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Residential lending criteria

To help you find what you're looking for, we've grouped our lending criteria into key categories. You can browse by category or use the search function to jump straight to the relevant entry.

Applicant

  • The minimum age for mortgage applicants is 18.
  • As part of our responsible lending policy, we are unable to accept applications where the borrowing term extends to, or beyond, any applicant's 80th birthday.
  • We will only lend beyond the applicant's intended retirement or age 68 (whichever is sooner) where it can be evidenced that sufficient income will continue to be received and the borrowing will be affordable for the term of the mortgage.
  • The application must be supported by a clear demonstration of the applicant's ability to repay the borrowing requested for the full term.
  • See income after retirement

When you submit an application online, if the applicant does not pass electronic ID&VA checks we'll ask for one of the following documents; each of which must be certified (signed or stamped) as a true copy of the original provided by the applicant (a separate document will be required to verify proof of identification):

  • Current UK driving licence – full or provisional.
  • Council tax bill, valid for the current year.
  • Utility bill, dated within last 4 months.
  • Telephone bill, dated within last 4 months. Mobile phone bills are not acceptable.
  • Home broadband, Sky or cable TV bill, dated within last 4 months.
  • Mortgage statement from a recognised lender, dated within last 12 months. Mortgage statements from M&S Bank and letters of confirmation are not acceptable.
  • Credit card statement from another UK financial institution, showing all transactions, dated within the last 4 months. Credit card statements from M&S Bank are not acceptable. Certain conditions may apply for documents from overseas financial providers.
  • Bank or building society statement from another UK financial institution, showing all transactions and dated within last 4 months. Bank statements from M&S Bank are not acceptable. Certain conditions may apply for documents from overseas financial providers.
  • HM Revenue & Customs tax notification, dated within last 4 months and issued by HMRC and not the applicant’s employer. P45s and P60s are not acceptable.
  • Letter confirming the customer's right to benefits from Department for Work & Pensions, Jobcentre Plus, a benefits agency or a veterans agency, dated within last 4 months.

When you submit an application online, if the applicant does not pass electronic ID&VA checks we'll ask for one of the following documents; each of which must be certified (signed or stamped) as a true copy of the original provided by the applicant (a separate document will be required to verify proof of address):

  • Full UK passport
  • Current UK driving licence
  • Letter confirming the customer's right to benefits from Department for Work & Pensions, Jobcentre Plus, a benefits agency or a veterans agency, dated within last 4 months.
  • HMRC Tax Notification (PAYE coding notice, HMRC Notification of Working Tax Credit, HMRC Notification of Child Tax Credit, HMRC Notification of Disabled Person's Tax Credit or HMRC Tax Calculation)
  • First time buyer – where any party to the mortgage has never previously owned property in the UK or abroad
  • Home mover – where a customer is moving home
  • Remortgage – where an applicant is transferring their borrowing from another mortgage provider to M&S Bank, with no additional borrowing
  • Additional borrowing – when applying for a remortgage the customer may borrow more than is required to pay off their existing lending up to a maximum of £50,000.

UK residents who are living/working overseas are not permitted to apply for an M&S Bank mortgage; all applicants must reside in the UK

Foreign Nationals resident in the UK

We will provide mortgage facilities on property in the UK for applicants who have been granted indefinite leave to remain in the UK, indefinite leave to enter the UK, a 'Right of Abode' entitlement by the Home Office or where they are national of the EEA or Switzerland. This will need to be evidenced by the applicant via either a current valid passport showing a visa stamp, a certificate of entitlement, a UK residency permit or a letter from the Border and Immigration Agency/Home Office confirming residency/right to abode. These applications will be subject to the standard lending criteria.

All applicants, whether UK or foreign nationals, must have been resident in the UK for a minimum of two years prior to application.

We do not currently provide guarantor mortgages.

We do not currently provide Shariah compliant home purchase plans.

We do not currently accept any Help to Buy applications.

We do not currently accept any Shared Ownership applications.

The maximum number of applicants for a mortgage is four. Borrowing must be in the same name(s) as the ownership of the property. If the application is for more than two applicants contact the M&S Bank Broker Helpline on 0345 002 1126 and ask for a manual referral of the application to an underwriter. Lines are open 8am-8pm Monday to Friday and 9am-1pm Saturday (excluding bank holidays).

Applicants may apply to remortgage at any time after they have completed their purchase. Please note that for properties owned for less than 6 months, we will require the applicant's solicitor to satisfy our responsible lending commitments and confirm the property was not purchased via a sub-sale style transaction.

We do not currently accept any affordable housing scheme applications.

We do not currently accept applications for properties owned in trust.

M&S Bank provides a flexible and bespoke level of service to British Armed Forces personnel. Whilst, on the whole, they will be treated as per civilian customers, due to the unique nature of their income and expenditure as well as a potential requirement to serve overseas, if the application does decline, contact the M&S Bank Broker Helpline on 0345 002 1126 and ask for a manual referral of the application to an underwriter. Lines are open 8am-8pm Monday to Friday and 9am-1pm Saturday (excluding bank holidays).

Income

Income needs to be current, regular and consistent. Income can only be used where it is considered likely that a similar level of income will be received for the full term of the mortgage.

The maximum ratio for lending is 4.75 times gross income (sole or combined) where the loan to value (LTV) ratio is less than or equal to 90% and 4.49 times gross income for LTV of >90%-95%.

Minimum joint salary is £15,000.

Bank statements must not be used as the sole proof of income – payslips or business accounts are also required in line with the mortgage policy set out below.

Online bank statements and online payslips can be accepted together to support an application. Documents submitted via the broker portal should be certified as true copies of the original, provided by the applicant.

Please ask the applicant for their income details and use their proof of income to validate these responses – never fill out the application directly using the statement information provided.

Criteria Proof required
Basic income
Gross income is defined as basic salary plus any permanent allowances (e.g. car, territorial allowances) and is used to calculate net monthly pay after income tax and National Insurance deductions.
  • The latest month's payslip and the latest full months bank statement for the account to which the income is credited.
    • Where the dates on the payslip(s) show as DD/MM/YYYY, all dates must be within 35 days of submission of the full mortgage application.
    • Where the date on the payslip(s) shows as MM/YYYY, we will accept the payslip(s) which can be either dated in the current or previous month at the time of submission of the full mortgage application.
    • Undated payslips are not acceptable.
  • The salary credit must match the net pay figure on the payslip and show the stated employer.

