Skipton Building Society has removed 16 mortgage administration fees in a move designed to simplify the borrowing process and reduce costs for homeowners and buyers.
The lender confirmed it has stripped out the charges from its Tariff of Mortgage Charges as part of a wider effort to streamline the homebuying and home-owning experience for its mortgage members.
The fee removals cover a wide range of common administrative requests which previously incurred costs for borrowers. Skipton said eliminating the charges is intended to reduce friction in the mortgage process and make routine account changes or documentation requests easier and cheaper.
SCRAPPED CHARGES
Among the charges being scrapped are fees for CHAPS funds transfers, duplicate statements or account breakdowns, requests for legal documentation, deeds extracts and duplicate certificates of interest.
Borrowers will also no longer face charges for a number of account amendments and operational changes, including changing the mortgage term, switching repayment type, consent to let, security variations, subsequent charges and partial release of property.
Additional fees being removed include charges linked to second mortgagee questionnaires, unpaid or returned direct debits or cheques, freehold rent charges and mortgage exit or redemption administration.
Skipton said the move is part of a broader strategy focused on simplifying processes and delivering better value to borrowers.
MORE VALUE FOR MEMBERS
Jen Lloyd (main picture), head of products and propositions at Skipton Building Society, said: “At Skipton, we’re focused on enabling home ownership and making the homebuying journey as simple and stress-free as possible, especially for first-time buyers.
“Removing these fees is another step towards delivering more value for our mortgage members and reducing the friction that can add cost or delay to a home purchase.”
TOOLS AND TECH
She added: “We are continually looking at how we can simplify and speed up the experience for our members.
Alongside removing fees, we’re rapidly adopting tools and technology that make the journey even smoother including the introduction of electronic signatures, which we aim to have in place by April. These changes all support our wider purpose: helping more people have a home.”
The changes form part of Skipton’s ongoing review of the mortgage journey, with digital improvements such as electronic signatures expected to further streamline the process for borrowers and brokers.
