Submission
In keeping with the Society's policy of providing a fast and efficient service, your application will be processed on receipt of the following documents:
The mortgage application form
- Please ensure that the application form is fully completed and signed by the applicant(s) including the Declaration, Direct Debit Mandate and Reference Authorities.
- No correcting fluid or highlighter pen should be used when completing the application form.
- Accompanying documents should be submitted together with the application form. Details of the required documentation are contained within the application form.
- Please see the 'Application Checklist' for more information.
Direct debits
All Skipton mortgages are conditional on monthly payments being made in advance on the 1st of each month. All interest rates include a discount of 0.25% to reflect this condition. If the Direct Debit is cancelled for any reason, the rate will increase 0.25%.
Special notes
- All applicants must be 18 years of age or over.
- For leasehold properties, the lease must have an unexpired term of at least 30 years after the end of the mortgage term, assuming an average term of 20-25 years.
- Freehold flats and maisonettes are not acceptable.
- Directors personal guarantees are normally required.
Service standards
- We aim to initially vet all applications within two working days of receipt.
- We ask our external valuers to complete and return reports within seven working days of receipt of instructions.
- All cases are handled by experienced commercial lending staff who can be contacted at any time Monday to Friday 9am - 5pm on 01756 705027*.
Administration and other fees
- Valuation fees (for Buy-to-Lets)
The cost of valuing a property is payable on application and includes a non-refundable administration charge of £125. Minimum valuation £60,000. The valuer's report is for mortgage purposes only and does not guarantee that the property is free from defects. You may require a Homebuyers Report or Building Survey if you are purchasing a property. Please ask us for details.
Property Value Fee Up to £100,000 £255 £100,001 - £150,000 £280 £150,001 - £200,000 £310 £200,001 - £250,000 £350 £250,001 - £300,000 £385 £300,001 - £350,000 £425 £350,001 - £400,000 £460 £400,001 - £450,000 £500 £450,001 - £500,000 £535 £500,001 - £600,000 £610 £600,001 - £700,000 £680 £700,001 - £800,000 £745 £800,001 - £900,000 £810 £900,001 - £1,000,000 £880 - LIBOR linked and fixed rate application fees
If the application fails the initial vetting prior to a visit these fees will be refunded.
- Society's legal fees (for LIBOR Linked and Fixed Rate)
Amount Fee up to £100,000 £969.38 **If applicable £100,001 - £250,000 £1,410 **If applicable £250,001 - £500,000 £1,645.00 **If applicable £500,001 - £1,000,000 £1,997.50 £1,000,000+ Negotiable. Additional borrowing £470 (applicable where additional borrowing and the primary loan totals in excess of £500,000)
Once a visit has been carried out and the case is approved these fees are non-refundable.
| Amount | Fee |
|---|---|
| up to £500,000 | Negotiable with minimum fee of 0.75% or £500 whichever is greater. |
| £500,001 and above | Negotiable with a minimum fee of 0.75% plus Society legal fees. |
| Additional borrowing | 0.2% with minimum fee of £400 |
Notes**: Applicant's solicitors may be utilised by the Society for loans under £500,000 if the solicitors are already on the Society's conveyancing panel. Fees cover two properties. For each additional property a further £763.75 is required to cover additional legal costs. Fees cover up to 6 occupational leases per property. For each additional lease a fee of £293.75 is required to cover additional legal costs.s
VAT is not payable on these fees.
Following a visit legal fees are not refundable. Legal fees are payable at visit stage, before legal work is undertaken.
Please note that all search and registration fees and other disbursements are payable in addition to the above fees and are usually provided by the applicants solicitors.