HTB - Self Employed - Skipton BS

NicNak09

Hi All,
Nervously waiting for some kind of something from Skipton BS. My timeline is below.

I am S/E with 2 years worth of accounts. Doing the HTB scheme on a new build. The builders brought the plot forward to March from May and are now seriously pushing exchange.. Arrrgh!

Do Skipton's await a Valuation before underwriting?

Activity Date Status
Date Decision In Principle received 03/11/2016 1
Date application received 03/11/2016 Action Completed
Date Minimum Submission received 03/11/2016 Action Completed
Date case underwritten Pending 2
Date Valuation instructed 03/11/2016 Action Completed
Date Valuation expected 11/11/2016 Action Completed
Date Valuation received Pending Action Pending
Date case offered Pending Action Pending
Date Certificate of Title received Pending Action Pending
Proposed date of completion Pending Action Pending
Date mortgage completed Pending Action Pending
Attention

03 November 2016, 10:05:07
Pending Decision - Information Required
i

ACG

Ignore the developers.
Things are progressing pretty well at the minute by the looks of it, bar a cash buyer I can not see them finding anyone who would be any further ahead.

NicNak09

Apparently, there is someone trying to offer £10k more on the plot. There were only 4 of the house types on the development and the biggest house style. Highly sought after. They had a que outside for the last plot thats just been released. (it was £20k more then the one I reserved in July.

Prob just scare tactics. Not really sleeping now. Had my heart set on this plot since they started building last year.

NicNak09

Skipton Declined. They want another years accounts which I don't get till Jan 17. Arrrrrrgh! What a waste of time.

ap1985

NicNak09 wrote: »

Hi All,
Nervously waiting for some kind of something from Skipton BS. My timeline is below.

I am S/E with 2 years worth of accounts. Doing the HTB scheme on a new build. The builders brought the plot forward to March from May and are now seriously pushing exchange.. Arrrgh!

Do Skipton's await a Valuation before underwriting?

Activity Date Status
Date Decision In Principle received 03/11/2016 1
Date application received 03/11/2016 Action Completed
Date Minimum Submission received 03/11/2016 Action Completed
Date case underwritten Pending 2
Date Valuation instructed 03/11/2016 Action Completed
Date Valuation expected 11/11/2016 Action Completed
Date Valuation received Pending Action Pending
Date case offered Pending Action Pending
Date Certificate of Title received Pending Action Pending
Proposed date of completion Pending Action Pending
Date mortgage completed Pending Action Pending
Attention

03 November 2016, 10:05:07
Pending Decision - Information Required
i

I've always heard about developers not keeping to their deadlines...never heard about a timeline being brought forward though...hope that happens with my house! Can't wait to move in!

I am not sure of the Skipton process but our lender did their underwriting before instructing valuation. Good luck with the process and keep us updated.

ap1985

NicNak09 wrote: »

Skipton Declined. They want another years accounts which I don't get till Jan 17. Arrrrrrgh! What a waste of time.

Oh dear. Sorry should have read the whole forum before commenting earlier. Have you been using a broker or did you go directly to Skipton?

kingstreet

They want three years, or they want 2015/16 as your latest year because they treat anything over 18 months old (April 2015) as out of date?

NicNak09

They want this years which don't end till 31st Jan 17.

They had 15 & 16. Although 15 wasn't great as it was my first year. Last year was my full 1st year.

frazell

Did you not inform them that you only have two years accounts before you started the process? If you did then I would complain.

I would suggest that you speak to them and ask if they would accept an accountants certificate to show what you have earned so far this year. Perhaps they will pro-rata it to take you to Jan '17 (if you are lucky).

I would seriously get onto a broker asap as there are lenders out there that will offer you a mortgage with 2 years under your belt. You will need specialist input from the broker to get the offer agreed and in place as quickly as possible.

frazell

Skiptons requirements are here;

https://www.skipton-intermediaries.co.uk/mortgages/lendingcriteria

Limited Companies
Evidence of income required is either:

• Latest 2 years' accounts or
• Latest 1 year's accounts plus 2 year's SA302s

To calculate income, we will use remuneration (basic salary) & dividends received. We will use the latest year's income or an average of the last 2 years, whichever is the lower. The net profit should be higher than the dividends received.

Can you get hold of 2 years SA302's from HMRC?

NicNak09

Yeah they knew however they have declined on affordability as they have taken the last 2 years and it's not enough as year 1 was too low. The broker should of known this! I spoke to them myself to ask if they would take a projection from my accountant or even 12mths business statements they said no!

I have a default from 2012 for £117 settled in 13 which obvs hasn't helped.