Additional Mortgage Borrowing and Offsetting
Additional Mortgage Borrowing
As an existing customer there are two ways you may be able to borrow more money against your mortgage:
- By applying for a Further Advance – a one-off additional lump sum. You have a choice of rates, including fixed and variable.
- By opening a Mortgage Reserve Account – if your main mortgage is for less than the maximum amount you could borrow, you can apply for a Mortgage Reserve Account. This account has an agreed limit and you can withdraw and deposit money from it as you choose.
Offsetting
If you have a Scottish Widows Bank mortgage*, on a variable rate or two year fixed rate, you can use your savings to help save money on your mortgage at no extra cost.
- With our offsetting facility you can choose to benefit from either reducing the term of your mortgage, or reducing your monthly mortgage payment.
*not available on all Buy-to-Let mortgages, and Lifetime Mortgages with a fixed rate.
To find out more or to apply, please call us on 0845 845 0829 – Monday to Friday 8am – 6pm, (Wednesdays from 10am).
