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Mortgage FAQs.

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Frequently asked questions about our mortgages.

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Your questions answered.

All of our currently available mortgage products can be found by using our mortgage finder. You’ll be able to filter the results according to your requirements.

To apply for a mortgage get in touch so we can explain the process and go through a few initial questions to see if we can help you.

We’ll then book you an appointment with one of our mortgage consultants, and let you know what information you need to prepare beforehand – such as details about your income, financial commitments, expenditure, mortgage requirements and so on.

We offer a fully advised mortgage service with no fees for our advice. This means one of our mortgage consultants will assess all your needs and circumstances, and recommend the right mortgage for you from our range of currently available mortgage products.

If you do not need advice you can opt for an execution only service, although you must be aware this means you select the mortgage that fits your needs and If you proceed on an execution only basis you will be waiving any rights of protection which may have been available under Financial Services Compensation Scheme (FSCS) regulations.

Every application is different and the time it takes for your mortgage to complete will depend on a number of factors, such as:

  1. The complexity of your application and/or property.
  2. How long it takes for us to get the documentation and supporting information we need from you, your employer(s) and other sources in order to carry out our necessary checks and assessments.
  3. Availability of valuers.
  4. Whether your property purchase is part of a chain, therefore relying on the actions of others.

We generally consider applications from borrowers aged 18 years or over and have no maximum age limit. Certain minimum age restrictions may apply for different mortgage types, such as buy to let and holiday let, so check the product details carefully.

Visit our how much can I borrow? page for a handy calculator to give you an idea of how much mortgage you may be able to borrow, based on your income. Of course, it’s only an indication until we’re able to take a closer look at your financial situation, but might help for now.

You should also be aware that our minimum and maximum loan sizes may vary by mortgage product. Use our mortgage finder to browse our range of mortgage deals and check the individual product information.

When you apply for a mortgage we are required to carry out a number of checks in order to ensure your mortgage is affordable for all named parties now and in the future, should circumstances or interest rates change.

We will look at your credit history and assess your history of repaying any outstanding loans or credit cards you might have. This will tell us how reliable you are with your credit commitments – any missed payments or arrears will be a warning sign.

Crucially we will also need to perform an affordability assessment, which is a regulatory requirement. This calculates whether you will be able to afford the mortgage you are applying for and takes into account a stressed payment scenario to cover any potential future interest rate rises. To carry out this assessment we will need to gather evidence of your income sources, existing financial commitments and your typical monthly expenditure.

We will consider a guarantor who is a close blood relative, for example one of your parents, and any guarantor must meet the same status requirements as the borrower(s).

We suggest the guarantor may wish to take independent legal advice to make sure that they understand their commitment and the potential consequences of their decision, and guarantors may become liable to repay the full debt outstanding to the Society instead of, or as well as, you as the borrower.

We usually have products available for buy to let or holiday let landlords, who own a maximum of 3 properties within the rental portfolio and are not operating as a company. View our buy to let or holiday let pages to view our latest criteria or use our mortgage finder to browse currently available products.

Mortgage interest is calculated on a daily basis and your repayments will depend on how much you borrow, how long for and the interest rate(s) applicable. Use our mortgage repayment calculator for an idea of how much your mortgage may cost.

We will usually consider mortgages for capital raising, for example to purchase a second home  or for home improvements. Certain criteria will apply, such as loan to value limits and a minimum loan size.

We will usually consider mortgages for debt consolidation purposes, subject to certain criteria. In this scenario it is important to be mindful of the implications of consolidating unsecured debts against your home, putting your home at risk and potentially increasing the overall cost of repayment. Applications for debt consolidation will be completed on a fully advised basis to ensure that this is right for you.

Yes, our mortgage products are portable if you purchase, and move into, a new property. Our existing borrowers can potentially either port their mortgage to their new property or take out a new mortgage from the Society’s full product range (any Early Repayment Charge will not apply in this scenario). You will need to contact us in advance as applications to port will be subject to full status, affordability and loan to value checks.

You will usually need to instruct a solicitor, who will handle the legal requirements of your purchase or remortgage. If you are remortgaging your existing property we typically offer fee-assisted legal services on our remortgage deals, so check the product details carefully to see what may be available to you.

A buildings insurance policy is a requirement of our mortgage contract, and most people choose to also insure their contents too. You are free to arrange your own insurance cover, although we can offer home insurance through our partners, RSA, and would be pleased to provide you with a free, no obligation quote – visit our home insurance page or get in touch to discuss your requirements.

Taking out life insurance is not a requirement of our mortgage contract. However, a mortgage is a significant commitment and having financial protection in place is well worth considering. We recommend you research the available options to see if a life insurance policy could be right for you, and if you’d like to get in touch we’re happy to discuss this.

To work out how much your mortgage will cost you will need to consider a few different factors.

  1. The monthly cost of repaying your mortgage, which will depend on how much you borrow, how long for and the interest rate payable. For an indication of cost you can use our mortgage repayment calculator.
  2. Any fees and charges which will be applicable to the mortgage, and whether you will be paying these upfront or adding them to the mortgage loan (if able). These fees may include an application fee, completion fee, valuation fee and others and will always be listed in your personalised European Standardised Information Sheet (ESIS). You should be aware by adding any fees to the mortgage loan this means your borrowing amount will increase and therefore you will end up paying interest on the fees added.
  3. The fees charged by your Solicitor to carry out your purchase or remortgage. Note we typically offer fee-assisted legal services for remortgages, so use our mortgage finder to check the product details carefully.
  4. Stamp Duty Land Tax (SDLT) is a government-levy on property purchases, and may have certain incentives for first time buyers or properties purchased up to a certain value. To check how much you may have to pay visit the government website or ask your solicitor.

 

Enquiries

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Nothing beats a proper conversation, so when you’re ready to talk we’d love to hear from you. Use our enquiry form to get in touch with our friendly and knowledgeable team.

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Call 0330 123 0723

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