Yorkshire Building Society

Taylorcan

Hello, anyone any recent experience with YBS please? I’ve obtained a DIP from them and now submitted a full application. They’ve done a hard search, instructed valuation and asked for a bank statement and 3 months payslips so far.

I’ve requested to borrow 85% LTV with a £40k deposit and I’m borrowing 20k less than the max they put in the DIP. My issue is that whilst I don’t have any adverse credit on files so no late payments etc, I’ve about £40k in loans and credit card debt, the majority of which will be cleared from the equity in my current property. I’ve put all this on the application and given the explanation via email as to why the debt was incurred… relationship breakdown and ex cleared off and left me with it all as it’s in my name only. He had adverse credit to start with.  

Are YBS likely to decline at this stage, would I be best going through a broker for a second try somewhere else and should it be a specialist broker I am looking for? Thanks for any opinions.

housebuyer143

My experience with YBS is that they are very good and they did not instruct the valuation for me until they were happy with the application. If you told them about your debts when you applied, which I imagine you did, then I don't think there will be a problem.
YBS are super quick as well so you will hear soon and then if it does not work out you can look elsewhere. 
Lenders tend to deduct the loans from the affordability so they will just lend you less, rather than refuse to lend at all. 

CBN

I've borrowed from YBS with outstanding debt and was very straightforward, no issues.  As above, if everything in your application has been consistent from the start then you'll have no issues.