Applying for a mortgage

Before applying for a mortgage, there's a lot to consider, from understanding the costs involved, to knowing how much you can afford to borrow.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Things to consider:

  • how much you need to borrow
  • monthly income and outgoings
  • one off additional expenses such as valuation fees, local authority search fees, conveyancer's fees and Stamp Duty Land Tax,
  • the cost of furnishing and decorating your new home,
  • if you're looking to remortgage, you will need to check with your existing provider to see if there will be any charges for early redemption, or any other fees associated with your mortgage.

Our affordability quick calculator will give you an idea of how much you could borrow, based on your declared earnings and the number of people planning on applying for a mortgage.

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Important information:

For a more in-depth affordability check before you start a Decision in Principle, call Skipton Direct on 0345 850 1755.

How the mortgage application process works

  1. once you know how much you need to borrow, you should complete a Decision in Principle.
  2. if your Decision in Principle is approved, a member of our mortgage team will arrange a mortgage advice appointment.
  3. during your mortgage advice appointment your dedicated mortgage adviser will advise you on a suitable mortgage from our range and prepare your full application.
  4. we'll send you your Mortgage Illustration and application by post or email for you to check, sign and return.
  5. your mortgage application is underwritten by our team of mortgage underwriters.
  6. a valuation is carried out on the property.
  7. if all criteria are met you will receive your mortgage offer.
  8. a conveyancer is instructed to complete the legal work of investigating the legal title and preparing the mortgage documentation.
  9. once all legal work is complete we will release the funds. The mortgage will be in place.

The first step to applying for a mortgage is getting a Decision in Principle (DIP) below:

Getting a Decision in Principle (DIP)

You can apply for a Decision in Principle by calling one of our mortgage team.

We'll ask you for specific information, which will help us to provide you with a decision about the amount of loan that could be available to you. The DIP is not a cost quotation for a particular mortgage product - that will be provided later in the process as a Mortgage Illustration (MIL).

The amount we lend is based on an overall assessment of affordability, which takes into account your income and expenditure and the impact of possible future interest rate rises.

To complete your DIP, you will need the following information:

  • salary and employment details/2 years' accounts, if employed/self employed
  • details of your existing mortgage(s), if you already have one
  • details of your current financial commitments and loans.

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Important information:

We will use the information obtained from the credit check to undertake an automated assessment of your ability to afford the mortgage. Where we assess it is not affordable, your application may be rejected without being manually assessed by the Society.

On the phone

0345 850 1755

Lines are open 8am - 8pm Mon to Thurs
8am - 5:30pm on Fri and 9am - 12pm on Sat

Skipton Link - Flexible appointments for busy lives

Our new video appointment service gives you access to our mortgage team who can complete a mortgage appointment (following your DIP), face to face, from the comfort of your own home.

More about Skipton Link
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

*To help maintain service and quality, some telephone calls may be recorded and monitored.

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.

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