Scottish Widows Bank Flexible Mortgage | Compare The Benefits Online
The Scottish Widows Bank flexible mortgage is available to employed and self employed people at up to 90 per cent of the property price or valuation. Borrowers with a Scottish Widows Bank flexible mortgage will have up to £250 of their valuation fee refunded on completion. Remortgage customers can get a free remortgage package or £300 on completion of the mortgage. The Scottish Widows Bank flexible mortgage is available with fixed or variable rates or a combination of both.
Mortgage applicants who borrow less than the amount the bank is willing to lend can apply for a mortgage reserve account for the balance of the money. This is charged at the standard variable rate. Customers with a Scottish Widows Bank flexible mortgage can also opt to set up an offset arrangement to use their savings to reduce the amount owed on their mortgage. Unlike some accounts, there is no need to move current and savings accounts to Scottish Widows Bank. Instead, the bank sets up a savings account to run alongside the mortgage. Customers with a mortgage reserve 
account can take payment holidays of up to a year if their circumstances require it. Payments will be collected for the mortgage reserve account instead and interest will be charged on this amount. Underpayments are also available, subject to conditions. However underpayments and payment holidays could increase the mortgage term and/or the total amount payable.
Offset Mortgage Deals
The Scottish Widows Bank flexible mortgage deals include a range of discount, fixed, variable rate and tracker options. The three year stepped discount mortgage has a one per cent discount on the standard variable rate for two years, then a 0.5 per cent discount for one year, giving an APR of 7.0 per cent. There is a product fee of £199.
There is also a Scottish Widows Bank flexible mortgage two year deal with offset and non-offset versions. These are available at 6.7 per cent APR, with booking fees ranging from £495 to £1499. 
There are also a range of fixed rate deals between 5.99 per cent to 6.39per cent, with fees ranging between zero to £999 with APR's in the region of 7.2% depending on the option chosen.
On fixed rate deals, borrowers with a Scottish Widows Bank flexible mortgage may repay up to 10 per cent of the outstanding balance once a year without charge. However, additional repayments at other times of the year will incur early repayment charges of up to 3 per cent of the extra payments. Early repayment charges also apply to the other Scottish Widows Bank flexible mortgage deals.
The Scottish Widows Bank flexible mortgage offset facility is also available with the lender's professional mortgage, which offers 110 per cent mortgages to fully qualified doctors, dentists, accountants, optometrists, solicitors (including trainees), vets, pharmacists and teachers.*
The bank has an over twenty five's version of their offset and flexible deals which change on a frequent basis. With this in mind it would be worth calling one of our professional mortgage advisors to find out the lastest deals from Scottish Widows.
