Skipton Building Society review
Best for Renters
Building society offering some of the most competitive mortgage rates in the UK. Known for Track Record mortgage for first-time buyers with rental history instead of deposit.
Overview
Skipton Building Society has carved out a unique position in the UK mortgage market with the Track Record mortgage — a product that lets first-time buyers get a mortgage with no deposit at all, using their rental payment history as evidence of affordability.
Who Is Skipton Best For?
- Renters trapped in the deposit cycle — paying high rent but unable to save
- First-time buyers with strong rental history — 12+ months on-time rent payments
- Those who want building society values — member-owned, not profit-driven
- People wanting competitive standard rates — beyond Track Record, rates are strong
The Track Record Mortgage
This is the standout product. Requirements:
- 12+ months continuous rental payments — on time, no arrears
- No missed bill payments in the last 12 months
- Monthly mortgage payment ≤ average rent over the last 12 months
- First-time buyer only
- Maximum 5x income lending multiple
If you pay £1,000/month in rent and have done for 12+ months, Skipton argues you have already proved you can afford £1,000/month. So they will lend you a mortgage at that level — even without a deposit. It is a genuinely innovative approach to a real problem.
How It Compares to Standard Mortgages
| Feature |
Track Record (100% LTV) |
Standard FTB (95% LTV) |
| Deposit needed |
£0 |
5% (e.g., £10,000 on £200k) |
| Interest rate |
Higher |
Lower |
| Lending multiple |
Up to 5x |
4-4.5x |
| Criteria |
Strict rental proof |
Standard affordability |
| Monthly cost |
Higher (higher rate) |
Lower |
A 100% LTV mortgage has a higher interest rate than one with a deposit. You will pay more per month and more total interest. But the alternative — continuing to rent while trying to save a deposit in a rising market — can cost more in the long run. Run the numbers for your situation.
Beyond Track Record
Skipton also offers competitive standard fixed-rate mortgages at all LTV levels. They are consistently near the top of best-buy tables, especially for 2 and 5-year fixes.
What Skipton Lacks
- Branch network limited to Northern England — 88 branches, mostly Yorkshire/North
- Track Record has strict criteria — not everyone qualifies
- Not all products available online — some need a branch visit or phone call
- Processing can be slower — smaller team than major banks
The Bottom Line
Skipton's Track Record mortgage is a genuine innovation for the UK market — the only mainstream route to homeownership without a deposit. If you have a clean 12-month rental history and are stuck in the rent trap, it is worth serious consideration. Even without Track Record, Skipton's standard mortgage rates are consistently competitive.
Pros
- Track Record mortgage (no deposit, based on rent)
- Very competitive rates
- Building society values
- Good first-time buyer range
- No early repayment charges on some products
Cons
- Branch network limited to North
- Not all products available online
- Processing can be slower
- Track Record has strict criteria
- Limited to residential mortgages