover through Legal and General. Buildings insurance can only be put in place for properties which are complete. For new builds, you may need to have 'property in the course of construction' insurance in place from exchange of contracts. Your conveyancer will advise you if this is the case.
- Additional borrowing – if you want to increase your mortgage in the future, we offer the option of additional borrowing, subject to affordability, LTV and other lending criteria.