M&S Bank mortgage review
Marks & Spencer provides a huge range of mortgages under its financial services arm, M&S Bank. There are some tempting bonuses available for first-time buyers and home-movers.
These mortgages may be particularly appealing if you are a first-time buyer. The lender recently introduced a selection of 95% loan-to-value (LTV) mortgages that could be ideal if you only have a small deposit. There is also a £1,000 cashback available on all first-time buyer mortgages.
A product fee, application fee and completion fee may apply, but you’ll have the option to waive these with the lender’s range of “Fee Saver” products.
Upon approval of a mortgage, you will receive a free property valuation as well as a 30% discount voucher that you can redeem against purchases from the M&S Home and Furniture range.
London and Country Mortgage Experts
L&C is a specialist broker offering mortgage comparison & free advice.
- Compare over 80 mortgage lenders
- Fee FREE mortgage advice
- Personal customer service from start to finish
- Open 7 days a week
What types of mortgages does M&S Bank provide?
How can I contact M&S Bank?
You can contact the M&S Bank mortgages team by telephone. For new applications, the phone number is 0800 923 1536. There is a live chat service available on the M&S Bank website, plus the M&S Bank customer service Twitter account (@mandsbank) is monitored 24 hours a day.
How do I apply for an M&S Bank mortgage?
You can apply for a mortgage directly by phone on 0800 923 1536 or by post at M&S Bank, PO Box 108, Gateway House, Gargrave Road, Skipton, BD23 9EY.
When calling an M&S Bank mortgage advisor, you’ll be able to get professional advice on the best mortgage for your needs. The advisor will ask a few personal details as well as detailed information on your income and outgoings. This will allow them to give you a “decision in principle” regarding how much money the bank will lend you.
This process takes up to 40 minutes.
If you’re happy with the deal, you’re then free to complete the application over the phone.
What information do I need to provide?
You’ll need to provide personal details, proof of address and financial details. To back this up, you’ll be asked for recent payslips and recent bank statements. Self-employed applicants will be asked to provide two years worth of accounts.
Before you begin your application, you’ll need to confirm that you meet the following eligibility criteria:
- You are a UK resident.
- You are aged 18 or over.
- There are no more than four applicants.
- Your annual income is above £15,000.
- You haven’t been declared bankrupt in the last six years.
- The mortgage is for a residential property that you’ll use as your primary residence.
- The property is located in the United Kingdom.
The applicant(s) will not be able to borrow more than 4.75 of their annual income.
Find a mortgage using a broker to compare the market
Frequently asked questions
Read more on this topic
Coronavirus property prices We have explored how house prices have been affected across the country during this time and how interest in renting has fluctuated in different regions.
Accelerate My Mortgage review This new cashback website will help you to shave years off your mortgage.
Finder Mortgages Customer Satisfaction Awards 2020 How did your mortgage provider fare in our latest customer survey? Find out the winner of this year's Finder Customer Satisfaction Awards.
Proportunity review Discover the pros and cons of taking out an equity loan with Proportunity.
Property flipping Our comprehensive guide to property flipping gives you all the information you need to make a profit, from finding the right property to the costs you need to consider.
Methodology for mortgage ratings You’ll find customer satisfaction star ratings on some of our mortgage provider reviews. Here’s how we came up with them.
First-time buyer statistics We looked at the latest statistics to see how difficult it is to get your foot on the property ladder in 2019.
Mortgage statistics From the average house price to how many outstanding mortgages there are, we explore all the latest mortgage statistics for the UK.
Buying repossessed property How to buy a repossessed property and what the risks and benefits are. Plus, where to look for properties, buying at auction and issues to look out for.
DIY conveyancing Detailed guide to DIY conveyancing, including what checks you need to make, the searches you need to carry out and when you’re better off employing a professional.