Please note: Where the applicant's basic salary cannot be established from the payslip further information will be requested from the applicant, i.e. employment contract / letter from the employer.

See Evidential Documents Matrix for variations subject to frequency of pay

Top-up salaries
These can be used where the applicant can prove that the top-up salary is a guaranteed contractual entitlement. Please note, previous years' bonuses cannot be used in the income assessment.

They cannot be used where the top up is discretionary, subject to annual review or not permanent. In this case, the income should be treated in the same way as bonus.
  • Basic salary in line with basic income requirements.
  • Last two years' P60s.

Please note: If the top up salary income cannot be validated by P60s, we will request to see the relevant payslips or a letter from the employer to confirm the payments.

Bonuses, overtime and commission
Where overtime, bonuses and other allowances are shown to be regular, a maximum of 50% of the average of the last 2 years can be considered guaranteed income, however, if the latest year's figure is lower than the average then the latest year's figure must be used in the affordability assessment.
  • Latest three months' worth of payslips.
  • Latest full month's bank statement for the account to which the income is credited.
  • Last two years' P60s

Please note: If the bonus/overtime/commission income cannot be validated by P60s, we will request to see the relevant payslips or a letter from the employer to confirm the payments.

Employment allowances
If the customer receives a shift allowance, car allowance or large town allowance that is fixed and guaranteed, 100% can be used as income.
  • Basic salary in line with basic income requirements.

Please note: Where the applicant's fixed employment allowances cannot be established from the payslip further information will be requested, i.e. employment contract / letter from the employer.

Second jobs
Income from a second job can only be used where the Underwriter considers it likely that a similar level of income will be received for the full term of the mortgage. 100% can be used as income.

We would also take into account the number of hours worked and the sustainability of the applicant having two jobs.
  • Basic salary in line with basic income requirements.
Parental Leave (Maternity/Paternity)
Consideration will be given to how the applicant intends to maintain the mortgage payments and subsidise commitments/lifestyle while on parental leave such as employee benefits, Statutory Maternity Pay, Statutory Shared Parental Pay, partner's income, savings etc.

All dependent children, including new additions, should be included within the application.
  • Basic salary in line with basic income requirements.
  • Where the normal pre-parental leave income is not evident on the latest payslip the last payslip showing the pre-parental leave income will also be required.
  • Where the applicant advises they will return to work on the same terms, the normal pre-parental leave income can be used. Consideration will be given to future child-care costs.
  • Where the applicant advises they will return to work on reduced hours, the reduced income and/or future child-care costs will be calculated on a pro-rata basis based on evidenced income, or supported by an employer's letter if available.
  • Where the applicant indicates that they do not intend to return to work or have yet to make up their mind, affordability must be assessed without their income
New Employment (commenced within the last six months) and Probationary Period
Where an applicant has commenced employment and is on a probationary period with their employer, this will be referred to an underwriter. 100% can be used as income.

Consideration will be given to:
  • Length of probation and how long is remaining
  • Relevant employment track record
  • Career gaps/change of career
  • Basic salary in line with basic income requirements.
  • Latest P60.
  • Contract of employment to establish whether a permanent contract or temporary term contract is held.
  • Where the applicant has not yet received their first payslip, their open-ended Contract of Employment or letter of appointment from the new employer (which must confirm the basic salary) can be used together with the latest payslip from their previous employment.
  • Where the increase in basic salary between the new employment and previous employment is greater than 20% the first payslip from the new employment will be required.
  • The latest payslip from their previous employment must be in line with basic income requirements.
Job offers
Where an applicant has yet to commence employment, consideration will be given to:
  • Relevant employment track record
  • Career gaps/change of career
These applications must be referred to an Underwriter.
  • Basic salary in line with basic income requirements (for the current job).
  • The open-ended Contract of Employment or letter of appointment from the new employer will be required which must confirm the basic salary.
  • Applicants will be considered providing the increase in basic salary from the current employment to the new employment is not greater than 20%.
Foreign currency
All income used within the affordability calculation must be British pounds (£), foreign currency income is not permitted.
Fixed-term contracts
Applicants must have been employed for a minimum of two years' continuous service in the same type of employment and past history suggests that their current contract is likely to be renewed

or

Applicants must have been employed for a minimum of 12 months or more continuous service in the same type of employment, providing there is a minimum of six months of the current contract remaining

Applicants are treated as employed contractors unless they pay their own tax.
  • Basic salary in line with basic income requirements.
  • Last two years' P60s.
  • Or (where the applicant has been employed for less than two years in the same type of employment:

  • Basic salary in line with basic income requirements.
  • Latest P60, plus
  • Current Contract of Employment

Please note: Any bonus / overtime / commission must be evidenced in line with the Bonus / Overtime / Commission policy.

Zero-hours contracts (including supply teachers)
Customers on a zero-hours contract can be accepted where they can evidence that their income is current, regular and consistent. The customer must have been in the same type of employment for a minimum of 24 months. The average of the last 3 months' (or last 12 weeks where the customer is paid weekly) basic income can be used, however if the latest month is lower than the average then the latest month's income must be used in the affordability assessment. If there are any concerns with the information provided further evidence must be obtained from the customer.
  • Latest three months' worth of payslips.
  • Latest full month's bank statement for the account to which the income is credited.
  • Last two years' P60s.

Please note: If the bonus/overtime/commission income cannot be validated by P60s, we will request to see the relevant payslips or a letter from the employer to confirm the payments.

For self-employed applicants, income must be confirmed by their last 2 years' signed, audited or certified accounts (the most recent being no more than 18 months old), plus a minimum of the last 3 months' commercial bank statements. Where a business does not produce audited or certified accounts, we can accept HMRC self assessment tax calculations in conjunction with HMRC self assessment tax returns.

Criteria Proof required
Sole traders
We will consider the average net profit over the last 2 years. However, if the latest year is lower than the average, that figure will be used.

The last 2 years' signed audited or certified accounts, the most recent of which must be no more than 18 months old.

Plus, a minimum of the last 3 months' commercial bank statements to ensure the business is still trading at a similar level to that seen within the accounts.

Where sole trader annual turnover is greater than £250,000, business trading MI may be used where commercial bank statements are not available.
Limited companies
We will consider the applicant's share of net profit after corporation tax averaged over the last 2 years, along with their salary (often referred to as director's remuneration or emoluments). If the latest year is lower than the average, that figure will be used.

