Yorkshire Building Society

ed67812

Got an agreement in principle with them today for the top end of the price range that we are looking at.


They didn't ask for some affordability details that some lenders do as the adviser told me that they use ONS stats for some of the calculations. A lot of details was taken about credit cards, pay etc. The adviser was very helpful and seemed really confident in what she was telling me, didn't have to go away and check anything I asked or queried.


Just wondering if anyone has an experience of them recently and anything that might come up during the full application once we find a house (weird things they ask for, any problems etc). Forearmed is forewarned and all that.


Thanks


Ed

upoiupou

I recently got a mortgage with YBS. I was surprised that they didn't do some of the things I was expecting. For example, they never asked my employer for a reference. They said my payslips were enough (even though the payslips were downloaded from an online system, not on headed paper and didn't even have a logo on them). They also didn't check anything like payslips again when it came to the actual mortgage offer, just relied on the ones I'd shown about six months earlier when getting an agreement in principle. (Don't know if it will be the same for you, just saying how it was for me.)

I went through more thorough checks when I rented somewhere!

When I came to the actual application, the insurance was a muddle. I went with their in-house insurance to avoid any issues in the first year, especially with having cover from the exchange date. It was a good deal anyway. But they outsource to RSA and I couldn't get the policy documents from either company for some time. RSA kept saying they'd never heard of me and sending me an application form even though I'd completed the application with YBS. It was tedious but I got it sorted out in the end.

One thing to consider if you have an agreement in principle at the top end of your price range is that an estate agent knowing that may try to work to higher prices. For example at offer stage they may try to get you to bid more against another buyer, and may tell the other buyer that you can afford more. I'd suggest being very clear that you're looking at a range and the actual price you're willing to pay will depend on the property, condition, location etc.

Good luck home hunting!

ed67812

Thanks. You're quite right about Estate Agents and the Dip.
It's all immaterial now though, there is no chance we'll upsize now after the referendum result.

B77W

Hi ed67812

Once you've found your house, the Adviser will have a recap with you to make sure nothings changed that could change the mortgage recommendation.

Once you've agreed what mortgage you're wanting to proceed with, you'll be asked details about the property you're looking to buy (how many toilets, bathrooms, reception rooms etc), estate agent details, solicitors details (if you have one in mind) and employment details. The end of the application is mainly administration.

Thrugelmir

ed67812 wrote: »

T
It's all immaterial now though, there is no chance we'll upsize now after the referendum result.

What's changed? Life is to short as it is.

ed67812

I would still upsize as we could do with more space. The relative gaps between current house value and new is likely to be about 100k to 120k. That to me is the key figure in terms of calculating risk. If I sell my house close to pre referendum value then I don't think I'm ridiculously exposed to risk of a fall. The big problem is I fear the supply of suitable properties for us will dry up. (we are quite specific in our needs for space etc).

swishy87

I'm interested in a mortgage deal I have seen with YBS but I have heard they are strict and I am worried about a few small late payments on a mail order account so wasn't sure whether to risk it!

upoiupou

Have you checked your credit rating? That's what they'll look at.

swishy87

Yes and there's some late payments on a Next mail order account (which I am questioning) but mortgage and credit cards all paid on time. YBS calculator says it will lend us £16,500 more than we need over a 25 year period. LTV at least 83% (potentially better), but buying a new build so need 85% so at the top end of that. I don't think you can go through a broker for YBS, otherwise I would consult one for advice as to whether we will get accepted.

We've had a couple of AIPs with other banks (with a soft check) and all came back fine.

ed67812

I got the impression that YBS will consider individual circumstances perhaps a little more than some lenders. I would ring, explain your circs and see what they say. Are you disputing the late payment entries?

RichyRich

Accord is a subsidiary of YBS and is their broker brand.