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Refused by Skipton Building Society

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Feb 13, 2023

Refused for mortgage by Skipton Building Society

Skipton Building Society, like any UK building society, will deny mortgage applications that do not meet their lending criteria.

You may feel discouraged if you have tried to apply for a mortgage with Skipton and been turned down. But don’t lose heart! Although rejection may feel like a setback, it’s not. This doesn’t mean that you won’t be able to get a mortgage.

This guide will explain how to regain control of your mortgage plans if Skipton has just rejected you or you suspect they are about to.

Contact our mortgage brokers, you will speak with a specialist mortgage broker who will introduce you to mortgage lenders.

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Is Skipton Building Society a strict lender of mortgages?

Skipton, like all the major UK building societies, can be strict with customers who don’t meet their criteria for a mortgage. Skipton does offer mortgages to those with minor credit file issues, but they can reject customers who have poor debt management, defaults in the past, or used payday loans.

Skipton can also be strict about property issues such as contaminated lands or build types like Wollaway and wholly timbered.

When looking for a mortgage offer, always ensure to have a mortgage deposit saved, bank statements ready, and your credit rating to hand. This will speed up the mortgage approval.

What should you do if Skipton has declined to mortgage

You can take steps if Skipton rejects your mortgage application or you believe it is inevitable that they will.

  • Do your research before you rush to submit another mortgage application.There’s no way to know if things will differ from what happened with Skipton. You could risk being rejected by another lender if you approach them too soon. Two rejections in a short period can damage your credit score.
    It is a good idea to pause immediately after a mortgage rejection and get professional guidance from a broker. They can help you plan your next move.
  • Skipton won’t approve of you. You should gather as much information as possible about the reason for your rejection. This will allow you to avoid any deal-breaking issues Skipton may find next time. You don’t need to collect these details if you don’t have the time. You can skip step three and continue to step 3 below.
  • Let us match you up with the right mortgage broker.
    Talking to a mortgage advisor is the best way to increase your chances of turning rejection into a promise of mortgage approval. A mortgage broker who is right for you will not only have the expertise and knowledge to re-negotiate Skipton’s terms if appealable but may also be able to help you find a better deal with another lender that’s more suitable for you and your needs.
    Our free broker-matching service can match you with the best mortgage expert to meet your specific needs. This broker will be one we have personally vetted and has a track record of helping customers like yours. Enquire today to be matched with someone.
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  • The amount you need to borrow is between 5 and 6 times your salary
  • You are buying an unusual property type, including non-standard construction
  • Any kind of bad credit
  • You are purchasing in Northern Ireland or further afield
  • An ex-pat mortgage is required
  • You have been denied a mortgage in the past
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Common reasons Skipton declined mortgage applications

  • Skipton noticed something that they didn’t like about the property survey

Skipton Building Society may have offered you an agreement-in-principle (AIP), but they decided to not provide an entire mortgage after reviewing the property surveys. Skipton could be surprised by the number of things that may come up during a property survey.

They won’t lend to Grade 1 listed buildings, properties on contaminated ground, or any Wollaway- or wholly timbered construction.

  • Your credit report has been deemed unsatisfactory by the underwriters

Skipton is not unusual for lenders to offer a mortgage in principle but to reconsider the offer after the final credit checks have been completed.

Skipton will offer bad credit mortgages in certain circumstances. However, they won’t lend to you if your debt management plan is in place, a default has been registered within the last 3-12 months, or you have a history of payday loan use.

  • Your income will not stretch far enough

Skipton limits the amount of money they will let qualified customers borrow. This is based on 4.75x their income. For example, if all applicants are earning £70,000, then they could borrow £332,500 for a Skipton mortgage.

Skipton may turn down your application if your salary multiplied by 4.75 is less than the amount you need.

  • If you’re looking to buy a property in Northern Ireland or anywhere else on the UK mainland

Skipton is a good lender option if your property is in England, Scotland, or Wales. However, if you want to buy anywhere in the UK, Skipton may not be suitable.