Where a limited company director applying for a mortgage has more than a 25 percent shareholding in the company, they will be classed as self-employed and will need to be assessed in line with the self-employed policy. Company directors with 25 percent or less shareholding in the company will be classed as employed, applying employed policy for assessing income.

The last 2 years' signed audited or certified accounts, the most recent of which must be no more than 18 months old.

Plus, a minimum of the last 3 months' commercial bank statements to ensure the business is still trading at a similar level to that seen within the accounts.

Where annual company turnover is greater than £250,000, business trading MI may be used where commercial bank statements are not available.
Partnerships
We will consider the customer's share of the net profit averaged over the last 2 years. However, if the latest year is lower than the average, that figure will be used.

The last 2 years' signed audited or certified accounts, the most recent of which must be no more than 18 months old.

Plus, a minimum of the last 3 months' commercial bank statements to ensure the business is still trading at a similar level to that seen within the accounts.

Where annual company turnover is greater than £250,000, business trading MI may be used where commercial bank statements are not available.
Limited liability partnerships
Limited liability partnership (LLP) category guide:
Category 1 = LLP with 200 or more partners
Category 2 = LLP with between 20 and 199 partners
Category 3 = LLP with less than 20 partners

For partners of category 1 LLPs, a letter issued by the company finance director or accountant will be accepted as confirmation of income. The letter should detail the applicant's earnings over the past 2 years and must be dated within 3 months of the application.

For partners of category 2 LLPs, a letter issued by the company finance director or accountant and tax returns with SA302s will be accepted as confirmation of income. The letter should detail the applicant's earnings over the past 2 years and must be dated within 3 months of the application, and the tax returns with SA302s must be for the latest 2 years.

For partners of category 3 LLPs, income must be evidenced in line with the partnerships income criteria – as detailed above. Plus, we'll need to confirm the applicant's shareholding by seeing either: 2 years' tax returns; a letter from the finance director or accountant of the LLP; or a copy of the partnership agreement – alongside the financial accounts.

For applicants changing from an employed position to being a partner of a LLP within the last two years, a combination of evidence can be accepted to confirm income. For time served as an employee, income can be evidenced in line with current policy criteria for evidencing employed income. For time served as a LLP partner, income can be evidenced in accordance with the criteria stated above. If the applicant has not yet completed a year within the LLP, additional confirmation of the applicant's shareholding is required by way of the partnership agreement or a letter from the Finance Director/Company Accountant, in addition to the LLP accounts.
Sub-contractors
We will consider the applicant's employment track record, current contract term and likelihood of continued employment.

Where a sub-contractor works via an umbrella company receiving PAYE income, we will consider the longevity of the income stream.

Either: audited/management accounts; or pay slips showing pay received and tax deducted at source.

Plus, self assessment tax returns if the income has been validated by HMRC and has formed the basis upon which the applicant has paid tax via an HMRC SA302 self assessment tax calculation.
Criteria Proof required
Investment income
Income will be considered from UK investments that are credible and can be consistently evidenced and calculated.

Acceptable investment income types include: UK-based stocks and shares ISAs with regular monthly contributions, unit trusts, OEIC and investment bonds and UK-based share/ gilts portfolios.

We will not accept any form of speculative investment as an income source.

  • Latest three years' Tax Calculations*, corresponding Tax Year Overviews and portfolio statements, which must detail the nature of the investment and the current value, plus
  • Evidence of the regular and on-going contribution (e.g. standing order / direct debit on their bank statement).
  • Monthly contribution to be included within income affordability.
*Tax Calculations can be an online print out from HMRC website, an SA302 or the computation produced by the applicant's accountant using commercial software and submitted to HMRC.
Rental income
Where a customer wishes to use rental income in the residential affordability assessment, we can only proceed where the customer is not deemed to be a Professional Landlord. In all cases the Buy to Let borrowing and associated costs are to be captured in the affordability assessment.

Please note: Where rental income is not being used to support the affordability assessment of a residential mortgage, there is no requirement to obtain evidence of any Buy to Let income that the customer may have. However, all associated costs of the Buy to Let properties must be included in the affordability assessment.

100% of rental income is acceptable, providing the applicant is not a Professional Landlord, defined as a someone who has:
  • Greater than £2m of BTL borrowing across all lenders; or
  • More than 50% of their total gross annual income derived from rental income (including via a holding company).
Note: we cannot accept future income for properties which are not yet let.
  • Latest year's tax return (SA100) and/or the business signed audited/certified audited accounts (which must be dated within the last 18 months)
  • Latest Buy to Let mortgage statement(s) to show the Buy to Let borrowing outstanding
Exceptionally, a current tenancy agreement, combined with the latest month's bank statement, may be used, however, the application must be referred to an underwriter for full assessment. This will be considered where:
  • The applicant is paying tax related to their Buy to Let income via PAYE (this will need to be evidenced via a notice of coding and/or payslips); or
  • Properties have been purchased within the current tax year; or
  • The applicant is not paying tax on the Buy to Let income due to their overall gross income level being less than their personal allowance.
Contact the M&S Bank Broker Helpline on 0345 002 1126 for a referral to an underwriter. Lines are open 8am-8pm Monday to Friday and 9am-1pm Saturday (excluding bank holidays).
Maintenance income
100% is acceptable, providing there is a court order in place and must be evidenced over the full term of the mortgage.

A copy of the maintenance agreement received under a Court Order or a CSA assessment.
Trust income
100% is acceptable, providing it covers the full term of the mortgage. The trust investments must be UK based.

Letter from trust administrator, plus a statement of where the trust is invested.
Foster income
100% of income averaged over 2 years is acceptable. However, if the latest year is lower than the average, that figure will be used.

Last 2 years' tax returns.
Private/state pension
100% is acceptable.

Latest pension payslip

  • Where the date on the payslip shows as DD/MM/YYYY, all dates must be within 35 days of submission of the full mortgage application.
  • Where the date on the payslip shows as MM/YYYY, we will accept the payslip dated in either the current or previous calendar month.
  • Undated payslips are not acceptable.

or

Latest annual pension statement

or

Latest P60

and

The latest full month's bank statement for the account to which the income is credited. Pension must be credited within the 35 days prior to submission of the full mortgage application.

Permanent health insurance
100% is acceptable, providing it covers the full term of the mortgage.

Latest benefit award letter, dated within the last 12 months.
Income after retirement
As part of our responsible lending policy, we are unable to accept applications where the borrowing term extends to or beyond the applicant's 80th birthday.

