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.
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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.
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