Switching your mortgage deal

When you take out a fixed rate, tracker or discounted mortgage with us, the initial deal lasts for a set period.

Once this time is up, you have a few options.

  • Switch to another deal with Skipton;
  • Start paying the Mortgage Variable rate (MVR);
  • Pay a discounted rate on our MVR (where applicable), or
  • Take out a new mortgage with another lender.

For more information on our variable rates visit our Skipton Variable Rates page.

Reasons to stay with Skipton

There are a number of very good reasons to choose another mortgage deal with us. Here are some of them:

  • We’re award winning
    We've been named "What Mortgage Awards 2020 - Best National Building Society" for the 7th year in a row - so you know you can rely on us.
  • We make the process easy
    If you are simply switching products because you already have a mortgage with us, there are no long forms to fill in and you won’t even need to have an affordability check.
  • You can switch it all online
    If you are eligible, you can complete the process online without having to contact us directly – although if you need any help, you can always contact us.
  • You can arrange a new deal in advance
    Get peace of mind today by making arrangements to switch to another Skipton mortgage up to three months in advance of the end of your current deal.
  • We have a wide range of mortgage products to choose from
    We value our existing customers, that's why we give you access to a wide range of products to choose from when you're looking for a new deal.
  • You can apply for additional borrowing
    If you’ve been thinking of making any home improvements or borrowing more money, it might be worth applying for it at the same time as switching to a new deal. Call our mortgage advisers if you have any questions and to find out more.
    Additional borrowing is subject to our lending criteria and your individual circumstances.

When can you switch?

If you have a deal that’s coming to an end we’ll contact you 14 weeks before, telling you about your options and how to switch your deal if you want to.

If we don’t hear from you, we’ll send you another reminder six weeks before your current deal ends.

Once you’ve let us know what you want to do, we’ll give you a mortgage illustration which will outline the details of your new deal, when it will begin and what you need to do to accept it. Your new deal will not start until your current one comes to an end.

Can I switch my deal online?

If you have already received your letter, and you have been told you have the option to switch your deal online, you can start the process now.

Switch my mortgage deal

What happens if you do nothing?

If you decide not to switch your deal, your mortgage will automatically move on to our Mortgage Variable Rate, or where applicable you will pay a discounted rate on our MVR. However this could mean your payments may be higher or lower, depending on your current rate. The Mortgage Variable Rate is a variable rate set by Skipton which can change from time to time.

Your home may be repossessed if you do not keep up repayments on your mortgage. If you have a Buy to Let mortgage and you fail to keep up with payments on your mortgage, a 'receiver of rent' may be appointed and/or your rental property may be repossessed. Most Buy to Let mortgages are not regulated by the FCA.

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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.

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