Applications where the borrowing extends beyond age 68 or the applicant's intended retirement age (whichever is sooner) will be referred to an Underwriter and must be supported by a clear demonstration of the applicant's ability to repay the borrowing requested for the full term.

Consideration will be given to:
  • The period of time remaining until retirement - the closer the applicant is to retirement the more robust the evidence of income should be;
  • The type of employment and whether the applicant will be able to continue to work;
  • Although income normally decreases at retirement, we will consider that expenditure may also decrease, such as commuting costs or costs associated with financial dependents.

See Private/state pension where the applicant is already in receipt of pension income.

Where future projected pension income is being used to assess affordability the latest private/company pension projection statement will be required.

Where the statement provides different levels of estimated income, the average/normal return or equivalent will be used.

For projected state pension the applicant's state pension projection from the Government website will be required.

Where future projected pension income is not being used to assess affordability, but evidence of future pension provisions is required due to the term extending beyond retirement, the following evidence is required:
  • Latest payslip confirming pension contributions; or
  • Latest annual pension scheme statement; or
  • Confirmation of pension scheme participation; or
  • A bank statement showing pension contribution payments
Income from benefits
Benefit income in the following forms can only be used where these are evidenced to be assured and regular and must be evidenced over the term of the mortgage:
  • Child Benefit
  • Child Tax Credit/Working Tax Credit
  • Child Support Agency Awards
  • Universal Credit
When assessing Child Benefit, Child Tax Credit and Working Family Tax credit income you must consider:
  • Whether the benefit payable is in line with the applicant's gross annual income. For further guidance please refer to the Government website.
  • Dependents' age versus term requested.

  • Latest benefit award letter/Statement, issued by the Department for Work and Pensions (DWP), dated within the last 12 months.
  • The latest full month's bank statement for the account to which the benefits are credited.
Where an applicant is in receipt of the Universal Credit payment, a breakdown of benefits and who they are payable to must be evidenced and we will only consider the acceptable forms of benefit payments.

The bank does not accept any other benefit income for mortgage purposes, as we are unable to suitably evidence that the payments will be received for the duration of the mortgage term.
Disability Benefits
Disability allowances in the following forms can be accepted where these are of a long term nature:

  • Disability Living Allowance(DLA)
  • Disability Income Support
  • Industrial Injuries Disablement Benefit
  • Personal Independence Payment (PIP)
  • Universal Credit
  • Latest benefit award letter / Statement, issued by the Department for Work and Pensions (DWP), dated within the last 12 months.
  • Latest full month's bank statement for the account to which the income is credited.
Where an applicant is in receipt of the Universal Credit payment, a breakdown of benefits and who they are payable to must be evidenced and we will only consider the acceptable forms of benefit payments.

The bank does not accept any other benefit income for mortgage purposes, as we are unable to suitably evidence that the payments will be received for the duration of the mortgage term.
  • Jobseeker's Allowance
  • Maintenance income without a court order
  • Bursary income
  • Mortgage subsidy
  • Lodger's income

Borrowing

The affordability assessment reviews the applicant's net income, committed expenditure, basic essential expenditure and the basic living costs of their household. Affordability is assessed on a capital repayment basis and takes into account likely future interest rate rises.

Evidencing applicant expenditure

To help us assess expenditure and establish a fuller financial picture, each applicant must provide a copy of their most recent full month's bank statement for the account(s) from which their expenditure is paid. Where the expenditure evidenced on the bank statement does not reflect the applicant's stated expenditure (notwithstanding reasonable variations) additional evidence may be requested by the underwriter.

When considering affordability, we assess expenditure based on a mixture of applicant's declared information and/or statistical data. The statistical data used in the application takes into account the:

  • number of applicants
  • number of financial dependents
  • applicant income
  • region
Debts ending within 6 months

If an applicant can provide evidence that a commitment or ongoing cost is intended to cease within 6 months of their mortgage application, we will discount this debt from the debt/income calculation. Supporting evidence must be obtained from the applicant and/or Credit Reference Agency Search and will be retained in the mortgage file.

If further clarification is needed in respect of an applicant's credit commitments, we reserve the right to examine Credit Bureau information to confirm the nature and true extent of their lending exposure.

Applications for borrowing additional funds to consolidate debt can only be accepted via the broker channel. A maximum of £30,000 can be used for debt consolidation and there is an 80% LTV limit on such applications.

Our assessment is based on the full costs associated with the Buy to Let property(ies) – not just the rental income.

All rental income must be evidenced by the latest year's tax return (SA100) and/or the business signed audited or certified accounts (which must be dated within the last 18 months), along with the latest annual mortgage statement to show the Buy to Let borrowing outstanding.

Tenancy agreements and bank statements showing rental income, mortgage payments and outgoings related to the Buy to Let property are only acceptable as evidence in the following cases:

  • The applicant is paying tax related to their Buy to Let income via PAYE (this will need to be evidenced via a notice of coding and/or payslips); or
  • Properties have been purchased within the current tax year; or
  • The applicant is not paying tax on the Buy to Let income due to their overall gross income level being less than their personal allowance

For applicants with existing Buy to Let properties who are applying to purchase/remortgage a residential property for their own use, we will also need to ensure the request ‘makes sense’ and that the property being purchased or remortgaged is in line with the applicant’s profile.

See Professional landlords for circumstances where rental income cannot be taken into account.

We define a professional landlord as someone with:

  • Greater than £2,000,000 in total of Buy-to Let borrowing (all lenders); or
  • More than 50% of the primary applicant's total gross annual income is derived from rental income, including Buy to Let income generated via a holding company.

Residential mortgage facilities will only be accepted for professional landlords whereby rental income is excluded from the assessment, but all expenditure related to the applicant's Buy to Let properties is included within the application.

Rental income can be used in the affordability assessment only where the applicant is not deemed to be a professional landlord.

See Buy to Lets in background for details of rental income requirements.

We consider childcare and school fees as a regular outgoing and commitment, which will be assessed on a case-by-case basis.

Let to buy residential mortgages are not currently available.

This will be treated as running two properties. Our affordability calculations will consider both mortgage balances and running costs, plus the second property and income from employment (salary multiples) criteria will apply.

Property

M&S Bank only provides residential mortgages where:

  • A first legal charge (in Scotland, a first ranking standard security) over the property is/will be held. We do not provide second charge (second ranking) mortgages.
  • The property must be either freehold (which includes commonhold), leasehold or feudal (in Scotland).
  • All residential leasehold properties must have more than 30 years remaining on the lease beyond the term of the mortgage at the outset.

