Mortgage timeline with Skipton

adobe

Hi All,

I have been reading past posts, and Skipton Building Society is normally quick for what I have read.

My FTB application timeline with Skipton:

• Application received by Skipton 28/07/2024
• Date Minimum submission received 28/07/2024
• Valuation was done on 09/08/24 but shows as Pending Decision - Information Required
• Date case underwritten is showing as 01/08/24 but shows as Pending Decision - Information Required

Two things:

• The valuation came back 10k lower, which is shocking, as we got the house at a great price.  We agreed with our broker to pay extra deposit down, he said that should be fine and would solve the issue with the down valuation (had heard Connells are notorious for down valuations).  The valuer asked me what I was paying for the house, I never should have told him!
• Skipton (through broker) asked for latest wifes payslips as she had taken on more hours at work.  We provided this last week 14/08/24.

Now we are just waiting and looking at previous posts, Skipton seems like they are pretty quick.  We are FTB and both on PAYE, everything is pretty straight forward.

Could there be a delay as lots of people are trying to get a mortgage due to the rates going down?

Thanks for any help in advance!

amnblog

If the valuation was low, did you not renegotiate the price?

Sunnyhelper

adobe said:

Hi All,

I have been reading past posts, and Skipton Building Society is normally quick for what I have read.

My FTB application timeline with Skipton:

• Application received by Skipton 28/07/2024
• Date Minimum submission received 28/07/2024
• Valuation was done on 09/08/24 but shows as Pending Decision - Information Required
• Date case underwritten is showing as 01/08/24 but shows as Pending Decision - Information Required

Two things:

• The valuation came back 10k lower, which is shocking, as we got the house at a great price.  We agreed with our broker to pay extra deposit down, he said that should be fine and would solve the issue with the down valuation (had heard Connells are notorious for down valuations).  The valuer asked me what I was paying for the house, I never should have told him!
• Skipton (through broker) asked for latest wifes payslips as she had taken on more hours at work.  We provided this last week 14/08/24.

Now we are just waiting and looking at previous posts, Skipton seems like they are pretty quick.  We are FTB and both on PAYE, everything is pretty straight forward.

Could there be a delay as lots of people are trying to get a mortgage due to the rates going down?

Thanks for any help in advance!

Hi, how are you getting on with your application? We are thinking of going with Skipton as well so just looking for some feedback on their service etc. 

ACG

The quickest I have had an offer with skipton is 92 minutes. 
The longest is about 2 weeks (and the bulk of that was down to the surveyor. 

Skipton are not a slow lender. Their underwriters seem to also have common sense which is unheard of at some lenders. 

adobe

adobe said:

Hi All,

I have been reading past posts, and Skipton Building Society is normally quick for what I have read.

My FTB application timeline with Skipton:

• Application received by Skipton 28/07/2024
• Date Minimum submission received 28/07/2024
• Valuation was done on 09/08/24 but shows as Pending Decision - Information Required
• Date case underwritten is showing as 01/08/24 but shows as Pending Decision - Information Required

Two things:

• The valuation came back 10k lower, which is shocking, as we got the house at a great price.  We agreed with our broker to pay extra deposit down, he said that should be fine and would solve the issue with the down valuation (had heard Connells are notorious for down valuations).  The valuer asked me what I was paying for the house, I never should have told him!
• Skipton (through broker) asked for latest wifes payslips as she had taken on more hours at work.  We provided this last week 14/08/24.

Now we are just waiting and looking at previous posts, Skipton seems like they are pretty quick.  We are FTB and both on PAYE, everything is pretty straight forward.

Could there be a delay as lots of people are trying to get a mortgage due to the rates going down?

Thanks for any help in advance!

Hi All,

Sorry for the delay.

• We have just received our mortgage offer
• Skipton has been great, they are super responsive.  Initially, I just relied on the broker and then one day contacted Skipton on their web chat.  Fast response and after clearing security the agent had the answers I needed within 2 minutes.  Had to do this twice, both times there were issues with the broker.
• Our delay was in the submission of paperwork from the broker.  Everything that was needed had already been given to the broker, but this was not passed on.
• For those going with Skipton, I highly highly recommend using the chat or phoning for any updates.  They are really nice to deal with and I am happy that they are the lenders.
• Regarding the valuation coming back lower, no, there wasn't any room for negotiation at all.  We paid some extra deposit and that was not an issue for us. 

What is amazing is that we were recommended our broker from a close friend, when I told her what had happened, she was shocked.  I have no idea, but our broker just became none responsive.

Thanks and I hope you get your mortgage too @sunnyhelper.  Let me know if you have any questions.

Skipton_Building_Society_Representative

Hello, I'm glad to hear you've received your mortgage offer! Thank you for the feedback, I will ensure to pass this onto our webchat team. If you require any further support, don't hesitate to get back in touch and our team will be happy to help. Thank you - Skipton

Sunnyhelper

@adobe Congrats! That’s great news  our application has gone in today, all docs dropped off to the branch. Have gone with Skipton as well. 

I’m not going to lie, I’m a nervous wreck! I keep overthinking every detail so worried the mortgage will get declined! It’s so hard to keep distracted away from it….  I’ll update once I get an answer ( either way…)

shelly_belly12

@SunnyhelperI don’t think you should worry too much. My application was submitted on 4th September, valuation was booked in for the 5th September and I received a mortgage offer on 13th. My broker speaks very highly of Skipton so I think you should be fine ☺️