Skipton does not lend to properties based in Northern Ireland or islands off the UK mainland (the Channel Islands, Isle of Man, etc.). If any of these areas are listed, they will almost certainly reject your mortgage application.

  • You have been living in another country and just recently returned to the UK

Skipton is not the right lender if you have been abroad and are looking to purchase a home here.

Customers who plan to move back to these areas will be denied mortgages.

  • Other reasons

Skipton may not have listed why you were turned down for a mortgage. However, our brokers could still assist you. They provide lifelines for customers who have been turned down for any reason, and they don’t discriminate about the circumstances that led to a mortgage rejection.

No matter your problem, we will match you with an expert to solve it.


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We can help you solve these problems with Skipton Building Society

Skipton may not approve you for a mortgage if you have any of these issues. However, getting the financing you need is possible through the right mortgage broker.

Skipton has occasional deals available to brokers within our network. However, if they don’t have the criteria for you, they can help you find a different mortgage provider that meets your needs.

Talk to a broker that specialises in overturning mortgage applications by Skipton Building Society

Our broker-matching service, free of charge, will match you with the right advisor to help you get a mortgage.

We’ll arrange a complimentary, no-obligation consultation with you and your broker. Call today or enquire online.

A rejection doesn’t have to mean you lose your homeownership dreams. The right broker can help.


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Refused Skipton Mortgage FAQs

What is the minimum deposit required to obtain a Skipton mortgage?

Skipton requires a 10% deposit to obtain a residential mortgage. In January 2018, the building society introduced a new range of 90% loan-to-value (LTV) products.

Skipton may have turned you down for a 90% LTV loan, or you have less deposit than 10%. A broker might be able to help you find a lender who has more flexibility for customers with low deposits or still offers 95% LTV mortgages.


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Can I get a Skipton Mortgage with a gifted deposit?

Yes, but only if the gift is from a family member. Skipton will require them to sign a gift deposit declaration form to confirm their identity and relationship with the borrower and declare that the gift is unreturnable and unconditional.

Skipton would not approve your application if your deposit funds were given to you by someone other than a family member. However, it is worth talking to a broker specialising in gifted deposits. They will be able to recommend lenders for non-family gifted deposit options.

My Skipton mortgage is in the referral stage. What does this mean?

Skipton has referred your mortgage application directly to its underwriters. This does not necessarily indicate a problem with your application or that they will reject it. Underwriting is an integral part of the mortgage application process. It’s required so that the lender can double-check everything.

Two points might occur in the mortgage process that could lead to your mortgage being referred for underwriting: when you apply in principle for an agreement or before the lender makes a complete offer.

It’s not too late if the underwriters have referred your mortgage to talk to a broker to ensure that Skipton is the right lender. You might be able to get a better deal elsewhere.


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Does Skipton offer mortgages to self-employed individuals?

Yes. Skipton offers a variety of mortgage products to self-employed individuals. However, to be eligible for them, you must have been self-employed for a minimum 24 months.

Skipton may have declined your application for a mortgage because you don’t have enough accounts. However, a specialist broker might find you a lender willing to consider self-employed mortgage applications based on one year of trading.

What is the processing time for a Skipton mortgage application?

Skipton Building Society averages a 14-day processing time for mortgage applications. This timeframe may vary if your application is more complicated due to bad credit or complex income.

Are Skipton mortgages portable?

Yes. Skipton Building Society offers a Mortgage Porting Facility. This allows some of its products to be transferred to a new property if the borrower moves. These agreements do not have any early repayment fees (ERCs). As long as the borrower repays the original mortgage, there are no additional charges.

A mortgage broker is an excellent idea if you are moving house.

A broker can search the whole market to determine if there is a better mortgage deal with another lender or confirm that porting your loan is the best option. Contact us now to get expert advice on mortgage refusals


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