We will not provide residential mortgages in the following circumstances:

  • The property is being purchased via a sub-sale transaction (this includes back to back transfers and assignment of contracts).
  • The property is subject to an onerous lease clause regarding an excessive or unreasonably escalating ground rent.

M&S Bank can provide mortgages in mainland England, Wales, Scotland and Northern Ireland only.

The same LTV limits apply to flats as to houses.

In order to be considered suitable for mortgage purposes, flats must be habitable with a fully functioning internal kitchen and bathroom and with no restrictions on occupancy.

Buildings insurance covering the full cost of rebuilding the flat must be taken out by the borrower and must remain in place during the term of the mortgage.

We will not lend where:

  • The block is above four storeys high (including the ground floor, but excluding any basement accommodation) and there is no lift*;
  • There is more than 1 leasehold flat in a building (unless that building is owned or managed by a tenant's management company or committee) that is, where the landlord is either an individual or a company not owned by the tenants; or
  • The flat is freehold, unless:
    • In Scotland,
    • A Tyneside flat,
    • Where the security will comprise the freehold of the entire building within which the flat is contained.

    It is not acceptable where a freehold flat building has been divided horizontally with both the lower and upper floors being freehold titles.

    It is acceptable where the freehold flat building has been divided into flats and the flat is included within the freehold title for the entire building which will be our security. For example, a building has 2 flats; flat 1 is part of the freehold title and flat 2 holds a leasehold title. (In other words, flat 1 owns the entire building out of which the lease of flat 2 has been carved).
  • The property is in an ex-local authority block where a minimum of 75% of the block is not privately owned.

*Please note, while blocks of flats above 4 storeys high with no lift are normally considered unacceptable for mortgage purposes, some exceptions can be made. Good quality, modern, medium and high-rise purpose built or converted flats in prestigious areas of central London and certain other cosmopolitan centres will be considered on individual merit by the valuer, subject to good mortgageability and sustainable resale potential.

In all cases, we will require the valuer to confirm that the flat is both mortgageable and marketable.

Studio flats

There are no restrictions on studio flats. We can lend, subject to valuer's comments that the property is suitable security.

The following types of tenure are acceptable:

  • Freehold (which includes commonhold) or feudal (Scotland)
  • Flying freeholds (where these are a feature of local housing)
  • All residential leasehold properties must have more than 30 years remaining after completion of term of the mortgage. This is only the minimum requirement and will always be subject to the valuer's opinion - the valuer must be satisfied that there is a market for any property, taking the lease term into consideration. Therefore, even though an application may meet the guidelines above, the property may still be declined by the valuer. For example, a residential mortgage application for a 20 year term with a 56 year unexpired term lease is within policy, but the valuer may advise the property is not readily marketable and saleable and will not consider the property as suitable security.
  • Leasehold flats (including flats with a share of the freehold) are acceptable.
  • Freehold flats are only acceptable where the security will comprise the freehold of the full building within which the flat is contained or where the legal arrangements for freehold flats are satisfactory and accepted in the local market as confirmed by the solicitor or licensed conveyancer acting for the bank (for example, in Scotland).

Other than house boats and mobile homes, there is no particular type of property that we cannot lend against subject to the property meeting our non-standard construction type criteria.

In order to be considered suitable for mortgage purposes, properties must be habitable with a fully functioning internal kitchen and bathroom and with no restrictions on occupancy.

Buildings insurance covering the full cost of rebuilding the property must be taken out and must remain in place during the term of the mortgage.

We cannot provide lending for properties with covenants that restrict the period of occupation and/or the age or type of employment of the occupant.

We can lend where the commercial element represents a minor part of the property (for example, a single room used by the borrower for home-working), providing the whole property can be sold as a complete residential unit.

We cannot provide residential mortgage facilities on a property that is used wholly for business purposes or where there are commercial buildings on the same title (for example, a holiday let/cottage).

We can lend against residential properties with commercial properties close by, subject to the valuer's comments that the property is suitable security.

Exceptionally, we can lend against properties with 2 kitchens, subject to the valuer's comments that the property is suitable security.

We will not provide residential mortgages for:

  • House boats
  • Mobile homes
  • Bed and breakfast properties
  • Properties with agricultural ties
  • Construction of a new property
  • Conversion to/refurbishment of a residential property (home improvements excluded)
  • Non-habitable properties (without an internal working kitchen and bathroom)
  • Residential properties which are used wholly for commercial purposes
  • Live/Work units
  • Overseas properties
  • Holiday homes that cannot be lived in all year round
  • Properties being purchased via a sub-sale transaction (this includes back to back transfers and assignment of contracts)
Timber-framed

Period timber-frame properties will be considered on individual merit, subject to the valuer's comments and at the lower LTV ratio of 80%.

Timber-framed properties constructed between 1920 and 1965 are considered unacceptable for mortgage purposes due to inferior building regulations in relation to vapour barriers.
Scottwood/Swedish are also considered unacceptable for mortgage purposes.

All timber

Due to the unusual nature of the construction, properties made entirely from timber are usually considered restricted. We will be guided by the valuer's comments on marketability. If acceptable, they will be subject to a maximum LTV of 80%.

Wimpey No-Fines and Laing Easiform

Properties dated from 1945 onwards are acceptable, subject to the valuer's comments, at the lower LTV ratio of 80%.

Bear in mind that Wimpey No-Fines properties are currently being monitored in the north of England where some deterioration has been noted. If this construction type is subsequently defined as 'defective', this could have a significant impact on the value and saleability of the property.

Steel frame

Water penetration and condensation can cause corrosion of the steel frame causing instability of the property. These properties are acceptable subject to a satisfactory structural engineer's report, at the lower LTV ratio of 80%.

Livett Cartwright steel frames, Hawthorn Leslie steel frames with boarded finish, and BISF (British Iron and Steel Federation) properties are unacceptable for mortgage purposes.

Ex-local authority

We accept ex-local authority properties on a case-by-case basis.

If the property is a flat, we can only lend if a minimum of 75% of the block is now privately owned. Medium and high-rise ex-local authority flats are considered restricted properties with a maximum LTV of 80%.

Blocks of flats with more than 4 floors including the ground floor with no lift are normally considered unacceptable for mortgage purposes. However, good quality, modern ex local authority medium and high-rise purpose built or converted flats in prestigious areas of central London and certain other cosmopolitan centres will be considered on individual merit by the valuer, subject to good mortgageability and sustainable resale potential.

