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  • FIRST POST
    • wharty
    • By wharty 9th Mar 18, 4:21 PM
    • 419Posts
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    wharty
    Anybody had a mortgage from Skipton recently?
    • #1
    • 9th Mar 18, 4:21 PM
    Anybody had a mortgage from Skipton recently? 9th Mar 18 at 4:21 PM
    Just wondering if anybody here has had a mortgage from Skipton recently? We will be discharged 4 years in June and hoping to go with them. Do they still use Call Credit for searches
Page 1
    • ACG
    • By ACG 9th Mar 18, 4:43 PM
    • 17,028 Posts
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    ACG
    • #2
    • 9th Mar 18, 4:43 PM
    • #2
    • 9th Mar 18, 4:43 PM
    I think they have started using other credit reports on occasions (probably for ex bankrupts) in addition to call credit.

    There may be other lenders open to you also, but well done on finding them. I would put money on not many brokers knowing they are an option after 4 years. They are not great with adverse in my opinion, so just bare in mind that fitting criteria does not necessarily mean you will be accepted.

    It will most likely refer, nothing to worry about as such just standard practice from memory.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • wharty
    • By wharty 9th Mar 18, 10:07 PM
    • 419 Posts
    • 640 Thanks
    wharty
    • #3
    • 9th Mar 18, 10:07 PM
    • #3
    • 9th Mar 18, 10:07 PM
    I think they have started using other credit reports on occasions (probably for ex bankrupts) in addition to call credit.

    There may be other lenders open to you also, but well done on finding them. I would put money on not many brokers knowing they are an option after 4 years. They are not great with adverse in my opinion, so just bare in mind that fitting criteria does not necessarily mean you will be accepted.

    It will most likely refer, nothing to worry about as such just standard practice from memory.
    Originally posted by ACG
    Thanks, I have just found Darlington building society and they seem to fit the bill but they will require 70% LTV.

    Here's what they say...

    DEFAULTS: Not accepted whilst unsettled. Settlement evidence will be required. Applicant’s with one or more defaults within the last three years with a value greater than £500 will not be accepted.

    BANKRUPTCY: A discharged bankrupt person will be considered providing evidence shows the discharge occurred a minimum of three years ago. Chief Executive approval required. Max 70% LTV.

    CREDIT CHECKS: The Society does not operate a system of credit scoring. Applicants are credit checked using Equifax and all applications receive the individual personal consideration of an underwriter.

    This all seems very promising and I think we could stretch to 70% LTV.

    The rate would be 2.49% on a 5 year fix.
    • ACG
    • By ACG 10th Mar 18, 7:37 AM
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    ACG
    • #4
    • 10th Mar 18, 7:37 AM
    • #4
    • 10th Mar 18, 7:37 AM
    As mentioned there are a few other lenders, some will top out at around 75% others theoretically 90%, but realistically probably 85% LTV.

    It will all come down to how everything appears on your credit report(s) as to who is actually available. I am not saying Skipton are not an option btw. Just that if you have defaults galore due to the bankruptcy and bankruptcy then even at 50% LTV it is unlikely they will accept you despite everything being technically part of the bankruptcy.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • wharty
    • By wharty 10th Mar 18, 10:25 AM
    • 419 Posts
    • 640 Thanks
    wharty
    • #5
    • 10th Mar 18, 10:25 AM
    • #5
    • 10th Mar 18, 10:25 AM
    As mentioned there are a few other lenders, some will top out at around 75% others theoretically 90%, but realistically probably 85% LTV.

    It will all come down to how everything appears on your credit report(s) as to who is actually available. I am not saying Skipton are not an option btw. Just that if you have defaults galore due to the bankruptcy and bankruptcy then even at 50% LTV it is unlikely they will accept you despite everything being technically part of the bankruptcy.
    Originally posted by ACG
    Thanks ACG. On our Experian we have everything up to date but there has been an issue with how they have been updated.

    The update date was entered as the date the creditors updated the default and satisfaction dates (last month) but this had the effect of carrying the default balance through to February this year.

    We have spoken to Experian and complained and hopefully sorting it.

    Equifax and Call Credit had the update date as the date of discharge which is fine and no balances have carried on from the date of discharge.

    We were turned down by Nationwide last month because of this.

