Scottish Widows Flexible Mortgage | Compare The Benefits Online

Scottish Widows Bank Flexible Mortgage | Compare The Benefits Online

Scottish Widows Flexible Mortgage Scottish Widows offset mortgages are designed to be both flexible and affordable so that you get the product that's right for you. There are a variety of products on offer with both tracker and fixed rates attached to them. The value of the loans which are available stretch from as little as £50,000 up to a maximum of £1 million.

There are some fees attached to certain products, such as arrangement and valuation fees, but often free valuation and free legal fees are available as part of most products. The general loan to value ratio on Scottish Widows offset mortgages is 75% with all borrowing over that figure having to be made on a repayment basis

Scottish Widows Mortgage - What you will need to know

Proof of income consisting of at least one calendar month's salary will be necessary for applicants. If you happen to be self employed you will need to have shown proof of trading for at least the last 3 years. Scottish Widows also offer exclusive deals and higher loan to value rates to professionals (please enquire for a full list of applicable professions).

Applicants with bad credit history are examined on a case by case basis. The maximum age for an applicant is usually 65 but 65-70 year olds will also be reviewed on a case by case basis. Foreign nationals are also accepted subject to their country of origin. All applicants have the option of applying for an Offset Saver Account which allows you the choice of reducing the term or reducing the payments of your mortgage.

Capital raising on a remortgage is allowed by Scottish Widows for a number of purposes including for home improvements, marital settlement, holidays, second homes and so on. Right to buy applications will not be accepted and for any offset mortgage in excess of £500k a statement of assets and liabilities will need to be completed.

Offset mortgages from Scottish Widows are available on most standard types of property construction at various rates. Unusual types (timber framed houses etc) would require us to refer with the lender. Ex council properties will also be considered, subject to a valuer's comment. New build property types have the added bonus of an 80% maximum loan to value ratio and cash incentives are acceptable up to 5%.

Mortgages for purchases of a 2nd residence will have lending capped at £500,000. Any loan in excess of £1 million will need to be decided on a case by case basis. All of these principles and policies decided by the lender apply to lending done across the UK.

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Pro's

Offset saver account option

Features

Exclusive deals to professionals

Offset Mortgage Centre

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