Kit-built

The following 'kit-built' type of constructions with special architectural merit or proven long-term durability are considered restricted with a maximum LTV of 80%, subject to usual warranty provision if less than 10 years old:

  • Huf Haus
  • Potton
  • Skandia-Hus
  • Border Oak (and other bulk timber kit forms)
  • Colt/Guildway (these types are subject to an entirely satisfactory valuer statement of condition and saleability, which could be enhanced by location if they are found on larger rural or semi-rural plots)
Durisol

Durisol houses are accepted up to 80% LTV, subject to a satisfactory structural engineer's report. Durisol flats are considered unacceptable for mortgage purposes.

Mundic block

Properties containing mundic block materials (primarily situated in Cornwall & Devon) must be tested using the screening test developed by the Royal Institution of Chartered Surveyors. The results of the test will be considered as follows:

A1 (previously classified as A) = Suitable for mortgage purposes
A2/A3 (previously classified as A/B) = restricted, acceptable at up to 80% LTV, subject to valuer's comments
B = Unacceptable for mortgage purposes
C = Unacceptable for mortgage purposes

We are unable to lend on the following types of non-standard construction:

  • Properties designated defective under the Housing Defects Act 1984 and Housing Act 1985
  • Styroblocks construction
  • Moda prefabricated construction
  • Beco construction
  • Bellrock construction
  • BISF steel framed properties
  • Scottwood/Swedish timber framed construction

Second homes policy will apply to any application from a customer who owns more than one residential property. We can provide mortgages for second properties where both properties have mortgage loans on them and both loans can be serviced entirely from the applicant's salary, subject to our normal credit assessment. This is limited to one property in addition to the applicant's main residence.

Where both properties are mortgaged with M&S Bank, they will each have a maximum LTV of 80%.

Where the main residence is mortgaged elsewhere, or is unencumbered, the property being mortgaged to M&S Bank will still be limited to 80% LTV, regardless of the LTV on the other property.

The second property can only be used by the applicant and their immediate family. It must not be let on an assured shorthold tenancy or Holiday Let/Airbnb basis.

If the applicant has a mortgage on their main residence, the income multiple/affordability calculation needs to cover both mortgages. In addition, other outgoings must be taken into account, and must include council tax, utility, insurance and property maintenance bills relating to both properties.

LTV will be restricted to 80% for main residence purchase applications where the applicant is retaining their existing main residence with the intention to let it out. In addition, all expenditure related to the existing main residence must be included in the affordability calculation. Note: we cannot accept future income for properties which are not yet let.

Home for dependent relatives

We can provide mortgages for properties for dependent relatives. The same criteria apply as outlined above for second properties.

M&S Bank define a ‘discounted property' as a property which is being purchased at a lower price than its valuation. We can only lend up to the maximum allowable LTV of the lower of the 'discounted' purchase price or valuation. This will ensure that customers are contributing a deposit to the purchase, rather than relying on any equity in the property to fund this.

Family-discounted purchase

Where the property is a discounted purchase from a family member, we will only lend up to the maximum allowable LTV of the lower of the 'discounted' purchase price or valuation. We will also require the solicitor or licensed conveyancer to satisfy themselves that the family member gifting the property is not insolvent and to arrange suitable indemnity insurance for the full value of the property if they deem it necessary.

Please note, when an applicant is purchasing a property from a family member, separate legal representation is required. It is M&S Bank policy that the same solicitor or licensed conveyancer cannot act for both seller and buyer.

Japanese Knotweed is an invasive plant that grows rapidly and can cause structural damage to buildings and roads. The valuer will follow the RICS guidelines to assess the risk where the weed has been identified on or near the property (e.g. within 7 metres of the garden fence).

Where Japanese Knotweed has not been identified within the boundaries of the property to be mortgaged to M&S Bank, but is present on neighbouring land over 7 metres from the boundary, we will rely on the valuer to advise whether the property is suitable security.

Where Japanese Knotweed has been identified within the boundaries of the property being mortgaged to M&S Bank or on neighbouring land within 7 metres of the boundary, but is more than 7 metres from the habitable space being used as security, we can only proceed if any damage to outbuildings, paths and fences is minor. We will rely on the valuer to confirm whether a Japanese Knotweed Survey is required and will require the following:

  • A fully paid up treatment plan which has commenced with an appropriately qualified person or company, such as an accredited member of an industry recognised trade association such as the Property Care Association and the Invasive Non-Native Specialists Association.
  • A minimum 10 year insurance backed guarantee can be provided on completion of the works.
  • A copy of the treatment plan and proposed guarantee are to be provided to the valuer for their confirmation that the property is suitable for mortgage security and whether there is any impact to the valuation of the property.

Where Japanese Knotweed has been identified within 7 metres of a habitable space at the property (either within the boundary of the property being mortgaged to M&S Bank or on neighbouring land) and/or the Japanese Knotweed has caused serious damage to outbuildings, paths and boundary walls, a Japanese Knotweed Survey is required in addition to the following:

  • A treatment plan which has been fully completed by an appropriately qualified person or company such as an accredited member of an industry recognised trade association such as the Property Care Association and the Invasive non-Native Specialists Association.
  • A Completion Certificate that confirms the weed has already been fully remediated with a minimum 10 year insurance backed guarantee in place.
  • A copy of the Completion Certificate and guarantee are to be provided to the valuer for their confirmation that the property is suitable for mortgage security and whether there is any impact on the valuation of the property.

We define a new build property as one that will be occupied for the first time and/or has been built and completed within the last 24 months based on the date on the completion certificate.

Although we can approve mortgages on properties not yet built subject to satisfactory valuation, we will not release funds until the property has been completed. A re-inspection may be required if the surveyor advises one is necessary in their original valuation.

Standard lending criteria apply subject to:

  • A maximum 85% LTV (for houses, flats and FTBs)
  • A structural defects warranty being in place

New Build Incentives

Financial Incentives

Financial incentives up to 5% of the property price are acceptable without impacting property value. Where the value of a financial incentive is above 5%, the difference must still be deducted from the purchase price for LTV purposes.

Non-Financial Incentives

Any non-financial incentives offered by a builder/developer are acceptable without impacting LTV. Any incentives either financial or non-financial must still be declared.

