Scottish Widows Bank

Fixed Rate: you can choose between 2, 3 and 5 year fixed rate mortgages. Your initial rate will be fixed for an agreed period. After this your mortgage will revert to the Bank’s standard variable rate. There is a booking fee. All flexible mortgages receive £150 towards legal fees. There is no higher lending charge. Up to 10% of the loan can be repaid each year without an early repayment charge.

Graduate Mortgage: you can borrow 100% of the LTV or the purchase price of the property (whichever is lower). In addition you can borrow a further 2% to spend as you see fit. You can choose between a fixed and variable interest rate.

You must have graduated from a recognised UK University and are aged between 21 and 35 years of age. All cases are assessed individually. Interest is calculated on a daily basis. There is no higher lending charge.

You can borrow extra money by applying for a Mortgage Reserve Account. You will receive £150 towards legal fees. Up to 10% of the loan can be repaid each year without an early repayment charge.

Professional Mortgage: as the name suggests this product is designed for professionals. Namely, doctors, dentists, accountants, solicitors, teachers, vets and pharmacists. You can borrow 100% of the LTV or the purchase price of the property (whichever is lower). In addition you can borrow a further 10% to spend as you see fit. You can choose between a fixed and variable interest rate. You must be over 21 years of age.

An early repayment charge applies during a fixed or discounted period. This mortgage has an offset facility – instead of earning interest on your savings you offset them against the balance of your mortgage. Interest is then charged against the balance. You could pay off your mortgage quicker this way. All cases are assessed individually. Interest is calculated on a daily basis. You can borrow extra money by applying for a Mortgage Reserve Account. If you a have a mortgage reserve account you can take payment holidays. If you are interested in a mortgage quotation including those offered by Scottish Widows Bank please complete our quick enquiry form.

Lifetime Mortgage: this product can free up part of the value of your house without risk to your home and without any repayments if you choose. You must be over 60 and are a homeowner. You can choose to make no repayments and the mortgage plus accumulated interest will be repaid in full from the sale of your house on your death.

If you have taken the mortgage in joint names it will not be repaid until the second death or if the surviving borrower moves into long term care. Alternatively you can make monthly interest payments.

There is an early repayment charge during the first 5 years. However this will not apply if the repayment is as a result of the person going into long term care or death.

Scottish Widows Bank also offers re-mortgages on the following products:

• Flexible Mortgages
• Professional Mortgage

Flexible: all of the features as previously noted and either paid legal fees or a cashback option

Professional: all of the features as previously noted and either paid legal fees or a cashback option

Re-mortgage packages are not available in Northern Ireland.

Scottish Widows Bank also offers Home Insurance products and Mortgage Payment Protection.