    What is your experience with Yorkshire building society?

    They seem to fit with us too but we would ideally like to speak with an underwriter to explain Experian if possible?

    I'm hoping they use Equifax and Call credit to be honest!

    Thanks
    • ACG
    • By ACG 10th Mar 18, 12:51 PM
    • 17,028 Posts
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    ACG
    • #6
    • 10th Mar 18, 12:51 PM
    • #6
    • 10th Mar 18, 12:51 PM
    YBS do not deal with brokers, I have used their subsidiary Accord Mortgages in the past - there is only one lender I refuse to use and it is them. I have been told they have improved recently but I have not heard enough positive stories to overcome the..."torture" they put me/my customers through on a couple of applications.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • wharty
    • By wharty 10th Mar 18, 1:33 PM
    • 419 Posts
    • 640 Thanks
    wharty
    • #7
    • 10th Mar 18, 1:33 PM
    • #7
    • 10th Mar 18, 1:33 PM
    YBS do not deal with brokers, I have used their subsidiary Accord Mortgages in the past - there is only one lender I refuse to use and it is them. I have been told they have improved recently but I have not heard enough positive stories to overcome the..."torture" they put me/my customers through on a couple of applications.
    Originally posted by ACG
    Ok thanks, does that mean my mortgage would be with Accord if I used YBS or do YBS do it themselves too?
    • ACG
    • By ACG 10th Mar 18, 2:09 PM
    • 17,028 Posts
    • 8,917 Thanks
    ACG
    • #8
    • 10th Mar 18, 2:09 PM
    • #8
    • 10th Mar 18, 2:09 PM
    If you apply directly, it would be through YBS.
    If you apply through a broker, it would be through Accord.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • wharty
    • By wharty 10th Mar 18, 2:10 PM
    • 419 Posts
    • 640 Thanks
    wharty
    • #9
    • 10th Mar 18, 2:10 PM
    • #9
    • 10th Mar 18, 2:10 PM
    If you apply directly, it would be through YBS.
    If you apply through a broker, it would be through Accord.
    Originally posted by ACG
    You have been brilliant ACG and a great help. Thank you very much!
    • ACG
    • By ACG 10th Mar 18, 2:14 PM
    • 17,028 Posts
    • 8,917 Thanks
    ACG
    No problem - I learnt something new on here the other day about new builds. Its a good site to learn and help
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • hvhv
    • By hvhv 5th Apr 18, 9:26 AM
    • 5 Posts
    • 2 Thanks
    hvhv
    Do your research like I did. I was made bankrupt in May 2013, discharged in 2014 and got a 85% LTV mortgage with Yorkshire BS in October 2017. As soon as I was discharged, I went on a mission to sort my credit file out and clearing the defaults etc. I had 2 CCJs which were incorporated into the bankruptcy. There are loads of building society names being banded around (including Skipton) on previous threads. I rang them and they said no straightaway. Newbury said yes initially but then the underwriter said no. Mansfield said yes but were going to charge an extortionate interest rate of around 5%. Nationwide were umming and aahing saying they will need to take it to the underwriter and will do a hard search credit score before making a decision. Apply directly with the building society online/ phone (not through branch), get a free Experian report and type up a letter explaining the circumstances of why you went bankrupt. Make sure it is not older than 30 days so that the underwriter can review it without doing a hard search on your credit file. I got an AIP straight away and when the application was submitted, I was in direct contact with the underwriter and he was brilliant. He asked me loads of questions including how far is my workplace etc. but was satisfied with my answers. 4 weeks later, I got my mortgage offer. *TIP - Ask each lender if they can look at your recent Experian report beforehand as they will look at it and as long as it matches up with their search which they conduct prior to offer, you should be ok.
    • wharty
    • By wharty 19th Jun 18, 2:14 AM
    • 419 Posts
    • 640 Thanks
    wharty
    Quick update.

    We got a decision in principle with Skipton on Monday, 4 years and 1 day since discharge.

    We are buying under market value from our landlord and Skipton are including the difference between valuation and purchase price as part of our LTV which is brilliant.

    Our full application is in two weeks so could anybody give me a guideline as to how long it will take to get the valuation done and offer made once we have applied?

    Also wondering as a guide how long the conveyancing will take once we have the offer?

    Thanks.
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