Structural defects warranties

If the applicant is purchasing a property built within the last 10 years, or remortgaging a property built in the last 2 years, we require a suitable structural defects warranty to be in place. We will accept warranties from the following providers:

  • Advantage HCI
  • Aedis Warranties Ltd
  • Build Assure New Homes / Build Assure 10
  • Building Life Plans (BLP)
  • Build-Zone New Home Warranty
  • Checkmate Castle 10 Home Warranty
  • Global Home Warranties Ltd
  • International Construction Warranties Ltd (ICW)
  • Local Authority Building Control (LABC) New Home Warranty
  • NHBC
  • Premier Guarantee
  • Protek
  • The Q Policy
  • Zurich Municipal (please note: although Zurich Municipal has now withdrawn from the market, we will continue to receive and accept their policies / warranties)

We do not lend to fund construction of a new property or the conversion to or renovation of a residential property.

We will consider applications for properties with leased solar panels. In line with the guidance given by UK Finance (previously the CML), we will ask the solicitor to obtain the following:

  • Signed authorisation from the home-owner, allowing the solar panel provider to liaise with the solicitor;
  • Evidence of accreditation that the installation was made to approved standards (the installer must be accredited with The Microgeneration Certification Scheme);
  • A signed letter from the solar panel provider in line with guidance given by UK Finance;
  • A copy of the lease, in line with the UK Finance letter, containing no terms which could be harmful to our interests in the property (please note, the details of the property and title number held on our records must match that on the lease to the solar panel provider); and
  • Signed copy of the M&S Bank Lender Agreement

To determine whether a property is suitable security for a mortgage loan, we will use either an automated valuation or physical (professional) valuation.

A physical valuation is mandatory in all the following cases:

  • Properties in Scotland and Northern Ireland
  • Flats, maisonettes and bungalows
  • New build properties
  • Where the property is less than 2 years old
  • Where the LTV is more than 80%
  • Where the property value is less than £100,000
  • Where the property is in London or the South East and the value exceeds £1,000,000
  • Where the property is outside London and the South East and the property value exceeds £500,000
Drive-by valuations

A drive-by valuation cannot be used to support M&S Bank mortgage borrowing.

Existing valuations

An existing valuation will only be considered for further use where:

  • The valuation was undertaken by a surveyor from our current panel, within the last six months, to support M&S Bank lending; and
  • The proposed borrowing has LTV equal to or less than 70%.
Re-inspections/Revaluation

If a re-inspection is recommended by the panel valuer, it will be mandatory.

Valuations for Scotland

An automated valuation cannot be used to support mortgage facilities in in Scotland.

Scottish Home Buyer Report (Purchase applications only)

In Scotland, the seller of a property has to have a Home Report published when they are looking to sell their home. The report will contain a Standard Valuation Report which M&S Bank can use.

The Home report needs to be dated within the last three months and be from a member of our panel of valuers. As long as they meet both of the criteria above, a request will be made to transcript onto an M&S Bank valuation form. There is no charge for this service.

Valuations for Northern Ireland

An automated valuation cannot be used to support mortgage facilities in Northern Ireland and all borrowing requests must be supported by a physical valuation.

Survey Panel

M&S Bank uses an approved panel of surveyors to carry out a standard valuation to ensure the property we are lending against provides suitable security for an M&S Bank Mortgage.

Applicants purchasing a property have the option to use their own valuer to carry out a Homebuyers Report or building survey. Alternatively, they can arrange with our approved valuer to carry out a more detailed valuation, at a cost to be agreed with, and paid directly to, the valuation firm.

Validity

All valuations are valid for six months.

Conveyancing options
Purchases
  • M&S Bank Managed Panel
    If a customer instructs their chosen firm, and the firm is a member of the M&S Bank Managed Panel, the firm will be able to act on behalf of both the customer and M&S Bank. As such, the firm will be:-
    • England & Wales – A Conveyancing Quality Scheme (CQS) member or regulated by the Council of Licensed Conveyancers (CLC)
    • Scotland – Regulated by the Law Society of Scotland
    • Northern Ireland – Regulated by the Law Society of Northern Ireland

    Note – Sole practitioners cannot act on a case where the loan value exceeds £350,000.
  • Separate legal representation
    If the customer wishes to instruct a solicitor or licensed conveyancer who is not a member of the M&S Bank Managed Panel, they will need to provide us with the name, address and telephone number of their chosen firm. We will then instruct a firm from the M&S Bank Managed Panel to represent M&S Bank and liaise with the customer's chosen firm. The legal work on behalf of M&S Bank will cost the customer £295 including VAT, in addition to their solicitor's or licensed conveyancer's fees. Customers could provide authority directly should they wish their solicitor to also discuss matters directly with their intermediary.
Remortgages

M&S Bank offer a free legal service remortgage product as standard. The firm will be allocated to the remortgage case and the customer advised of the firm's details. This free legal service applies to standard remortgages only. Any additional legal work required, e.g. transfer of title, will incur a cost to the customer.

If a customer wishes to instruct their own firm, they will be responsible for any associated costs. Above notes regarding M&S Bank Managed Panel will apply.

Fee-assisted legal service terms and conditions.

Product

The minimum term that we offer is 5 years.

The maximum term is 35 years for purchase applications and 30 years for remortgage applications.

The minimum amount we can lend is £10,000 (including additional borrowing) and the maximum we can lend is £1,000,000 as per the matrix below, and subject to individual product/criteria restrictions. For example, the minimum advance is £75,000 on the First Time Buyer specific product range.

Loan amount Capital repayment maximum LTV
*Up to £400k 95% (Purchase)**
90% (Remortgage)**
*Over £400k to £1million *80%

*There are various criteria specific LTV restrictions/reductions which are detailed throughout the policy. LTV for these restrictions is calculated on the total loan amount of the mortgage excluding any booking fees. The maximum LTV will be the lower of the different amounts where more than one restriction could apply.

** The maximum LTV we will lend is 95% for purchases and 90% for remortgages and this is calculated on the total amount of the mortgage inclusive of any product fees.

The LTV is calculated using the lower of the purchase price or valuation of the property.

