Borrow on the surrender value of your life policy
If you have a life assurance policy with Scottish Widows — and you’ve been paying premiums into it for a while, your policy should now have a surrender value. With a Policy Loan you can borrow against the surrender value.
- You could borrow from £1,000 up to 80% of the surrender value of your Scottish Widows Life Assurance policy
- Your policy will be assigned as security for the loan to Scottish Widows Bank
- Flexibility to borrow a lump sum now and further sums (minimum of £100), as and when you need it
- Variable interest rate, tracking at 3% over the Bank of England Base Rate.
- Scottish Widows Bank subscribes to the Lending Code, details of which are available at www.lendingstandardsboard.org.uk . The Lending Guide and accompanying Consumer Guide are also available for download.