Skipton offers home buyers a mortgage decision in minutes

Skipton is making it even easier for would be property purchasers looking for a mortgage, by launching a Decision in Principle (DIP) facility via its website.

The new online feature will give an initial mortgage decision in around just 10 minutes, all at the click of a mouse.

Skipton's new online DIP, available from skipton.co.uk/mortgages, includes an affordability calculator where people can enter their details including employment status and information about the property they are considering purchasing. They can also record the type of loan they require, check whether they can afford the repayments and discover how much they are allowed to borrow.

If applicants pass the first stage of the process, a full credit check is then carried out and, if successful, a Decision in Principle is given. Subject to the information provided in the original application remaining unchanged, the DIPs remain valid for three months.

This latest service enhancement is aimed at offering would-be borrowers an even better experience, as part of the Society's commitment to significantly increasing its lending this year compared to last.  During the course of this year, the Society has offered a varied and innovative range of competitive mortgages aimed at helping to kick start the mortgage market by helping people to achieve their homeownership aspirations, whatever their circumstances.

The Society returned to buy-to-let lending to help cater for a buoyant private rental market, and offered some of the only 95% mortgages available for first and next time buyers struggling to raise large deposits.

The Society's lending efforts have also been recognised with a Best National Building Society 2011 award from What Mortgage magazine.

Skipton's Head of Products, Kris Brewster, said: "At Skipton, we understand that buying a home can be a complicated and time consuming process and that's why we've worked hard this year, to make arranging a mortgage as straightforward and affordable as possible.

"This latest enhancement to our quality, personal service will complement our selection of mortgages in helping to open up doors for people with a range of circumstances.

"Obtaining a mortgage decision in principal is never going to be positive for everyone who applies, but this efficient new facility will ensure they know where they stand more quickly and can continue their search elsewhere if necessary."

Anyone wishing to find out more about our new mortgage range can visit the Society's website at skipton.co.uk/mortgages.