Skipton Track Record decline

6ft2oflovely

This was the feedback from our mortgage advisor:

I spoke to colleague Lewis at Skipton about the declined outcome and he advised that it was simply because you didn't meet their internal credit scoring - this is different from a credit reference agency credit score so your credit report may show a high score but that doesn't automatically mean a lender will approve a mortgage. 

MWT

https://forums.moneysavingexpert.com/discussion/comment/81868315#Comment_81868315

Since your advisor has seen all your financial details it would seem reasonable to ask their advice on what you need to change… otherwise what they have said is just a generic truism, and fairly unhelpful.

ACG

https://forums.moneysavingexpert.com/discussion/comment/81869138#Comment_81869138

In all honesty, I dont think the advisor can offer much beyond generic advice at this point.

It all fits criteria, it appears the applicants have done nothing wrong. It is just 100% LTV so Skipton need to be very fussy. In part because they would run out of funding if not and in part because the risk to them is quite high.

Bring down the credit card balances is probably going to be about the only point anyone can make. But in reality it could be a combination of things - a few address in the last couple of years, a late payment, recently started a new job… Thousands of things go in to scoring your application. When I used to work for a bank (were going back to 2012 here) if you put down a landline phone number, that gave you a few extra points. I doubt it would now but who knows.

Ultimately it is just scorecard and if there is nothing that sticks out, it will always just be generic advice. Ordinarily you would look at other lenders but in this case options are limited. There are lenders who will lend up to 100% if parents can put some money in a savings account or will allow a charge over their home for a few years.

freesha

No adverse credit? But you have a large CC debt and car finance.

MWT

https://forums.moneysavingexpert.com/discussion/comment/81869670#Comment_81869670

CC debt and car finance is not inherently 'adverse'… but, yes they can impact on affordability and the lenders credit scoring.

Adverse would be missed payments CCJ's etc.

Altior

Just a financial observation rather than a technical one.

With all of that spare income, I would be asking why they need a 100% LTV loan. I'm assuming the product is designed for those who can't get a deposit together due to high rent. However in this example, the mortgage costs wouldn't be much different to rental costs. Plus they will have the added costs of maintaining a property.

Added to this, quite a high level of unsecured liability.

It's not a dig at the OP or anything of that nature, but on the raw numbers I don't see why they couldn't comfortably put a deposit together. I have no idea if Skipton look at those types of applications on a granular basis.

6ft2oflovely

https://forums.moneysavingexpert.com/discussion/comment/81869670#Comment_81869670

just coming back to this post. Credit card balances and a personal loan is not ‘adverse’

we haven’t missed any payments, we’ve lived at the same address for 8 years and both been in current jobs for 6 years and 2 years

6ft2oflovely

Just for the record, the Skipton mortgage is aimed at all renters. Not specifically those with high rent, your proof is the rental payments up to date ….