Introducing same day offers

27/07/2020

In June 2020, we announced that through utilising technology we had completed our first same day offer. Since then we’ve continued to have even more success having now completed over 30 cases.

The new service enables applications to be processed to offer within 24 hours of the application being made. However, rather than cases being completely automated, all applications will continue to go through the Skipton underwriters, providing the opportunity for brokers and customers to discuss cases where needed.

Karen Appleton

I’m delighted that we’re able to underwrite and offer a case within a single day. It’s a culmination of the continued investment in technology and automation, while retaining our human touch. All cases are manually underwritten, which gives you the opportunity to speak to an underwriter about the complexities of your case and your client’s circumstances.

Karen Appleton - Head of New Lending

How could I get a one day offer with Skipton?

The top thing on the list is to make sure that the case is fully packaged. Having a fully packaged case will always help increase your chances of getting a quicker turnaround time on your offer as it takes away any time needed for contacting about documentation.

You can find out more about our minimum submissions criteria by reading our guide here.

Another factor in our ability to do one day offers is our use of Automated Valuation Models (AVMs). As a lender, at Skipton we want to make sure we are protecting our members and the society by ensuring long term responsible lending, and the way we assess cases is at the heart of this.

If we can carry out an AVM and it meets our requirements for assessing the value of the security property to meet our risk appetite, then we can proceed without the need for a further physical valuation of the property. However, carrying out an AVM is not always possible on every case.

As part of our policy, in order to protect our customers, there are some circumstances where we won’t carry out an AVM:

  • Block of flats – this is due to issues surrounding cladding concerns, which could significantly affect the ultimate saleability of the property
  • New builds – this is due to potential concerns with incentives and lack of market evidence and to ensure the customer doesn’t end up with a property that is vastly reduced in value.

It’s important to remember, if we can’t carry out a same day offer due to needing a desktop or physical valuation, if the case is fully packaged, we should be able to get straight to offer on receipt of the valuation back from our surveyors.

And if you have any questions our broker support team and our team of underwriters are here to help.

Our success stories

Read about some of the one day offer success stories below:

Our first case

The case was a residential remortgage application with capital-raising for home improvements. It was packaged well by the broker, which meant everything was ready to go. The AVM was completed by our Completions team, and the broker uploaded the documents on eMortgages. As we no longer ask for an eDeclaration, we only needed the solicitor to confirm the details with us, by which time I’d completed the underwrite and we were able to provide a mortgage offer.

– Shannon Oliver, Underwriting Consultant

Feedback from the broker

I found the service very good, with Rachael Hunnisett my BDM being a big help in solving any issues and getting back to me quickly.

This helped with the day one offer, which is important in the current conditions, especially as the client was due to go on to a variable rate with their current lender. In my dealings so far, I've been very impressed with Skipton admin-wise, as well as currently having competitive rates compared to the rest of the market.

– Simon Harris, Mortgage Consultant, Lifetime Wealth Management

One day purchase

A same day mortgage offer on a purchase application is amazing for the clients because it instantly takes away any anxiety they may have from waiting for the offer. A broker can spend hours chasing a case with other lenders, so it really is great to receive such a reliable and efficient service. Thank you Skipton!

– Nicola Green, Director, Evergreen Mortgages (Mansfield) Ltd

One day remortgage

I am absolutely delighted with the same day offer I received from Skipton. The application was offered within four hours of me submitting the case and supporting documents. I couldn't believe it. Absolutely brilliant service. My clients were also amazed by how quickly this was done too!

– Victoria Charlesworth, Charlesworth Mortgage Solutions

For more information you can get in touch with your local BDM or speak to our broker support team.

All information correct at time of publish.

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