What do you want to know about our Professional Mortgage?
Additional Mortgage Borrowing
A mortgage can be a very cost effective way of borrowing money. That's why the Scottish Widows Bank Professional Mortgage gives you the flexibility to borrow extra money — in addition to your main mortgage.
This can be done through a Mortgage Reserve account. And you can use the money for whatever you want, whenever you choose.
Mortgage Reserve Account
When you apply for a mortgage, we'll agree a maximum amount that you can borrow. If your main mortgage is less than this, you can also apply for a Mortgage Reserve Account.
This can have any limit — as long as the total amount of this account and your mortgage is within the agreed maximum. For example, if we were willing to lend £100,000 but you only needed a main mortgage for £90,000, you could apply for a Mortgage Reserve Account with a limit of up to £10,000.
The Mortgage Reserve Account is an addtional drawdown facility with no set up cost and gives you the freedom to withdraw and deposit money as you choose — with a £100 minimum — provided you keep within your agreed limit and and can be operated by either internet , telephone or post to suit you.
No repayment is required on the Mortgage Reserve Account until the limit is reached. However, you should be aware that interest will continue to be charged on the outstanding balance on a monthly basis at our standard variable rate.
Taking out a Mortgage Reserve Account will increase the borrowing secured on your home.
Even if you don't need the funds when you first take out the mortgage, with a Mortgage Reserve Account set up from the start the money will be there when you do. And if you ever need to take a payment holiday a Mortgage Reserve Account must be in place.
- Minimum limit facility £5,000, maximum normally £50,000.
- Minimum term 5 years, maximum 40 years or expected retirement age, whichever is earlier.
- Must be repaid in full over the term of the main mortgage.
- You don't need to make any repayments until the Mortgage Reserve Account limit is reached.
- Your monthly mortgage payment does not cover borrowing on your Mortgage Reserve Account.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. |
