Underwriting stress with Skipton

BobbingtonIII

Hi all,


We are currently going through the mortgage process with Skipton.. got our DIP and went to full application. Passed the credit checks and affordability checks, then were told by the underwriter that our circumstances (live at home with parents and both in new jobs, some debt) meant they didn't believe we were ready to commit to a mortgage, so they cancelled our application!!! Through our broker we explained to them why we were ready (in a series of stressy emails!), and they agreed to turn over their decision and proceed to a full application, phew! Hadn't expected them to listen, so very happy surprise!!

The part we are confused about, is that we thought an application had already been done, hence the underwriter looking at it.. but it seems (according to the online tracker and what i can make out of our broker ) we are now at underwriting stage again for them to check documents. They have instructed a valuation, which is happening in 2 days, and the sales lady for the home we want to buy (its a new build) is not even slightly concerned and wants to go ahead with a house demo with the site manager.

Does anyone know if Skipton instruct valuations before the underwriting is complete? We thought we had got over that hurdle but now we are panicking again! It's such an emotional roller coaster, and we aren't even in a chain!

AFF8879

I used Skipton on a purchase that eventually fell through (not because of the mortgage!), and the valuation was done after the underwriting had been approved. I know some lenders instruct the valuation straight away, and the process might be different for you as it's a new build (whereas I was buying an existing property).

Other than that, I hear you on the emotional rollercoaster part...I was the same...but everything happens for a reason, I now happily own a better property than the one i initially tried to buy and have heard other people say the same. Hang in there

csgohan4

We went with Skipton, was stressful due to self employment but trusted our broker, valuation after underwriting process was done.

Boredatwrork

Email them and ask them if they can advise the usual time line of events, so you know where you are and what to expect (well as much as they can). It helps with your sanity.

kingstreet

Submitted an application to Skipton on 27 Jan.

Uploaded all the documents and they instructed the valuation and it was back before they even looked at the case, which took place today with the case being approved and the offer issued.

Five days inclusive. Pretty good from our POV.

cahillg81

kingstreet wrote: »

Submitted an application to Skipton on 27 Jan.

Uploaded all the documents and they instructed the valuation and it was back before they even looked at the case, which took place today with the case being approved and the offer issued.

Five days inclusive. Pretty good from our POV.

Similar experience I submitted an app on the 6th of Jan and it offered on the 11th. BDM actually sent out an email today and ame checked me due to the packaging. Submitted another case today valuation instructed immediately. Have been advised timescale for a full underwrite is currently 5 working days. I've built in an extra 48hrs so I have time to get back to the clients.

BobbingtonIII

That is quick! We submitted on the 26th about 6pm, and our valuation is today.. perhaps we will hear tomorrow (my birthday!!) going from that! our broker has been great when something needs doing but not great at keeping us informed otherwise, rarely replies to non essential email..

andyf1980

Skipton were pretty good for us. Nationwide on the other hand were a shambles! Fingers crossed for you.

Avante_2

In Underwriting new information can come to light which is called a 'material change' this can be multiple things such as undeclared expenditure on a credit report for example (they check to verify declared commitments match up).

What has likely happened is that there is a further level of underwriting by Credit Risk due to the property being new build (more risk for a lender as valuations change significantly in the first few years and HPI can be inaccurate due to this)

I work in Credit Risk and I think they are just being extra cautious. It's not you it's the house

BobbingtonIII

Thanks all! Got a call on Thursday to say we have been approved pending the valuation (YEY), which was also taking place on Thursday - Skipton had said they were expecting to receive the valuation report on Friday and would offer on Monday. It's now Tuesday and they still haven't received the valuation report :-(


Broker is chasing daily so not much more we can do, but I can't wait for this to move along!!!