Frequently Asked Questions for Affordability and DIP

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Why do I need to do an affordability calculation before Decision in Principle (DIP)?

The affordability calculator works out how much you might be able to afford to pay back on your mortgage based on your income and outgoings. The information you provide will be used to complete your decision in principle.

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How long does my affordability calculation last for?

If you're not quite ready for a Decision in Principle, we email all applicants a link to do this later at the end of their affordability calculation. This link is available for 30 days. At the end of the 30 day period you will have to restart this process.

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Why do I need a Decision in Principle (DIP)?

Before applying for a mortgage you may need a Decision in Principle (DIP), sometimes referred to as an Agreement in Principle (AIP). A DIP gives an indication as to how much you could borrow from us and many sellers or estate agents ask to see your DIP as assurance that you can get a mortgage. A DIP means the society is, in principle, prepared to make a loan up to the amount indicated. It is not a mortgage offer and does not bind the society to make one. A mortgage offer is subject to full application, valuation and meeting the society's lending policy.

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How long is a Decision in Principle (DIP) valid for?

If your DIP is accepted it is valid for 30 days, this means you must have an offer accepted on the property you’re purchasing and booked an appointment with one of our regulated mortgage advisers in order to commence an application with us in that period before having to request another DIP.

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Is a Decision in Principle (DIP) a hard or soft credit search?

Carrying out a DIP at Skipton will involve a soft credit search which won’t leave a footprint on your record, but if you do choose to progress with a full mortgage application, a further hard credit search leaving a footprint and credit scoring will be carried out.

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What happens once I've got my Decision in Principle (DIP) online accepted?

  1. We will send you an email to confirm your Decision in Principle has been accepted.
  2. You will then have 30 days to have an offer accepted on the property you are purchasing and to book a mortgage appointment with one of our mortgage advisers, who will complete a Full Mortgage Application over the phone or via video appointment with you.

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Site intended for UK residents only. Skipton Building Society is a member of the Building Societies Association. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 153706, for accepting deposits, advising on and arranging mortgages and providing Restricted financial advice. Principal Office, The Bailey, Skipton, North Yorkshire, BD23 1DN.

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