Skipton Building Society Cuts Interest Rates on Buy-to-Let Mortgages - Just Landlords (2024)

FAQs

Is Skipton Building Society good for mortgages? ›

Skipton Building Society is a well-established provider with market-competitive rates and good customer service scores, offering a range of different mortgages.

The calculation for your maximum borrowing amount is based on that and the length of term you choose to repay your mortgage over. Skipton's 100% mortgage product has a term time between 5-35 years.

Whether you're able to do this will be subject to you meeting the lenders current residential affordability criteria. You can approach your existing lender to see if they will grant permission, however if they can't / won't allow this, then we can look at alternative lenders to help you.

Paying off buy to let mortgages early

If the interest rate paid on cash in the bank is lower than the mortgage rate, then taking money out of savings to reduce a mortgage makes financial sense. The gain of lowering mortgage payments will offset any meagre return generated from banks or building society interest.

Your eligible deposits with Skipton Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.

Performance continues to be strong, with pre-tax profits of £47.3m (2022: £39.9m); this reflects the benefits to income and margin from the rising interest rate environment, whereby SIL's net interest margin has increased to 2.37% (2022: 2.20%), whilst the ratio of administrative expenses to income remained stable at ...

Skipton Building Society launched a 100% mortgage product called a 'Track Record Mortgage' in May 2022 aimed at renters struggling to save for a deposit. You can borrow from 95% to 100% of the value of the property up to £600,000, meaning you do not need to provide a deposit if you don't want to.

The short answer is yes, you can transfer your mortgage to another person, but only under certain circ*mstances. To find out if your mortgage is transferable, assumable or assignable, contact your lender and ask.

Yes, you can change your mortgage lender. Borrowers are safeguarded under consumer protection laws that allow them to walk away from any loan before it is issued.

As a rental property owner, you can claim deductions to offset rental income and lower taxes. Broadly, you can deduct qualified rental expenses (e.g., mortgage interest, property taxes, interest, and utilities), operating expenses, and repair costs.

Can you get interest-only buy to let mortgages? ›

The minimum deposit is usually 25% of the property's value (although it can vary between 20-40%). Most BTL mortgages are interest-only. This means you pay the interest each month, but not the capital amount. At the end of the mortgage term, you repay the original loan in full.

Selling might be the better option if you need the proceeds to pay for your next home or stand to make a large profit. Renting it out could be a good choice if you're looking for additional income or if you're moving temporarily and plan to come back.

Although Skipton does offer bad credit mortgages under some circ*mstances, they won't lend if you're in a debt management plan, have a default that was registered in the last 3-12 months, or have a history of payday loan use, to name a few examples.

Skipton have traditionally been very good at fulfilling “niche” lending for mortgage applicants in addition to their core residential lending, such as buy to let and self-build projects.