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.
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 to the solicitor. It is charged as follows:
|UP to £125,000||0%|
|£125,001 - £250,000||1%|
|£250,001 - £500,000||3%|
|£500,001 - £1m||4%|
Can the Society recommend a solicitor?
No, however we have made arrangements with the following solicitors who will be happy to undertake any work on your behalf:
Hand Morgan and Owen
17 Martin Street, Stafford, ST16 2LF.
Tel: 01785 211411
Contact: Paul Slater
John Burton Solicitors
Market Square, Stone, ST15 8AT.
Tel: 01785 814818
Contact: Margaret King
Hutsby Mees Solicitors
5 St. Mary’s Grove, Stafford, ST16 2AT.
Tel: 01785 259211
Contact: Henry Hutsby
Queensville House, Stafford, ST17 4NL.
Tel: 01785 223440
Contact: Richard Egon & Katie Nixon
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.
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.
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