The Skipton Building Society has released an intermediary update. For full details see their latest product information here. All Skipton products are accessible through our direct to lender mortgage club with payment on completion. Contact us for details.
New Default Criteria!
Over the weekend we have made some positive changes to our adverse credit policy – we have decreased the number of restrictions on both defaults and CCJs, and made the debt management plan rule fairer to our customers:
Default Policy
- Maximum of 1 default in the last 12 months, with total value of defaults less than £500.
- Maximum of 3 defaults in the last 24 months, with total value of defaults less than £1000.
- No missed payments on any account within the last 6 months.
- All defaults must be satisfied at time of application, or if there is an unsatisfied default less than £50, evidence must be provided to confirm it’s been paid off and then we can proceed.
- There are no longer restrictions on LTV for cases where applicants have defaults, if a case has defaults it will just be down to the case passing our scorecard.
- Maximum of 1 CCJ in last 3 years, less than £500.
- All CCJs must be satisfied at the time of application.
- We can now consider borrowers who are or have been subject to a debt management plan – they must have no missed payments on any accounts in the last 6 months.
If you have had any cases with defaults and/or CCJs that have declined with us recently it may be worth copying the DIP and resubmitting if they meet our new policy!