Click on each category to expand the relevant criteria.
We aim to provide all the information you need to know here. If there's anything you can't find call our Intermediary Support Team on 0345 845 0110.
A DIP states how much we can lend and is valid for three months, subject to a valuation and the information supplied being correct.
The details of the customer’s bank account from where the mortgage will be paid should be keyed at application.
We'll require a Direct Debit mandate to be completed, signed and sent to us for all applications.
The Direct Debit must be set up from a personal current account in the applicant's name. We do not accept payments from a savings, third party or business account.
Applications involving finder's fees are not acceptable.
A finder's fee is a fee or commission paid by a seller to a third party (such as an investment club) for finding or introducing a buyer. It does not include the normal fee or commission payable to any estate agent handling the sale.
We’ll always collect the first payment on the 1st of the month in the month after the first full month after the mortgage completes. For example, if the mortgage completes on the 1st of June we’ll collect the first payment on the 1st of July. If the mortgage completes on the 2nd of June we’ll collect the first payment on the 1st of August.
The first payment is usually higher than the rest of the monthly payments. This is because it includes interest charges from the day we release the money to the end of the month, plus the first full monthly payment.
We’ll collect ongoing monthly payments on the 1st of each month. If the 1st falls on the weekend or on a bank holiday we’ll collect the payment on the next available working day.
How do you calculate the first payment?
The first monthly payment is made up of interest charges from the day we release the loan to the end of the month, plus the first monthly mortgage payment.
*Note that in a leap year we’ll still calculate the payment using 365 days.
When will you tell the customer about this?
On the first working day after we release the money, we’ll write to tell the customer when we’ll collect their first and subsequent monthly payments.
The letter will also give a summary of other information we agreed when you applied for the mortgage, such as whether it’s an interest-only mortgage, a repayment mortgage or a combination of the two. If the mortgage account is made up of different parts, the letter will also explain:
The remortgage package is not available if there's not currently a mortgage on the property.
One of the applicants must have owned the property for at least six months prior to the application.
Typically the legal work involved in a remortgage is needed by the lender in relation to our financial interest in the property as security for our loan and for standard remortgages there will be no charge.
For more complex transactions, such as property title transfer or registration of properties in England and Wales where the property requires first registration in HM land registry, our solicitors will contact the applicant(s) to arrange payment.
This is a streamlined remortgage with reduced cost. The key benefits of the service are;
If the property is in Northern Ireland, or where applicants use thier own solicitor instead of ours, we'll offer £300 cashback.
The conveyancer will request a provisional redemption statement from the current lender giving an approximate repayment date.
This provisional repayment figure will, in most cases, highlight any potential shortfall much earlier in the process. If a potential shortfall is identified, the conveyancer will contact the applicant directly.
The applicant may wish to pay the shortfall from personal funds. The conveyancer will advise that an accurate shortfall figure will be provided nearer completion and no money should be sent to the conveyancer until this is requested. If the customer does not wish to pay the shortfall from personal funds, the conveyancer will advise the applicant that they should contact their Broker to discuss other options. Depending on the applicant’s circumstances this could be to increase the amount of the loan, for example.
These must be instructed with the conveyancer directly who will also confirm the costs associated.
These are some high level examples considered by conveyancer panel firms as most likely to occur (but are not limited to these examples). The specific costs associated to complex cases/scenarios will vary, and panel firms will apply an hourly rate and discuss all matters with applicants up front prior to commencing any further with the transaction.
If the tenure of the property is leasehold, the applicant will be responsible for any charges payable to the landlord under the terms of the lease. If the applicant does not have a copy of the lease, conveyancers will get one from the Land Registry, which will incur a cost for the applicant.
Speak to us and discuss how we can help
Online mortgage service
This site is intended for UK authorised & regulated financial advisers only. It is not intended for onward transmission to retail customers & should not be relied upon by any other person. If you are not an adviser please return to our consumer site.
Copyright ©2018 Scottish Widows | Copyright, companies,
legal and privacy information |
Accessibility | Site map
Information within this site is intended for UK authorised and regulated financial
advisers only. It is not intended for onward transmission to retail customers and
should not be relied upon by any other person. If you are not an adviser please
return to our consumer site.
Scottish Widows is not responsible for the content of third party websites. Separate
terms apply to the use of third party websites and Scottish Widows does not warrant
the accuracy, reliability, availability or otherwise of these sites.
By using this site you agree to our terms & conditions
of use. Please read our copyright, companies, legal and privacy information.
We may record and monitor calls to help us improve our service.
Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655.
Scottish Widows Unit Trust Managers Limited. Registered in England and Wales No. 1629925. Registered Office in the United Kingdom at Charlton Place, Andover, Hampshire SP10 1RE. Tel: 0345 300 2244. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 122129.
HBOS Investment Fund Managers Limited, registered in England number 941082. Registered office in the United Kingdom at Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 119223.
Scottish Widows Bank is a trading name of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278.