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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. A mortgage valuation will be carried out on the property to check that it provides sufficient security for the loan. This is for mortgage purposes only and at Skipton you won't normally be charged for this unless your property is worth over £1.5 million.
  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.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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Our mortgages

From first time buyers to remortgaging, take a look at what we have to offer.

Our mortgages
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What's on your home-buying checklist?

For some it’s proximity to schools. For others it’s the commute to work.

Home-buying checklist

How to buy a house

From finding a surveyor to exchanging contracts.

How to buy
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