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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.

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. Read our guide about costs of buying a home to find out more about these additional costs
  • 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.

How the mortgage application process works

  1. To get started you'll need to check your affordability. Our Affordability Calculator works out how much you might be able to afford to pay back on your mortgage based on your income and outgoings.
  2. We use the information you supplied for the Affordability Calculator and ask for some additional information to complete your Decision in Principle (DIP). If you don’t complete both stages in one sitting, at the end of your affordability calculation we’ll send you details via email to allow you complete your DIP within 30 days. Make sure you provide your email address and mobile number so you can continue from where you left off.
  3. If your DIP is approved, we’ll arrange a mortgage advice appointment for you either over the phone or by our Video Appointment service - Skipton Link.
  4. During the appointment, your dedicated mortgage adviser will recommend a suitable mortgage from our range and prepare your full application.
  5. We'll send you a Mortgage Illustration and your completed application so you can check, sign and return it.
  6. Your mortgage application will be underwritten by our team of underwriters.
  7. If you're buying a new home, we will need to arrange a valuation for mortgage purposes. The valuation is prepared for Skipton Building Society (not for the borrower). This is to make sure the loan amount you require is appropriate and the property value and is deemed suitable security for lending purposes. In most instances we won’t charge you for the valuation for mortgage purposes. Where the property is worth over £1.5 million there may be an additional standard valuation charge.
  8. If all criteria for your mortgage application are met, you'll receive your mortgage offer through the post or an email with details to access your mortgage offer.
  9. The conveyancer will then be instructed to complete the legal work.
  10. Once all legal work is complete, we'll release the funds and your mortgage will be in place.

The Skipton Home Conveyancing service and standard valuation are not regulated by the Financial Conduct Authority.

You could lose your home if you don’t keep up your mortgage repayments.

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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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