Skipton Building Society Mortgage Product Transfer Advice
If your Skipton Building Society deal is coming to an end, we will review what Skipton can offer you alongside rates from over 90 other lenders and give you a recommendation based on your circumstances. For a straightforward rate switch, we charge no client fee.
Why use Aspect Mortgages for your Skipton product transfer?
Advice, not just information. We recommend the right option for you. Skipton can only show you their own rates.
Whole market comparison. We check 90+ lenders before recommending you stay with Skipton.
No fee for a like-for-like rate switch. Straightforward advice at no cost to you.
We lock in your rate early. Skipton's booking window opens three months ahead. We act as soon as you are eligible.
We sense-check rates before completion. A few weeks before your new deal starts, we review the latest rates to make sure you are still on the best available option.
We look after you for life. We will remind you before every future deal end date so you never drift onto a variable rate.
How does a Skipton product transfer work?
When your current Skipton deal ends, you will be offered a new rate from Skipton's existing borrower range. No solicitor is needed, no physical valuation is required and, for a like-for-like switch, no new credit check or affordability assessment takes place.
The booking window is three months. Skipton opens its product transfer window three months before your current deal expires. We recommend speaking to us around this point so we can review Skipton's offer alongside the wider market before you make a decision. Acting early gives you time to consider both routes properly rather than making a quick choice as your deal end approaches.
No credit check for a standard product transfer. Skipton does not carry out a new credit or affordability assessment for an existing borrower switching rates on the same terms. Your payments need to be up to date and you should not be in arrears. Changes to your financial circumstances since you took out the mortgage do not affect your ability to transfer to a new rate on a like-for-like basis, which can make a product transfer an important option for borrowers whose situation has changed.
Skipton uses an index valuation. Rather than requiring a physical survey, Skipton applies the Office for National Statistics UK House Price Index to establish your current property value and loan-to-value. If you believe your property has increased significantly in value and an indexed valuation would not reflect this accurately, you can request a revaluation. Additional costs may apply and the product transfer cannot proceed until the new valuation has been agreed.
A useful point on broker eligibility. Unlike some lenders, Skipton does not require the broker handling the product transfer to be the same firm that originally introduced the mortgage. If you arranged your Skipton mortgage directly or through a different adviser, we can still act for you on a product transfer. You do not need to go back to your original broker.
If your deal has already ended, you will have moved onto one of Skipton's variable rates, which is significantly higher than their fixed rate range. Whether that is the Standard Variable Rate or the Mortgage Variable Rate depends on when your mortgage was originally taken out. Customers on a variable rate with no early repayment charge can apply for a product transfer at any time.
Use our repayment calculator to see what a change in rate could mean for your monthly payments before we speak.
For many homeowners, particularly those in unstable financial circumstances or with limited equity, a product transfer can be the most practical and cost-efficient option. But it is not automatically the right choice, which is why it is worth speaking to an adviser about your options.
Skipton's SVR and MVR: an important distinction
Skipton operates two separate variable rates, and understanding which one applies to your mortgage matters before you decide whether to do a product transfer:
The Standard Variable Rate (SVR) applies to older mortgages taken out before November 2012. Skipton's SVR benefits from a rate ceiling, which limits how high it can go. If your mortgage currently reverts to the SVR, you have a degree of protection that newer borrowers do not have.
The Mortgage Variable Rate (MVR) applies to mortgages taken out from November 2012 onwards. The MVR does not carry the same ceiling protection.
The key point is this: if your mortgage currently reverts to the SVR and you carry out a product transfer, your new deal will revert to the MVR when it ends, not back to the SVR. This is a permanent change and cannot be reversed. For borrowers on the SVR who value that ceiling protection, it is worth factoring into the decision rather than switching without thinking it through.
If you are unsure which rate your mortgage reverts to, check your original mortgage offer or your most recent annual statement. We will also confirm this when we review your case.
What if you want to make changes at the same time?
Skipton is more flexible than many lenders when it comes to combining changes with a product transfer. The following can all be included in a single intermediary submission:
Term changes on repayment mortgages can be made at the same time as the product transfer, either shorter or longer. This is handled through the eMortgages system alongside the rate switch.
Repayment type changes from interest-only to full capital and interest repayment can also be included. A pure interest-only case that will remain interest-only with no other changes cannot go through the standard product transfer route and will need to be handled separately by contacting Skipton directly.
Additional borrowing can be combined with a product transfer through the same submission, subject to a full affordability assessment for the borrowing element. It is worth noting that additional borrowing with Skipton moves onto the Mortgage Variable Rate at the end of the deal period rather than the Standard Variable Rate, regardless of which rate your existing mortgage currently reverts to.
