Skipton Mortgage - offered lower than AIP

Amzxx

Hi guys,

Going through a broker and did AIP with Skipton they said they would give 100k

Went to full application but I under declared by credit card debts by around 1,000 as I was going to pay this off but then decided not to.

I let skipton know the full amount of credit card debt which is around 3k (which is all interest free) and they're now saying they'll only offer me 90k for a mortgage.

If I pay all my credit cards off which I can do you think they'll revise the offer back to 100k as initially stated on the AiP or near the initial figure?

Tried to find something on this but could only find paying off credit cards apart of the mortgage contract after offer.

I would ask my broker but he's away on holiday grrrr

I'm totally stressing out here!!! when I spoke to skipton they advised me to go back to speak to my broker as I did say I can pay them off but they cant discuss this with me? (the advisor did also state theyve given this lower offer due to the credit cards so surely if I pay them off they'll increase the offer??) sorry I've never bought a house before lol

Are the underwriters likely to revise the offer if I pay them all off??

Thanks

Amz

csgohan4

you need to go back to your broker regarding paying off the debt. You should have declared the full amount and now there will be further delays due to this.


You may have to wait another 1-2 weeks with the underwriter, having gone through skipton myself

Amzxx

Hi,

The plan was to pay it off but I did let skipton know as soon as I could that I wasn't.

I think they're taking around 2 working days atm which isn't too bad. But yeah I'm just totally stressing out and worrying

ACG

If you alter your application to say they will be cleared/paid down to £2k then Skipton will re-assess. You do not need to pay it down before they re-assess but you would need to by completion and be able to evidence it.

MortgageMamma

If your broker is on holiday there should be someone covering for them? If not contact Skipton yourself I'm sure they'll help you if you call them up and explain. You could also ask if there is the option to increase the mortgage term if that would help raise your affordability.

These days they send e-declarations via email for customers to sign - if you check through them you might find some contact details.

In the meantime, try and pay the cards down as much as you can and don't spend anymore on credit until after your mortgage has completed. Even when you have your offer don't do it as most lenders carry out pre completion credit checks to see if anything has changed and occasionally people get caught out.

Lexi2828

Hi I recently applied for a mortgage with skipton and they have also offered us 10,000 less than we need they said due to undisclosed credit  I have about 5500 worth of debt still showing on my credit report which has been cleared this month and hoping if I provide proof with statements etc they will be able to offer us the amount we need instead. How did you get on? Did they put their offer back up after you paid your credit card off? 

ACG

Amzxx said:

surely if I pay them off they'll increase the offer??) sorry I've never bought a house before lol

Are the underwriters likely to revise the offer if I pay them all off??

Thanks

Amz

Exactly.
The AIP was based on one lot of circumstances.

If you go back to the original circumstances, no reason why they wont amend accordingly. Skipton are sound and really nice lender to deal with as a broker - trust me, there are not many lenders I say that about.