Additional borrowing is available when linked to an M&S Bank remortgage and to all existing customers once they have made 6 contractual monthly repayments, subject to all other standard lending criteria.
The minimum loan amount must be no less than £10,000 with the remortgage element of the lending being no less than £1,000 of the total loan.
Unacceptable capital raising purposes:

  • Holidays
  • Purchase of time share property
  • Business related funding
  • Renovation of another property
  • Funding to build a new property
  • Investment/speculative reasons, including purchase of stocks and shares and currency/crypto currency speculation
  • Tax bills
  • Accident, sickness and unemployment insurance premiums
  • Demolish and rebuild
  • Gambling/gambling debts
  • Illegal activities

We can lend up to the maximum allowable LTV of the lower of the discounted purchase price or valuation. This ensures that applicants are contributing to the purchase, rather than relying on any equity in the property to fund the deposit.

We need to confirm and document the source of an applicant’s deposit and will be unable to complete the mortgage without this information. The amount and source of the deposit must be in line with the applicant’s circumstances, and evidence of the source of the deposit may be required at the underwriter’s discretion on a case-by-case basis. Please do not forward any form of documentary evidence regarding deposits unless specifically requested.

Unsecured credit facilities or personal borrowing (money that is borrowed by the applicant other than by way of a legal mortgage over property owned by them and will need to be repaid at any point in the future) must not represent any element of the deposit.

Deposit funds from personal savings (funded from the applicant’s own resources) and secured borrowing (funds raised by releasing equity from another property owned by the applicant) are acceptable.

Developer-gifted deposit
Any incentives provided by a developer will be discounted from the purchase price in line with policy (see New build). We can only lend up to the maximum allowable LTV of the lower of the discounted purchase price or valuation.

Family Gifted Deposit (including where protected by a Declaration of Trust)

Where the deposit has been 'gifted' by a family member, the acting solicitor/conveyancer must obtain a signed letter from the donor to confirm the deposit is a 'non-refundable and an unconditional gift and that no interest is claimed in the property'.

Please note – a family member is considered to be close relation defined as a spouse, domestic partner, grandparent, parent, sibling, half sibling, aunt, uncle, cousin, in law relation or step relation.

If a family member is contributing towards the purchase price and wishes to protect their beneficial interest by way of a Declaration of Trust, we will need to approve this and ensure our interest in the property is protected. We will also require a Letter of Consent to be signed by the contributor.

Gifts from unrelated third parties are not acceptable.

Mortgage offers are valid for 6 months.

Brokers can request an extension to an existing mortgage offer at any point during the initial six months meaning that customers could have a total offer period of up to twelve months.

To request an offer extension a broker should complete an offer extension request form and upload to the application.

We'll consider an offer extension subject to the following:

  • We're notified of any change in circumstances and associated supporting documents are submitted
  • The case is still acceptable to us in line with our current mortgage lending policy
  • A new credit search
  • An updated property valuation (if required by the valuer)

Please call our helpdesk on 0345 002 1126 for further information (Lines are open 8am-8pm Monday to Friday and 9am–1pm Saturday (excluding bank holidays).

M&S Bank does not currently provide offset mortgages

The interest chargeable on the mortgage balance will be calculated every day rather than at the end of each week, month or year.

A further advance for debt consolidation purposes is possible when linked to a remortgage (as per criteria for capital raising), subject to customers meeting the following requirements:

  • maximum of £30,000 and
  • a maximum LTV of 80%.

Please note that all debt commitments will still be included in the affordability assessment, unless it can be proven that the commitment finishes in the next 6 months. It is the sole responsibility of the intermediary to provide appropriate debt consolidation advice.

We do not accept foreign currency loans.

Please refer to the ‘rates' page for details of the M&S Bank Standard Variable Rate

Existing borrowers

If a customer wishes to temporarily let part or the whole of their property, our consent must be obtained in accordance with the requirements of our legal charge. For customers not in the British Armed Forces or the Ghurkhas we will only consider their request where they have had their M&S Bank mortgage for a minimum of six months.

All requests will be referred to an underwriter. If consent to let is granted, it will be for a maximum of 12 months at a time. The tenancy agreement must be an assured shorthold tenancy agreement for a maximum of 12 months.

If the customer no longer intends to occupy the property and wishes to let it permanently, the existing lending will no longer qualify as a residential mortgage, and the customer should be advised that they will need to remortgage to a buy to let product.

Members of the British Armed Forces

We will allow customers on active service with the British Armed Forces, including Ghurkhas, to:

  • • Apply for a period of Consent to Let appropriate to their circumstances (e.g. duration of posting away from home in the UK or overseas)
  • • Apply for Consent to Let at any point during their mortgage term
  • • Complete a rate-switch or apply for additional borrowing during the Consent to Let period

This policy only applies to a customer’s main residential home which they are planning to return to.

Porting of M&S Bank Mortgages is not currently available via M&S Bank for Intermediaries. Please ask your customer to contact us directly.

Additional borrowing for existing M&S Bank Mortgage customers is not currently available via M&S Bank for Intermediaries. Please ask your customer to contact us directly.

Lump sum and overpayments can be made at any time to an M&S Bank Mortgage.

Our fixed rate and discount mortgages have an annual overpayment allowance, giving customers the flexibility to increase their monthly repayments or make lump sum payments up to this amount if they wish. Full details of any early repayment charge (ERC) will be confirmed in the customer's ESIS.

The overpayment allowance is refreshed annually on the anniversary of the drawdown or the start of the new rate following a switch and will be based on the current balance at the time. If the customer switches rates before this anniversary date, a new overpayment allowance will commence from the date the new rate begins. An ERC will apply to any overpayments made above this annual allowance (either regular or ad hoc).

Where overpayments are made on an ad hoc basis, we continue to collect the same monthly payment as before, unless the customer instructs us to reduce their monthly payment.

If a customer calls us to set up a flexible regular overpayment, we send them a confirmation letter containing a projection of the savings (both interest and term) they could make if they continue to maintain the overpayment.

If the customer subsequently makes any changes to their Direct Debit, payment date or payment amount or if the interest rate changes, we automatically recalculate and reschedule the monthly payment based on the current balance, interest rate and remaining agreed term. We also send a new projection of savings from the date of the change to the end of the loan. Please note, the savings already made prior to the reschedule are not included in the revised projection.

Fees

M&S Bank does not currently charge customers any exit fee when they fully repay their mortgage.

Important information

Customers should be aware that the following changes will be available once they have made 6 contractual monthly mortgage payments:

  • • Porting
  • • Borrowing additional funds
  • • Switching rate
  • • Changing term
  • • Transfer of Title

The customer should contact M&S Bank directly to discuss this further.

This website is for use by FCA authorised mortgage intermediaries only.

If you reproduce any information contained in this website, to be used with or advise clients, you must ensure it follows the FCA's advising and selling standards.