The following cannot be handled through the standard product transfer process:
Consent to let. If a consent to let is in place on your Skipton mortgage, the product transfer cannot proceed through the intermediary portal. You would need to contact Skipton directly, or consider whether remortgaging to a buy-to-let lender is the right long-term solution. We can advise on that as part of the same conversation.
Adding or removing a borrower requires a full application and falls outside the standard product transfer route.
Where structural changes are involved, it is always worth checking whether remortgaging to a new lender might offer better terms overall. We charge a fee of £495 for advice on applications involving structural changes and will always make this clear before you commit to anything.
Skipton Product Transfer vs Remortgage
Skipton is a well-regarded building society with a straightforward product transfer process and a willingness to accommodate changes alongside a rate switch that some larger lenders will not. The three-month booking window is on the shorter side, so it pays to act promptly when your deal end is approaching.
As with any lender, the right question is whether Skipton's rate is the best available to you across the whole market. We have access to over 90 lenders. Sometimes staying with Skipton is the right answer. Sometimes a remortgage to a new lender will offer a better rate or more flexibility, particularly if your equity position has improved or your circumstances have changed. We will compare both and give you a straight recommendation.
There is also the SVR to MVR question noted above. If you are currently on Skipton's SVR and are weighing up whether to do a product transfer, the loss of the rate ceiling is a factor worth discussing with us before you decide.
We do not charge a fee for a like-for-like rate switch. Our standard advice fee of £495 applies when structural changes are involved.
Not sure whether a product transfer or a remortgage is the right move? Our guide to fixed vs tracker mortgages can also help if you are deciding which type of rate to take. We cover the full range of mortgage options and can talk you through the numbers at no cost.
Frequently Asked Questions
Can I do a Skipton product transfer through a broker?
Yes. Skipton accepts product transfer applications from registered mortgage intermediaries through their eMortgages system. One notable point: Skipton does not require the broker handling the product transfer to be the same firm that originally introduced the mortgage. If you arranged your Skipton mortgage directly or through a different adviser, we can still act for you on the product transfer without any restriction.
When can I start looking at Skipton product transfer rates?
Skipton opens its product transfer window three months before your current deal ends. We recommend speaking to us around this time so we have the opportunity to compare Skipton's offer against the wider market before you commit. If your deal has already ended and you are on a Skipton variable rate with no early repayment charge, you can apply to switch at any time.
Does Skipton carry out a credit check for a product transfer?
No, not for a standard like-for-like product transfer. Skipton does not carry out a new credit or affordability assessment for existing borrowers switching rates on the same terms, provided payments are up to date. If additional borrowing is included in the application, a full affordability check will be carried out for that element.
Can I change my mortgage term as part of a Skipton product transfer?
Yes, on repayment mortgages. Skipton allows term changes, both shorter and longer, to be made alongside a product transfer through the intermediary system. A change from interest-only to full capital and interest repayment can also be included. A case that remains on interest-only with no other changes cannot go through the standard product transfer route and requires direct contact with Skipton.
Can I borrow more at the same time as a Skipton product transfer?
Yes. Skipton allows additional borrowing to be combined with a product transfer in a single intermediary submission, subject to a full affordability assessment for the borrowing element. Bear in mind that additional borrowing with Skipton moves onto the Mortgage Variable Rate at the end of the deal period, not the Standard Variable Rate, even if your existing mortgage currently reverts to the SVR.
What is the difference between Skipton's SVR and MVR?
Skipton has two separate variable rates. The Standard Variable Rate applies to older mortgages taken out before November 2012 and benefits from a rate ceiling. The Mortgage Variable Rate applies to mortgages from November 2012 onwards and carries no ceiling. If your mortgage currently reverts to the SVR and you carry out a product transfer, your new deal will revert to the MVR at the end of the term. This change is permanent. It is worth factoring into the decision before switching.
What happens if I have consent to let on my Skipton mortgage?
Skipton does not permit a product transfer through the intermediary portal where consent to let is in place. If consent to let applies and your deal is ending, you will need to contact Skipton directly, or consider whether a remortgage to a buy-to-let mortgage is the right long-term solution. We can advise on both routes.
What other mortgage services does Aspect Mortgages offer?
As well as product transfers, we advise on remortgages, first time buyer mortgages, home mover mortgages and buy-to-let mortgages. We also have specialist advisers for self-employed applicants, contractors and professionals. See the full range of mortgage services we offer.
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There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £495 for a residential/buy to let mortgage or £1495 for an equity release/retirement mortgage.
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