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What To Do If You’ve Had A Mortgage Declined By Skipton Building Society

Updated: March 24, 2021

Pete Mugleston
Author: Pete Mugleston Mortgage Advisor, MD


Skipton Building Society is a good, well-respected mortgage provider but no lender in the UK is able to accept every single application they receive. The aim of this article is to help you understand what your options could be if your mortgage application has fallen outside of Skipton Building Society's lending criteria.

Like all UK building societies, Skipton will decline mortgage applications that fall outside of their standard lending criteria. If you approached them for a mortgage and were turned down, no doubt you’re feeling upset and disheartened right now, but don’t give up on your homeownership plans just yet! While rejection can feel like a setback, that’s all it is. It doesn’t necessarily mean that you can’t get the mortgage you need full stop.

We work with a network of brokers who have made it their mission to offer lifelines to customers who’ve been rejected for a mortgage on the high street, and they have the knowledge and expertise to help you salvage those mortgage aspirations. In this guide, we’ll tell you exactly what to do next if you’ve been declined by Skipton Building Society, and outline how the right broker can help you bounce back from rejection.

Options could still be available, and the brokers we work with can help you choose the right one.

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Common reasons why Skipton might decline a mortgage application

1.Skipton saw something they didn’t like in the property survey
Skipton Building Society might have offered you an agreement in principle (AIP), but decided not to progress to full mortgage offer when they saw the results of the property surveys. There are many things that could come up in a property survey that might put Skipton off.

For example, they don’t lend on Grade 1 listed buildings, properties on contaminated land, or anything that was built using Wollaway or wholly timbered construction.

Getting so far into the mortgage process before being declined is a heavy blow. You might feel like you’ve had the rug pulled from under you, but never lose sight of the fact that being declined by Skipton because of issues with your property is not the end of the road.

Far from it, in fact, as there are mortgage brokers in our network who specialise in all kinds of non-standard property types, and they know exactly which lenders are more likely to offer mortgages for them than Skipton. With the right advice and guidance, it might even be possible to get a better mortgage deal than the one you originally applied for.

2. The underwriters found a problem on your credit report
It’s not uncommon for lenders like Skipton to offer a mortgage in principle, only to think twice about a full mortgage offer when the underwriters have carried out the final credit check.

Although Skipton does offer bad credit mortgages under some circumstances, they won’t lend if you’re in a debt management plan, have a default that was registered in the last 3-12 months, or have a history of payday loan use, to name a few examples.

Being knocked back for a mortgage so late in the day can be frustrating, and many people with bad credit fear that they might never get a mortgage.

But here’s the good news: there are lenders who are even more flexible than Skipton when it comes to customers with adverse credit, and they accept borrowers with many of the issues that Skipton decline on.

With the help of a specialist bad credit mortgage broker, it may be possible to salvage your mortgage plans with a lender who takes a broader view of you and your credit profile.

3. Your income won’t stretch far enough
Skipton caps the amount they’re willing to let eligible customers borrow based on 4.75 times their income. So, for example, if the combined earnings of all applicants named on the mortgage is £70,000, they could potentially borrow £332,500 on a Skipton mortgage.

If your salary multiplied by 4.75 does not amount to the sum you need to borrow, there’s a good chance Skipton will turn you down on affordability grounds, if they haven’t already.
Many would-be borrowers make the mistake of thinking that they can’t afford a mortgage full stop, but that isn’t strictly true.

Maybe you can’t afford a mortgage at Skipton, but there are mortgage lenders who base their income multiples on five times salary, and even six times salary, under the right circumstances. A broker can help you find these lenders.

4. You’re buying a property in Northern Ireland or off the UK mainland
Skipton is a viable choice of lender if you’re buying a property in England, Scotland or Wales, but if you’re purchasing anywhere else in the UK, you’ll likely find they’re not right for you.

Properties based in Northern Ireland and certain islands away from the UK mainland (Channel Islands, Isle of Man etc) fall outside of Skipton’s lending criteria, so they’ll almost certainly reject a mortgage application if any of these locations are listed on it.

Don’t worry, though, as the brokers in our network have deep relationships with mortgage lenders in Northern Ireland and further afield. They know exactly which mortgage providers offer the best rates for these locations and can negotiate with them on your behalf.

5. You’ve been living abroad and only recently returned to the UK
If you’ve been living aboard, are returning to the UK and want to buy a house here, Skipton won’t be the right lender for you.

They reject mortgage applications outright from customers who are relocating back to these shores, even if you have a full-time job lined up.

This is niche lending territory, so if Skipton have already declined you for this reason, don’t give up on your home-buying ambitions. There are specialist lenders who are more than happy to let you borrow under these conditions; you just need the right broker to find them.

Did Skipton decline you because of something else?

If the exact reason Skipton turned you down for a mortgage doesn’t appear on this list; don’t worry, the brokers we work with could still help you out. They offer lifelines to customers who have been declined for every reason you can possibly think of, and they never discriminate when it comes to the circumstances surrounding a mortgage rejection.

Whatever problem stopped you from getting a mortgage, there will be an expert who specialises in solving that issue, and our broker-matching service will find them for you.

