People looking for a contractor mortgage might be interested in a new mortgage decision facility recently launched by the Skipton Building Society.
The new online Decision in Principle facility aims to give prospective borrowers an initial decision in about 10 minutes.
DIP includes a calculator to assess affordability whereby people enter their employment details and information about the home they are thinking of buying. They can record the type of mortgage they require, find out how much they can borrow and confirm they can afford to meet the monthly repayments.
Applicants who pass stage one will then be subject to a full credit check and if nothing untoward shows up, a Decision in Principle will be given. This is valid for a period of three months providing the original information in the application does not change.
Skipton has had a busy year so far. It has increased its mortgage lending and introduced an innovative range of products to help first time buyers get a foot on the housing ladder. It also ventured back into the buy to let mortgage market and launched some of the only home loans to require only 5% deposit.
The Society has recently been awarded the Best National Building Society 2011 accolade from What Mortgage magazine.
Kris Brewster, head of products at Skipton, said the Society understands that buying a property is both complicated and time consuming and so it has worked hard to make the whole process as straightforward as possible.
Not everybody who applies will get a mortgage decision in principle but those who are unsuccessful will find out where they stand quickly and be able to look to other lenders if necessary.
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