Frequently Asked Questions
Mortgages can be complicated, use our simple Frequently asked questions to find out more.
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/
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.
Conveyancing
The Society does not recommend a particular solicitor or licensed conveyancer. The Society does not use sole practitioner solicitors.
What 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.
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.
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.
How do I make a complaint?
There is an internal procedure for dealing with complaints which can be found here.
What proof of ID will I need?
Proof of identity is required for all applicants before we can open an account. We will try to verify your identity and address electronically however if we are not able to do this then an original form of ID is required. Please refer to Proving Your Identity for acceptable identification. Where you can only produce copies of ID then they must be certified copies (see * below for more information).
*Acceptable Certification by;
| Solicitor | Local or County Councillor | Minister of Religion |
| Accountant | Bank/Building Society Official | Independent Financial Advisor |
| Post Office | Dentist | Police Officer |
| Teacher | Lecturer | - |
Each document must be the certified with:
- Having ‘Certified to be a true copy of the original seen by me’ on the document.
- Signed and dated within the last 3 months.
- Printing their name under the signature clearly.
- Adding their occupation, business address, and telephone number.
The person certifying the document may charge a fee which will not be reimbursed and may also be contacted by The Society to validate the information provided.
Other general mortage information