The Skipton Building Society has launched a Decision in Principle (DIP) facility via its website.
The mutual claims the new online feature will give an initial mortgage decision in around 10 minutes.
Skipton’s new online DIP, available from www.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.
Kris Brewster, Skipton’s head of products, said: “At Skipton
