FREQUENTLY ASKED QUESTIONS
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Shared Ownership FAQs
Usually between 25% and 75% of the properties open market value (although this can be as low as 10% for some homes) can be purchased - with rent being paid on the remaining share which is owned typically by an approved Housing Association or other registered scheme providers.
We’ll accept Shared Ownership scheme providers registered in England and Wales with the Homes and Communities Agency (Homes England), the Welsh Assembly (Shared Ownership-Wales), and Registered social landlords.
As your client is buying a share of the property, they will only need a deposit based on that share, as opposed to full market value. At TML, we will consider lending with a 5% deposit of the share being purchased. Depending on the share bought, this could significantly reduce the deposit needed when compared to a standard property purchase.
To be eligible for the Shared Ownership scheme, household income must be £80,000 a year or less (£90,000 in London & £60,000 in Wales). Customers must also be either first-time buyers, or previous homeowners, who cannot afford to buy a property with a standard mortgage. Arrangements must be through a registered Housing Association or other registered scheme providers. At present, TML Shared Ownership mortgages are available for purchase only.
Great! We'll be happy to help, you can find your local BDM on our website. Alternatively, you may wish to contact our Business Development Hub on 0344 257 0418
Product Transfer FAQs
Your client will be made aware that a product transfer is a potential option for them by letter. The letter will advise them to speak to a professional mortgage intermediary for advice on the options available to them.
Yes, as long as your client meets the eligibility criteria.
No, product transfers are like for like only. There is no option to change the outstanding loan amount.
All of our customers are notified of their current fixed-rate end date no less than 1 month out from expiry. They are directed to seek advice from a professional mortgage intermediary.
Your client may be eligible for a product transfer subject to the following criteria being met:
They do not want to make any fundamental changes to their mortgage such as increasing the balance, moving home or adding / removing a party.
They are up to date with payments and have not missed a payment in the last 12 months.
The Product Transfer will not take place until the current fixed or tracker rate period has come to an end.
Valuations are HPI linked, and will have automatically calculated the LTV applicable.
We do not accept term changes as part of the product transfer process.
You will be able to choose between a 2-year and 5-year fixed rate product for your client.
You can obtain a Pre-Offer Illustration via Sourcing Systems.
If your client meets the eligibility criteria, they will not be required to provide any supporting documentation.
Your client's mortgage payments are due on the 1st of each month. For any new interest rate and associated monthly payment to take effect on the 1st of the following month, you must complete the Product Transfer by close of business on the 19th of the month. If it is completed after the 19th of the month, the new interest rate will not be processed in time for the 1st of the following month.
Once a Product Transfer offer has been accepted the terms are locked in and it cannot be changed or cancelled without the customer/s incurring an early repayment charge.
Customer focus FAQs
We define a good outcome as one where the customer receives a product that is designed to meet their needs, that provides fair value and helps them achieve their financial objective. This can only be achieved by communicating and engaging with you and customers, your clients, in a way that helps them to make effective, timely and properly informed decisions. We support customers to realise the benefits of the product without facing unreasonable barriers.
Information about the target markets for our products, and how they provide fair value, can be found in our Product Information Sheets.
We understand the importance of this information being provided in a consistent format that is easily identifiable and understandable, therefore we have used a template created by a number of industry bodies working together – the Intermediary Mortgage Lenders Association (IMLA), UK Finance, the Building Societies Association and the Association of Mortgage Intermediaries (AMI). Our Product Information Sheets will be kept up to date with any changes to our proposition.
Intermediaries are responsible for ensuring their own fees and charges also represent fair value to their clients. We will provide you with the information you need to understand and communicate how our products and associated fees provide fair value to our target market. This will include average intermediary fees.
We will always treat any customer who has been identified as requiring additional support as an individual, fairly and appropriately. We will communicate in a manner suitable to their circumstances and any communication needs they may have, ultimately ensuring they are generally supported in an appropriate manner. We have identified as part of our target market that a proportion of our customers may have characteristics that require additional support. Therefore, if we identify the support requirements, or you disclose them to us, we will record this and provide appropriate support that is required. This may include contacting the customer, you or both to check if additional information is required to aid understanding or find out if we need to change how and when we communicate.
Complaints FAQs
If you’re unhappy with our service, please let us know.
A leaflet is available which provides details of our customer complaints procedure. We'll send this to you if you ask us, or if you make a complaint.
We value your opinion and take all complaints very seriously. If something has gone wrong we will do whatever we can to put it right. If you'd like to make a complaint, you can contact us or email CustomerResolution@shawbrook.co.uk.
If you'd prefer to send your complaint to us by post, you can write to us at the following address:
Complaints team
Shawbrook Bank Limited
Lutea House
Warley Hill Business Park
The Drive, Great Warley
Brentwood
Essex
CM13 3BE
The Mortgage Lender is powered by Shawbrook Bank.
If you're making a complaint or raising a dispute on behalf of someone else (if you're from a claims management company, or making a complaint on behalf of a family member for example), please use our dedicated third party complaint form.
We treat any complaints raised by a claims management company as if you'd raised it yourself. However, they may charge you a fee for their services.
If you're a customer, you can make a complaint easily, and for free, by emailing CustomerResolution@shawbrook.co.uk
You have the right to refer your complaint to the Financial Ombudsman Service, free of charge – but you must do so within six months of the date of your final response letter.
If you don't refer your complaint in time, the Ombudsman won't have our permission to consider your complaint and so will only be able to do so in very limited circumstances. For example, if the Ombudsman believes that the delay was as a result of exceptional circumstances.
Further information can be found at:
www.financial-ombudsman.org.uk/consumer/complaints.htm
The Financial Ombudsman Service
Exchange Tower
London
E14 9SR
Free Phone Number: 0800 023 4567
Low Cost Number: 0300 123 9123
Bereavement Help FAQs
We use the Death Notification Service to make it easier for you to tell us someone has died. They'll ask you which participating organisations you want them to inform, and they'll handle much of the administration work for you.
You'll only need to provide one death certificate to them and they'll confirm it for us and any other participating organisations.
No, the service is free for anyone making a notification.
You can find out more about the service by visiting www.deathnotificationservice.co.uk.
The 'Tell Us Once' service is a service that lets you report a death to government organisations only. The Death Notification service allows you to tell private sector organisations like Shawbrook of a death.
The Death Notification Service should be used in conjunction with the Tell Us Once service, and they aren't linked.