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Scottish Widows

The bank section of this long standing investment and pension provider was launched in 1995 and began offering mortgages in 1997. It has now grown to employ over 350 staff at the Edinburg head office.

The bank targets professional borrowers including medical doctors, dentists, teachers, accountants and optometrists but has a range of flexible mortgages suitable for everyone including

• Tracker Mortgage
• Fixed Rate Mortgage

There are some equity release schemes for older or retired customers who may like to release some of the value tied up in their home to fund retirement, a second property or another large purchase.

• The Flexible Lifetime Mortgage is for customers over the age of 55 and allows you to borrow between 15 and 45% of the value of your home. You can also use any savings to 'offset' your mortgage balance thereby reducing monthly payments.
• The Fixed Lifetime Mortgage also allows borrowing of between 15-45% of your home's value, it may be available if you are over 60 and it will be your choice whether to make monthly repayments or rollup the interest into the overall loan to be paid off when the property is sold.

Scottish Widows Bank was winner of the What Mortgage 'Best Flexible Mortgage Product' 2009.

Scottish Widows Mortgage Products

Professional mortgage: This mortgage has no concrete formula to work out how much you can borrow, it will depend upon your profession and predicted future income. You may be able to borrow up to 90% over two years on either a fixed or tracker rate. Early repayment penalties will apply, check with your advisor how this may affect you.

Flexible mortgage: The interest rate will be fixed for two years or for the whole term of the loan depending upon what product you choose. You can borrow up to 85% and the amount of your deposit will affect the interest rate. If you opt for a two year fixed rate then at the end of this agreed period you will switch to the Standard Variable Rate. An Early Repayment Fee will apply for the first two years of your loan.

Equity Release mortgage: If you are over 55 years of age and have some equity available in your home then you can release some of this money to spend as you wish. If you use the offset facility then any savings you have can be used to reduce the amount of interest you pay each month.

If you are interested in a mortgage quotation including those offered by Scottish Widows Bank please complete our quick enquiry form.