Scottish Widows Bank Mortgages

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Last updated on 22 March 2021.

Scottish Widows Mortgages FAQ

What is a Scottish Widows mortgage?

If you’re looking to buy a home or seeking a property to use for generating rental income, providers such as Scottish Widows offer a number of suitable mortgage products, including residential and buy-to-let mortgages.

How do you repay mortgages from Scottish Widows?

This depends on the type of mortgage you choose. For example, repayment mortgages require you to repay your mortgage loan in monthly instalments with interest. Other products include interest-only mortgages, where only interest has to be paid. When the term expires, the loan is repaid as a lump sum.

What are the best ways to keep costs low on mortgages?

If you’re new to mortgages, it might be suitable to pick a deal such as an interest-only mortgage, or to ask for a fixed-rate product. The latter option freezes interest to be paid for a limited time, helping reduce monthly bills.

What is required during a mortgage application?

Providers such as Scottish Widows expect mortgage applicants to present documents such as payslips and bank statements, as these give them an idea about income, existing debts and whether you can afford a loan. Proof of identification is essential, so always have your passport or some form of ID to hand.

How do I know a Scottish Widows mortgage is right for me?

Mortgages can take many years to be repaid in full, so it’s important to find an affordable mortgage you are confident you can repay. Choosing the right deal involves having a good interest rate and finding the best ways to keep costs manageable over time.

What is an early repayment charge?

Early repayment charges are a form of deterrent providers such as Scottish Widows use to dissuade customers from repaying their mortgages ahead of schedule. ERCs are an additional cost to consider if you wish to repay sooner.

When does SVR become applicable?

SVR (standard variable rate) becomes applicable and has to be paid as an effective default rate with your provider if your fixed-term mortgage expires and you haven’t got a replacement fixed rate in place. SVRs are often considerably higher, so costs on your mortgage will rise when you switch to them.

Why might I use a mortgage broker?

You may require one to assist you during the process of finding a mortgage if you lack the expertise. Mortgage brokers are capable of assessing your financial predicament and presenting you with suitable mortgage deals from a number of providers.

How do I find the best mortgage deals with Scottish Widows?

NerdWallet offer a free comparison table to compare Scottish Widows mortgages. It allows you to discover which deals are most affordable, but terms and conditions should always be read before applying for a loan.

Can you apply for a mortgage with bad credit?

Scottish Widows might facilitate a mortgage application on poor credit, but it is usually a greater risk for them financially. To mitigate risk when lending to someone with a low credit score, they may be inclined to charge higher interest.

Services offered by this provider may change over time. Always check Ts&Cs.

NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.

Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ

Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE