Skipton Building Society: New Mortgage Deals for Contractors
Skipton Building Society is now offering better mortgage deals for contractors. They are the fourth largest and one of the oldest building societies in the UK. Through their brokers and advisors at Skipton for Intermediaries, contractors can find great mortgage options.Skipton has a long history of supporting different types of mortgages, like buy-to-let and self-build projects. After the 2008 credit crisis, they became more cautious, like many other lenders. But now, they’re adjusting to meet the needs of the market again. Recognizing the unique financial situations of contractors, Skipton now offers more flexible income assessments, considering not just traditional salaries but also contract earnings. They’ve also launched specialised mortgage products designed for contractors, making it easier to secure a mortgage without a fixed income.
We work with more than 120 mortgage lenders, including:
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We partner with banks and underwriters to navigate the complex landscape of contracting and simplify the process of using contract earnings alone for affordability assessments.
In today’s fluctuating housing market, understanding how much you can borrow is crucial. As a local mortgage broker in Watford, we provide expert advice to help you navigate this unpredictability. Whether you’re a first-time buyer in Watford, looking for a buy-to-let mortgage, or considering remortgaging in Watford, we ensure you secure the best possible deal.
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Why Skipton Building Society is a Great Option For Contractors
Skipton Building Society is a good choice for contractors, offering flexible mortgage options. If you’re new to contracting, they require your CV to show at least six months of contracting experience and two years in your industry.
Skipton offers competitive mortgage deals, including 95% Loan-to-Value (LTV) on new-build houses and 90% LTV on flats. For joint borrowers and sole proprietors, you can get up to 90% LTV, which means only a 10% deposit is needed. Existing homeowners can transfer their mortgage up to four and a half months before their current deal ends.
Skipton is also great for medical professionals and teachers with at least two years in their field. They don’t require a minimum income and have no restrictions on nurse bank work, making it easier to get a mortgage.
Overall, Skipton Building Society offers flexibility, competitive rates, and strong support for contractors.
Essential Checklist for Securing a Skipton Building Society
Contractor Mortgage
If Skipton Building Society seems like a good fit, we at contractor mortgage solutions can help with your application. Here’s what you need to know:
Contract Requirements
Your current contract must have at least one month remaining at the time of application and must be signed by both parties.
Income and Currency
Halifex accepts income in many currencies, including from Europe, Africa, Asia, North America, the Middle East, and Australasia.
They calculate income based on a 46-week period for daily rates.
Documentation for ltd
Provide the latest month’s business and personal bank statements.
Documentation For Umbrella Contractors
Submit the latest three months’ umbrella payslips along with the corresponding three months of personal bank statements.
Documentation for Payee Contractors
3 months bank statements and payslips.
Contracts Gaps and Earnings
3 months bank statements
There shouldn’t be more than a six-week break between contracts in the past 12 months.
You must earn at least £75,000 a year, with a daily rate of £326.08 or more over 46 weeks.
Partnering with Skipton Building Society for Seamless Contractor Mortgages
We work closely with Skipton Building Society’s senior underwriters to make your mortgage application as smooth as possible. Obtaining a Mortgage in Principle (MIP) typically begins with an initial assessment of your financial situation. You’ll need to provide key documents, including proof of income (such as recent contract details and bank statements), ID verification, and proof of address.
Once we have these documents, we submit them directly to Skipton’s underwriters. Our established relationship with them ensures that your application is reviewed quickly, often leading to a Mortgage in Principle within 24 hours. After obtaining the MIP, the full mortgage application is submitted. This process usually takes about three days, and completion of the entire process can be expected within 2 to 4 weeks.
Skipton understands the unique nature of contracting, offering flexible options tailored to your income structure. If you’re concerned about how your income will be viewed, our experienced team is here to guide you through each step, ensuring a faster and smoother approval process.
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Finding the right mortgage can be overwhelming, but we make it simple. Our mortgage comparison tool lets you explore options from top lenders, ensuring you get the best deal for your situation. Whether you’re a contractor, self-employed, or a first-time buyer, you can compare interest rates, loan terms, and monthly payments all in one place. Get a clear breakdown of costs and repayment terms before making your decision. With tailored solutions for contractors, securing the right mortgage has never been easier.
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Want to know how much you can borrow and at what rate? Our mortgage quote tool gives you a quick, no-obligation estimate based on your income and financial profile. We specialize in contractor mortgages, ensuring you get access to exclusive rates designed for self-employed professionals.
With no impact on your credit score, you can explore your mortgage options with confidence. Get a personalized quote in minutes and take the next step toward securing your dream home.
FAQ’S
What credit agency does Skipton use?
Skipton Building Society performs credit checks using major agency like Experian to ensure a thorough assessment.
Who does Metro Bank use for credit checks?
Metro Bank performs credit checks using major agencies like TransUnion, Experian, and Equifax to ensure a thorough assessment.
Does Skipton Building Society allow foreign currency?
Skipton Building Society does not accept foreign currency income. However, they provide solutions for other types of income, such as income from contracts, freelance work, or self-employment etc.