Here you can find the answers to some of the most commonly asked questions about the mortgage process.
Do I need a solicitor or a conveyancer?
When you purchase a property, you will need a solicitor or licensed conveyancer to represent you and take care of all the legal processes. They will also take care of the important legal paperwork that you are required to complete as you apply for a mortgage – so it’s good to have one in mind before you apply. Your lender will also require a solicitor or licensed conveyancer to act for them in relation to the mortgage.
When remortgaging to M&S Bank, as part of our fee-assisted remortgage service, we will appoint a solicitor or licensed conveyancer for you. They will do all of the standard work required to transfer your mortgage across to you.
How do I apply for a mortgage?
There's some important information you'll need to provide when you contact us.
You can call us on 0800 923 1536. Lines are open 8am-8pm Monday to Friday and 9am-1pm Saturday (excluding bank holidays). Calls may be recorded.
What documents and information do I need for my mortgage application?
You will need to provide documents that confirm proof of your identity, address and income. Visit our apply page to find out more
Can I apply for an M&S Bank First Time Buyer Mortgage?
To be eligible to apply for an M&S Bank First Time Buyer Mortgage, at least one person must have never owned a property before.
Our First Time Buyer range of mortgages has a minimum loan amount of £75,000. Mortgages for first time buyers are available for amounts below £75,000 without cashback – please call us to discuss on 0800 923 1536.
How much do I need to save for a deposit?
There is no standard amount for a deposit to put towards a new home. However, the more money you can put down as a deposit, usually the better the mortgage deal available in terms of a lower interest rate. The maximum loan-to-value ratio that we currently offer at M&S Bank is 95%, available on First Time Buyer and home mover mortgages, which means you would need a deposit of at least 5% of the purchase price. Please also note that the minimum deposit required differs for new build properties – please contact us to discuss your requirements.
For customers remortgaging to M&S Bank, the maximum LTV that we offer is currently 90%.
How can I secure the interest rate?
We will hold the agreed interest rate for 180 days from the date of your mortgage offer.
Can I find my own valuer?
We offer one free standard valuation on all mortgages. We use a firm from our approved panel of firms to value the properties we lend against. As the mortgage valuation is for our purposes only, you may wish to have a more comprehensive inspection of the property carried out for yourself (for example a HomeBuyer report or building survey) to make sure that there are no nasty surprises and that the price that you are paying is right. You may be able to use the same firm as we use to prepare our mortgage valuation or you can instruct a firm of your choice. However, we will still need a mortgage valuation of the property prepared by a valuer of our choosing.
Which mortgage is right for me?
This is dependent on your own personal circumstances. For example, how much you want to borrow and for how long, along with your plans for the future are all things that will help us recommend the right mortgage deal for you. Our M&S Bank Mortgage Advisors can provide advice on our range of mortgages.
What is a Decision in Principle?
A Decision in Principle will essentially outline how much you could afford to borrow, based on the personal information you provide and a soft credit search. You can find more in-depth information about how this process works in another one of our articles - What is a Decision in Principle?.
Is there a minimum mortgage loan amount?
Our minimum loan amount is £10,000 for home movers and remortgages. Our First Time Buyer range of mortgages has a minimum loan amount of £75,000. Mortgages for first time buyers are available for amounts below £75,000 without cashback - please call us to discuss on 0800 923 1536.
What should I consider when applying for a mortgage?
Things to consider should include the type of mortgage product you would like and how long you want it for. Find out more about different types of mortgage
What risks should I be aware of?
The biggest difference between a mortgage loan in comparison to some other loans is that it’s secured against your property – you must keep up with mortgage repayments otherwise your home could be repossessed. This means that should you get into financial difficulty, you should contact us as soon as possible so we can give you the help you need.
House prices can fluctuate and if you owe more than the current value of your home, you will then be in negative equity. If you eventually decide to move or sell your home, and its value has dropped below what you initially paid for it, you could face a mortgage shortfall between what you owe and the amount you will get for the sale of the property. This shortfall is something you are required to repay.
What insurance will I need?
When buying a home, most lenders (including M&S Bank) insist that you have buildings insurance. This essentially covers the bricks and mortar of the property – as well as the fixtures. It may also be a good idea to think about contents insurance – this will protect all of your possessions inside the home.
What fees could I be charged?
Find out about the different fees involved with a mortgage.
You may also want to take a look at our article 'What else to budget for' which details some of the other costs associated with moving into your new home and may help with planning your big move.
How do I plan my move?
Read our article to help you organise your big move.
Can I let my property?
A mortgage deal is usually secured on the basis that you are planning to use the property as your main place of residence. If new circumstances arise and you need to let the property, you must ask permission from M&S Bank.
If you no longer intend to occupy the property and wish to let it permanently, the existing lending will no longer qualify as a residential mortgage. You will then need to remortgage to a buy to let product.
The material contained in this article is intended for information purposes only and not as advice.
You should obtain professional legal or other advice if you are unsure about the effect on you of any matter in this article.
Published: 26 January 2018