Striking the right balance

At Skipton Building Society for Intermediaries, we’ve invested heavily in technology over the past few years and reaped the rewards during a successful 2022. In this blog, we’ll focus on the new technology we implemented to enhance our mortgage application process.

Our tech – the facts

Electronic ID&V - eID&V is an automated identification and address verification service. Where the search is satisfactory, the customer does not need to provide any ID or address verification.

Automatic Income Verification (AIV) - AIV is an automatic income verification service carried out on employed applicants. Where the search is satisfactory, the customers do not need to provide payslips or bank statements, significantly reducing the volume of documents required at underwrite.

Single Key Applications - Integrating with Twenty7tec’s sourcing platform enables brokers to capture their client’s data, source a suitable product and apply directly to our e-mortgages system.

Automatic Valuation Model (AVM) - We perform an AVM through Rightmove on every application once the full mortgage application, which in some cases where it meets policy can result in a day one offer. The AVM provides a capital value of the property and a confidence factor, plus a rental figure for Buy to Let applications.

Day 1 mortgage offers - Where customers pass EID&V, AIV and we use AVM, we can offer cases within 24 hours. Circa 5% of cases are offered on day 1 and 10% on day 2.

Paperless mortgage offers - Making it quicker and easier for customers, brokers and solicitors, resulting in an improved customer experience.

2022 service performance:

• 57% of borrowers passed Automatic Income Verification (no payslips or bank statements required to verify income).
• 22% of all offers in 2022 were issued within 5 days.
• On fully packaged applications our average time to underwrite was 2.5 days.
• 32% of applications used an AVM.
• Our average time to offer on cases with an AVM was 7.1 days.
• Overall, our average time to offer in 2022 was 10.8 days.

At Skipton we’re committed to providing a great service for your clients again in 2023 as we fine tune our proposition further. If you want a reliable efficient service for your customers in 2023… think Skipton!

For adviser use only. Please note this content has been supplied by our lender partner and as such, is their responsibility. No party shall have any right of action against Legal & General in relation to the accuracy or completeness of the information in this article.