What you need to do next

If Skipton have rejected your mortgage application or you think it’s inevitable that they will, there are steps you can take to give yourself the best chance of salvaging your plans…

  1. Think twice before making another application
    Don’t rush into another mortgage application straight away, as there’s no guarantee things will turn out any differently than they did with Skipton, unless you have in-depth knowledge of the market. By approaching another lender so soon, you’d be running the risk of another rejection, and two in such a short space of time could harm your credit report.
    Immediately after a mortgage rejection is a good time to take a pause and seek professional guidance from a broker. They will be able to advise you on your next move.
  2. Find out why Skipton wouldn’t approve you
    Gather as many of the facts around your rejection as possible, as this will help you avoid whatever deal-breaking issue Skipton found next time. Download all of your credit files so you can see what Skipton saw when they looked into your financial history, and try to get your hands on any reports the lender had carried out. If you don’t have time to gather these things, no problem! Simply jump ahead to step three below…
  3. Let us match you with the right mortgage broker
    The best way to boost your chances of turning that rejection into a mortgage promise is by speaking to a mortgage advisor. The right broker for you will have the knowledge and expertise to re-negotiate with Skipton if there’s grounds for appeal, but they might even be able to find you a much better mortgage deal with another lender who’s a better fit for you.
    We offer a free broker-matching service that can pair you with the mortgage expert who’s best qualified to help a customer with your needs and circumstances. This will be someone we’ve personally vetted, who has a strong track record helping customers just like you.

How a specialist broker can offer you a mortgage lifeline

If you’ve been declined for a mortgage by Skipton, or you think a rejection from them is inevitable, the best way to help keep your plans on track is to speak to a mortgage broker. The right advisor can tell you whether there are grounds to appeal against the building society’s decision, and will head up the negotiations on your behalf.

Moreover, many people who’ve used our service after a mortgage rejection often find that their broker is able to secure them an even better deal with a different lender.

Our broker-matching service – which is completely free to use – will pair you with the right mortgage advisor, a fully-vetted expert with the knowledge and expertise to help a customer just like you get a mortgage after a rejection from a high street building society.

Call 0808 189 2301 or make an enquiry online and we’ll set up a free, no-obligation consultation between you and your perfect broker today. One rejection shouldn’t mean the end of your homeownership dreams, and the right broker can help you keep them alive.

Options could still be available, and the brokers we work with can help you choose the right one.

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How much deposit do I need to get a Skipton mortgage?

The minimum amount of deposit you would usually need to get a residential mortgage with Skipton is 10% of the property’s value. The building society introduced a new range of 90% loan-to-value (LTV) products in January this year.

If Skipton has turned you down for a 90% LTV mortgage or you have less than 10% deposit, keep in mind that a broker might be able to help you find a lender with a more flexible criteria for low deposit customers, or one who is still offering 95% LTV mortgages.

Can I get a Skipton mortgage with a gifted deposit?

Yes, but only if it’s a gift from an immediate family member. They will need to fill out a gifted deposit declaration form with Skipton to confirm their personal details, their relationship to the borrower and state that the gift is unconditional and non-returnable.

If your deposit funds were gifted by somebody other than a blood relative, Skipton is likely to decline your application, but it’s worth speaking to a broker who specialises in gifted deposits. They will know which lenders to approach for non-family gifted deposits.

My Skipton mortgage is at the ‘referral’ stage. What does that mean?

This means that Skipton have referred your mortgage application to its underwriters. It doesn’t necessarily mean there’s a problem with your application, nor is it any indication they’re likely to reject you. Underwriting is part and parcel of the mortgage application process, and it’s necessary so the lender can double check everything.

Your mortgage might be referred for underwriting at two points in the process: when you apply for an agreement in principle or before the lender makes you a full offer.

If your mortgage has been referred to the underwriters, it’s not too late to speak to a broker to double check that Skipton is the right lender for you. If there’s a better deal elsewhere, there might be time to switch to another lender and complete with them.

Do Skipton offer mortgages for self-employed people?

Yes. Skipton offer a range of mortgage products for self-employed people, but to qualify for them, you will need to have been self-employed for at least 24 months.

If you’ve been declined for a mortgage by Skipton because you don’t have enough accounts, keep in mind that a specialist broker could potentially find you a lender who’s willing to consider self-employed mortgage applications based on just one year of trading.

How long does Skipton take to process a mortgage application?

Skipton Building Society has an average processing time of 14 days for mortgage applications. If your application is more complex, because of factors such as bad credit or complex self-employed income, this timeframe might vary.

Are Skipton mortgages portable?

Yes. Skipton Building Society offers a mortgage porting facility, which means some of its products can be transferred across to a new property if the borrower moves house. There are no early repayment charges (ERCs) to foot with these agreements, as long as the borrower completes their new mortgage and repays the original one at the same time.

If you’re moving house, it’s a good idea to speak to a mortgage broker before you commit to a mortgage port. They can search the entire market to find out whether there’s a better deal out there with another lender, or at least confirm that porting is your best option.

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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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