Skipton Mortgage Advice

ollie2008uk

Would any mortgage advisors be able to give 2 mins of advice with regards to lending criteria for a skipton Mortgage?

Thanks in advance

ACG

Whats your question?
On a side note Skipton has an 8-9 day backlog at the minute.

ollie2008uk

Thanks, I'm not too rushed at the moment which is nice.

Basically, its regarding defaults,

We have 4 but I cant work out if they fall into skiptons criteria which I read on their intermediary site.

This is what they are:


Default Registered date Settled Date Amount

1 30/4/10 1/6/12 £3979
2 24/1/11 30/6/12 £177
3 31/1/12 1/7/12 £2735
4 1/9/10 1/4/14 £3868

Any thoughts?

Ollie

ACG

How much is your deposit as a percentage of the purchase price?
Also how much is your income?
Fitting criteria is one fitting, passing a credit score is another.

I do not think Skipton would be my first choice as it stands. Theyre are not particularly great with defaults.

amnblog

Much broader than Skiptons criteria will allow Ollie.

You need an adverse specialist broker.

ollie2008uk

Thanks guys, I have 10% deposit can get another 5 as a gift. Have a joint income of 87k

ACG

I dont think I would use skipton personally.
I agree with amn, you could with a broker. Its not just a case of fitting crtieria with high street lenders, you have to pass the initial scoring.

ollie2008uk

I understand that, but if you were to be honest, is it worth it spending up to 2k on a specialist broker?

Senior_Paper_Monitor

Not enough detail here (and frankly can't be on an internet forum) to tell where (or even if) this can be placed.

Is Skipton the likely home ? - almost certainly NO !

£2k - is it worth it ? - probably if you get the best mortgage option

£2K - is that the correct fee ? - probably not (subject to seeing the details of the case) on the basis of the limited info provided

Is doing it yourself with the support of random input from a collection of unknowns the most likely route to success ? - ABSOLUTELY NOT !

ACG

Only you can decide what it is worth paying (if anything) to secure the house. I do a lot on the adverse side as do one or 2 of the other brokers on this forum and I am sure they have examples of where a broker is the difference.

My favourite was a case where a client applied to a bank and was declined. I applied to the same bank a week or so later and had the case accepted.

There is a lender who say they accept defaults up to £100 providing they have been satisfied. Their wording specifically states defaults (plural) try getting a case through with 2 default of £99 with anything less than a 25 deposit and I think you would fail 99% of the time. I think skipton are very similar, 1 default and you would probably be ok if it is small (under £500) anything more than that and I think realistically you are looking at a 25-40% deposit more often than not.

Its that experience that makes the difference.

ollie2008uk

Thanks for the honest advice it's exactly what I was after to be honest. 2k is worth it too me for the right advice I wouldn't ever be able to do it on my own!!