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Contact Details
1st Source Direct
SKIPTON BUILDING SOCIETY
Principal Office
The Baily
Skipton
North Yorkshire
BD23 1DN
Tel : 01756 705035
Fax : 01756 705700
ACCEPTABLE INTRODUCERS
1st Source only
SERVICE/PROC PAYMENTS
Refer to Lender
BROKER PACKAGING REQUIREMENTS
Applications will be processed immediately on receipt of the
following|:
1. Application form
2. Valuation/admin fee cheque payable to Skipton Building Soc
3. MIRAS forms need to be completed prior to completion
(not available from 5/4/2000)
4. Current lenders annual statement
5. Latest P60
6. 1 mths most recent payslip
7. Last 2 years finalised accounts (for the self employed only)
8. Latest 3 mths consecutive bank statements (showing employer
credits and debits to lenders)
9. Certified Copies of all personal Identification doucuments
to be submitted with the mortgage application..
When Offer of Advance is issued a copy will be sent to the
introducer normally within 4 to 5 days
Please note that the system must set to specify Level Net Payments
when issuing quotes.
SOLICITORS
Panel used, sole practitioners not acceptable
Employed |: Latest P60 & latest 1 mths payslip
Self Emp |: 2 yrs chartered / certified accounts
FTB |: As above
RTB |: As above plus RTB details
All |: Existing lenders statements covering
|| 1 year
|| Proof of identity
|| Credit Reference (CCN)
|| Valuation report
Acceptable Purposes
Home Improvements
Refinance
Refer to lender for all other purposes
UK Tax Payers ||: Not compulsory
Arrears Outstanding ||: No
Arrears Settled ||: No
CCJ's Outstanding ||: No
CCJ's Satisfied ||: Subject to approval - Refer
Bankruptcy ||: No
Ex-Patriates ||: No
DSS Payments ||: Existing borrowers. Letter from DSS
||| before offer is issued (Providing
||| lower LTV & reduced advance) Refer
Diplomatic Immunity ||: No
Debt History ||: Dependent on case - Refer
Guarantors ||: Family members who can cover own
||| outgoings and new mortgage - Refer
Interview Required ||: If possible
Multiple Applications ||: For Standard
||| 3 apps - 2.5 x combined income
||| 4 apps - 2.25 x combined income
Secondary Income ||: Yes - 50% of part time earnings
||| acceptable if permanent basis
||| is in excess of 4 months.
||| 50% of rental & investment
||| income. Pension Income acceptable
LIFE COVER REQUIREMENTS
Repayment|: No mandatory requirements
Pension |: Term assurance
|| Personal - 80% Tax Free Cash 12% Growth Rate or
|| 100% Tax Free Cash at 6% Growth Rate
|| (illustration required)
|| Executive - 35% assumed fund. App must have been
|| employed in a senior managerial
|| position for a minimum of 5 years
|| Company - Unacceptable
Endowment|: Policy deposited
PEP |: 100% of fund at 6% growth 80% of fund at 12% ,
|| Term Assurance deposited (Illustration required)
25 charge if lenders Buildings & Contents Insurance is not
taken. Solicitor to confirm policy is acceptable.50 Fee
applies for Residential Buy to Let.Minimum property value
25000.
PURCHASE
Council RTB House / Flat
Self Build - Refer
Second Property/Holiday Home - max 90%
RTB - 100% of purchase price within 75% OMV. No min advance
TENURE
Freehold House
Feuhold House / Flat (Scotland)
Flying Freehold / Freehold Flat (Limited Criteria - RTL)
Agriculturally Restricted (Free / Leasehold - Max 50% + other
restrictions - Refer)
Leasehold House / Flat
Minimum lease required on application is 50 years + mtg term
CONSTRUCTION
Conventional Brick / Tile
Concrete (Precast/Prefabricated - Subject to Policy)
Timber Framed (Brick Cladding)
Timber Framed (Other Cladding) - Refer to Lender
Non Standard Construction - Refer to Lender
OTHER
Back to Back (Min valuation 25000)
Converted Flat
Ex Council House / Flat
Single Bedroom
Studio Apartment - Refer to Lender
Thatched Roof - Refer to Lender
LOCATION
England (inc Isle of Wight) Wales and Scotland
~ Valuation Fee (inc VAT)
Minimum valuation must be 25000 or more
Up to date valuation fee 60
Re-inspection fee 40
Above Excludes 65 Admin Fee
not payable for valuations in Scotland only if the
valuation if arranged by the applicant
Structural Survey & Home Buyer Report Fees on request
Valuations by panel valuer (min indemnity 500000)
| (known to the lender as Higher Percentage Advance Fee)
| 0 - 75% ||Nil
| 75.01% - 90% ||Nil
| 90.01% - 95% ||8.95% / 1000
| No Min
| MIG can be added at 95%, where the purchase price or valuation
| is 25,000 or more
| Indemnity Insurance provided by Commercial Union
Bridging Finance ||: No
Drawdown Facility ||: No
Equity Release ||: Yes
Premium Funder ||: No
Self Build ||: Refer
Group Build ||: No
Shared Ownership ||: No
Top Ups ||: No
Further Advances ||: Yes
Split Loans (End/Rep) ||: Yes
Negative Equity ||: Yes - Refer
ERP Refund / Waiver ||: No
Legal Fees Package ||: No
Secured Loans ||: No
Semi / Full Commercial ||: No
Minimum Term ||: 5 years
Maximum Term ||: 25 years (Pensions - max 35 yrs
||| upto age 75 yrs)
Mge Reference Fee ||: 45 (inc VAT)
Questionnaire Fee ||: 47 (inc VAT)
Telegraphic Transfer ||: 25
Lenders Life Tie ||: CGU Life
Valuation/Purchase Price Maximum LTV
Up to 200,000 95%
200,001-300,000 90%
300,001-400,000 85%
400,001-450,000 80%
450,001 + 75%
Discounted legal fees offer available for customers
remortgaging on any of the current products. ONLY available in
England & Wales
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