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Buying your first home is a big step, so it’s important to get a mortgage that's right for you.
Borrow up to 95% of your property value
Fixed and variable rates available
No fees payable upfront for application
For some it’s proximity to schools. For others it’s the commute to work.
Here’s our step-by-step guide to buying a house.
If you’re saving for a house, here are our tips to help you to save.
It’s essential you know what you may be able to borrow before looking for your first home, so you’ll need to call us for an affordability check first.
If you’re saving for a deposit, then it’s worth considering the following options.
Online Cash Lifetime ISA
This is a savings account which can be opened by people between the age of 18 and 39 to save up to £4,000 tax-free each year. The government will pay a 25% bonus on your contributions, up to a maximum of £1,000 a year and it can be used to help you save for your first home.
Your Lifetime ISA allowance forms part of your overall £20,000 annual ISA allowance. If you withdraw before you reach 60 for any reason other than purchasing your first home, a government charge will apply and you will get back less than you put in. Find out more.
Help to Buy and Shared Ownership
Help to Buy Equity Loans is a government scheme designed for new-build properties to help you to own your first home or to move up the property ladder.
The government lends you up to 20% in England and Wales, 15% in Scotland and 40% in London towards the cost of your home, so you'll only need a 5% cash deposit (or 10% if you're buying in Scotland). They are only available if you meet the eligibility criteria and you're buying a new-build home. You can find out more about the government Help to Buy equity loan scheme at the government website.
Shared Ownership allows you to buy a share of the home and pay rent for the rest. This means you take a smaller mortgage, so the deposit required is lower. However, you need to make sure you budget for your monthly mortgage payments plus the rent.
Once you've got your deposit together, you then need to get advice on the type of mortgage you can have, which tends to be one of the following three types:
You can obtain a Decision In Principle (DIP) over the phone, once you have found a property, and it only takes around ten minutes.
The amount we lend is based on an overall assessment of affordability, which takes into account your income, expenditure and the impact of possible future interest rate rises.
What you’ll need when you call us;
We have a range of mortgages available to first time buyers starting with a minimum 5% deposit.
For an affordability check, Decision in Principle or to talk to us about our mortgage products please call us on 0345 607 9825
We’ve pulled together what you need to know about using your Lifetime ISA to buy your first home
Tax-free savings account for people aged 18 to 39 to help you buy your first home or help fund your retirement.
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Site intended for UK residents only. Skipton Building Society is a member of the Building Societies Association. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 153706, for accepting deposits, advising on and arranging mortgages and providing Restricted financial advice. Principal Office, The Bailey, Skipton, North Yorkshire, BD23 1DN.