Please use the Quicklinks menu below in order to navigate through the site.

Quicklinks

Existing Customers - Mortgages

Switching FAQs

We’ve put together the answers to some of the most commonly asked questions about switching to a new rate. If you have a question that we haven’t answered here, please call us on 0345 845 8555 (option two). Lines are open 8am to 6pm Monday to Friday (Wednesday from 10am). Alternatively, you can also send an email to our customer service team if you have a general enquiry.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.


What should I do if my current rate is coming to an end?

If your current Scottish Widows Bank interest rate is coming to the end of a fixed or variable rate period, and you don’t want to switch to a new rate, you don’t need to do anything. If you don’t apply to switch to a new rate you’ll automatically go onto our Standard Variable Rate.

When can I switch to a new rate?

You can switch to a new rate if:

  • You're currently on our Standard Variable Rate
  • You currently have less than three months to go on your existing fixed or variable rate
  • You want to switch from a variable rate to a fixed rate

You can still apply to switch but you might have to pay an Early Repayment Charge if:

  • You've got more than three months left on your existing fixed rate
  • You want to switch from a variable rate to another variable rate

You can't switch if you've got a Buy to Let or Retirement Home Plan mortgage, or if your mortgage is in arrears.


How do I decide which deal to choose?

We'll offer you interest rates based on the amount outstanding on your mortgage in relation to how much we think your property is worth (your Loan to Value).

If you want to receive advice you should speak to your mortgage adviser, or if you don’t have one there are different ways of receiving advice – see the How to apply page. If you’re happy to make your own choice and don’t need advice, you can apply online.

How do I decide how to apply?

Apply online if:

  • You don't need to talk to a mortgage adviser for advice
  • Your current rate is expiring in less than three months
  • You don't want to make any other changes to your mortgage
  • Your current loan amount is less than £350,000
  • No part of your mortgage is Interest Only

Apply using a mortgage adviser if:

  • You need to talk to a mortgage adviser for advice
  • Any part of your mortgage is Interest Only
  • You want to make any other changes to your mortgage
  • You currently have a Guarantor or Graduate mortgage

If you have a Retirement Home Plan or Lifetime Mortgage call our customer service team on 0345 845 0829.

What do I need to apply online?

You just need your 11 digit mortgage account number and details of your current income .

What happens if I change my mind?

You should contact us immediately on 0345 845 0829.

Will I have to pay Early Repayment Charges?

You might have to pay an Early Repayment Charge if:

  • You've got more than three months left on your existing fixed rate
  • You want to switch from a variable rate to another variable rate

Are there any other charges or fees?

There are no legal fees, and no valuation fees if you're happy with our indexed valuation. There may be a product fee depending on the rate you're applying for, you can find this information on the interest rates pages. If there is a product fee you can pay these up front or have them added to your mortgage. Any fees added to your mortgage will be charged interest.

Can I make any other changes to my mortgage at the same time?

If you want to make any other changes to your mortgage, such as the term, repayment type or amount you’ve borrowed, you’ll need to speak to an independent mortgage adviser. Visit the How to apply page to find an adviser if you don’t already have one.