Will my interest rate change?
The mortgage rates charged by the Society are not fixed or capped and do not track the Bank Base Rate. This means that, although the Society has a policy to keep the rate as low as possible, the interest rate can increase or decrease. You will be given 30 days’ notice of any changes.
How long is the mortgage process?
From receiving the application to issuing a mortgage offer usually takes three weeks. This is subject to the employer’s references and valuation report being returned to us promptly and presumes that we need no further reports.
Can I submit my details by email?
Please be aware that we are unable to provide any account specific information via email, we will never ask for your personal or account details via email. If you wish to communicate with the Society by email, and this contains any form of personal or sensitive data, we strongly advise that you password protect all files before sending them to the Society.
Calls and electronic communication may be monitored and/or recorded for your security and may be used for training purposes.
Fraudsters may claim to be the SRBS to try and access security information. If you receive a call or email from the Society that you are suspicious about, cease the call immediately and contact us. More information can be found at http://scamsmart.fca.org.uk/
What are the solicitor’s fees?
These fees will normally depend on the size of the property and will include a Land Registry fee, the solicitor’s own conveyancing fee plus any other charges, also known as ‘disbursements’.
What are search fees?
If you are buying a property you will need to pay local search fees. A search provides information about your property and immediate neighbourhood, which may affect your decision to purchase the property. Your solicitor will normally arrange for this to be carried out.
What is Stamp Duty?
Stamp duty is a tax payable by the purchaser of the property and is paid by the solicitor or licenced conveyancer. This is a government tax charged on purchases of land or property over a certain value. This is charged at different rates depending on different limits and property types. Please see www.gov.uk/stamp-duty-land-tax.
The Society does not recommend a particular solicitor or licensed conveyancer. The Society does not use sole practitioner solicitors.
Can the Society recommend a solicitor?
What ID and proof of income do I need?
For employed applicants we need the last three months’ payslips and latest P60 and for self-employed applicants we need the last three years of accounts. All applicants will need two forms of ID, please refer to ID requirements.
Do I need life insurance?
Life cover is recommended for most mortgages but is not compulsory. The Society does not sell life insurance so applicants are free to make their own arrangements.
Where do you lend?
We lend across England and Wales.
Will you lend on Right to Buy cases?
Will you consider guarantor mortgages?
Are there age restrictions for applicants?
Yes, the minimum age is 18 and the maximum age is 85 at maturity.
Are there any people who you won’t lend to?
We will conduct credit searches on all applicants and will make a decision based on their credit report.
How much can I borrow?
For residential mortgages please complete the affordability calculator, this will give you a guide to the amount you are able to borrow. For buy to let mortgages see buy to let page.
What is the Mortgage Market Review?
The Mortgage Market Review came in to effect on 26th April 2014. The Financial Conduct Authority have carried out a comprehensive review of all aspects of the mortgage market and its regulation. As a result, they have made a number of changes to strengthen the overall regulatory regime and ensure we have a mortgage market that works better for consumers and is sustainable for all participants.
How do I make a complaint?
There is an internal procedure for dealing with complaints which can be found here.
YOUR MORTGAGE IS SECURED ON YOUR HOME, WHICH MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
We only offer our own products. All our residential mortgages are regulated and therefore subject to the FCA regulations' requirements.