Skipton Mortgage Application Process

Skipton Mortgage Application Process – Step by Step

Before you apply for a mortgage, it’s important to know how much you might be able to borrow.

Use Skipton’s Affordability Calculator online.
You’ll need to provide details about:
- Your income (salary, bonuses, overtime, benefits)
- Self-employed income (last 2 years’ accounts or accountant’s certificate)
- Contractor income (daily rate × 5 × 48 weeks)
- Limited company dividends and remuneration
- Your outgoings (loans, credit cards, existing mortgage payments, general spending)
The calculator performs a soft credit check, which doesn’t affect your credit score.
You’ll get a clear estimate of how much you could potentially borrow.

A Decision in Principle (DIP), also known as a Mortgage in Principle (MIP), shows how much a lender might be willing to lend you.

You can request a DIP within 30 days after completing your affordability calculation.
If you don’t request it immediately, Skipton will email you a link to complete your DIP within 30 days.
Make sure to provide your email address and mobile number to save your progress.
A DIP is for illustrative purposes only and doesn’t guarantee a mortgage. It gives estate agents and sellers confidence in your offer.

Browse the Skipton mortgage deals to find one that suits your needs.
Consider factors like:
- Initial rate and fixed term
- APR (Annual Percentage Rate of Charge)
- Loan-to-Value (LTV) ratio
- Product fees
- Repayment type (Repayment or Interest Only)
- Overpayment options
Remember: all mortgages are subject to lending criteria, valuation, and underwriter approval.

Once you have a DIP and have chosen a deal:

Submit your full mortgage application online, over the phone, or via video appointment with a Skipton mortgage adviser.
You will need to provide:
- Personal details (name, address, contact information)
- Financial information (income, outgoings, existing debts)
- Property details (purchase price, type, location)
Skipton will carry out a hard credit check, which will leave a footprint on your credit record.

Skipton arranges a property valuation to confirm the property’s worth.
An underwriter reviews your application to ensure it meets all lending criteria.
At this stage, you may be asked for additional documents if needed.

If your application is approved, you’ll receive a formal mortgage offer.
This includes the terms of your mortgage, such as:
- Loan amount
- Interest rate
- Repayment schedule
- Fees and charges

Use your mortgage offer to exchange contracts on your property.
Pay any fees (completion fees, CHAPS fees, deposit).
Your mortgage funds will be sent to your solicitor to complete the purchase.

Begin monthly repayments according to your mortgage terms.
You can make overpayments (up to 10% of your original balance per year) without incurring Early Repayment Charges for most deals.