Switching your mortgage deal

Stay with Skipton and feel at home with your mortgage

When you’re getting ready for your next mortgage deal, you’ve got plenty of Skipton options to choose from — along with the great service you already know.

What happens when your deal is ending?

Your Skipton mortgage deal lasts for a set period. As you get closer to the end of it (known as maturity), you’ll start hearing from us more. This gives you time to look at your options and choose what feels right for you. When you get to 3 months away from maturity, you can decide what to do next.

Your options include:

1) Move onto one of our Mortgage Variable Rates: This is where your mortgage repayments could change month by month. We set the rate, which depends on a range of factors like the Bank of England base rate.

2) Move onto our discounted Mortgage Variable Rate: Depending on the terms of your current mortgage, you might qualify for a lower interest rate than the regular Mortgage Variable Rates. Again, we set the rate. Your payments could still change monthly, but the discount stays in place.

3) Switch to another Skipton deal: Depending on what’s available, this could be another fixed rate, base rate tracker or discounted mortgage. Your new deal lasts for a set period. Pick your new deal ahead of time – and if rates fall before your current deal ends, you can switch to the lower option.

4) Move your mortgage to another lender: You’re free to remortgage elsewhere. Just remember: unless you also have at least £1 in a Skipton savings account or have another mortgage with us, you’ll no longer be a Skipton member if you move away.

How to get ready for your next switch

If you’re not quite ready – or it’s not yet time – to switch, you can still start planning.

What happens if you don’t switch?

Your mortgage will automatically move to our Mortgage Variable Rate. The one you move onto depends on your situation. Check your mortgage offer to find out more.

• If the mortgage is for the home you live in, you’ll move to our Residential Mortgage Variable Rate.
• If the mortgage is on a property you rent out, you’ll move to our Buy to Let Mortgage Variable Rate.
• If your current mortgage deal has certain terms, you’ll pay a discounted rate on our Mortgage Variable Rate for a set period.

Our Mortgage Variable Rates are likely to be different from your current deal. This means your monthly payments might go up or go down.

And because our Mortgage Variable Rate will change over time, your monthly payments won’t stay the same.

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