Products

Interest rates for house purchase

Interest Rates effective from Friday 1st December 2017

We reserve the right to change our product rates at any time. 

The following rules apply to all our house purchase products:

  • Offset is available with all products.
  • Interest only available up to 75% LTV, subject to evidence of an acceptable repayment plan.
  • For new build properties the maximum LTV is 80%
  • For second homes the maximum LTV is 75%
  • Loans > £750,000 are subject to the following LTV restrictions:
    • >£750,000 to £1m up to 85%
    • >£1m to £2m up to 80%
    • >£2m to £5m up to 70%
    • >5m up to 50%
  • For interest rates available for borrowing over £1m, where product fees apply these are payable for each £3m of borrowing (e.g. for loans £1m to £2,999,999 one product fee is payable; for loans £3m to £5,999,999 two product fees are payable; for loans £6m to £8,999,999 three product fees are payable; and so on).
  • All products have a £195 redemption fee, added to the loan on redemption of the mortgage.

YOUR CLIENT’S HOME MAY BE REPOSSESSED IF THEY DO NOT KEEP UP REPAYMENTS ON THEIR MORTGAGE

 

Borrowing Up To And Including £1 Million

Open All
2 Year Fixed rates 5 Year Fixed rates 2 Year Variable rates
Open All

 

Borrowing Over £1 Million

Open All
2 Year Fixed rates 5 Year Fixed rates
Open All

 

House purchase Early Repayment Charges

Early Repayment Charges

With a fixed rate mortgage, up to 10% of the loan balance may be repaid once a year without an early repayment charge. With a variable rate mortgage (not including our Standard Variable Rate) there are no early repayment charges unless overpayments take the outstanding balance below £100, or pay off the mortgage completely. Where early repayment charges do apply, the following table shows our current charging structure for the different products available. All products have a £195 Redemption Fee which is added to the loan on redemption of the mortgage.

Product TypeEarly repayment charge
  For product Loan to Values up to 75% For product Loan to Values above 75%
2 Year Fixed rate (£999 fee) 2.25% of the chargeable balance* being repaid until the 12th payment has been repaid, followed by 0.75% for the remaining term of the fixed rate. 3.00% of the chargeable balance* being repaid until the 12th payment has been repaid, followed by 1.25% for the remaining term of the fixed rate.
2 Year Fixed rate (£1,499 fee) 2.00% of the chargeable balance* being repaid until the 12th payment has been repaid, followed by 0.75% for the remaining term of the fixed rate. 2.25% of the chargeable balance* being repaid until the 12th payment has been repaid, followed by 0.75% for the remaining term of the fixed rate.
2 Year Fixed rate (£1,999 fee)
2.25% of the chargeable balance* being repaid until the 12th payment has been made, followed by 0.75% for the remaining term of the fixed rate. 2.75% of the chargeable balance* being repaid until the 12th payment has been made, followed by 1.00% for the remaining term of the fixed rate.
5 Year Fixed (£1,499 fee) 5.00% of the chargeable balance* being repaid until the 12th payment has been made, followed by 4.00% between the 12th and 24th payments, followed by 3.00% between the 24th and 48th payments, followed by 1.00% for the remaining term of the fixed rate. 5.00% of the chargeable balance* being repaid until the 12th payment has been made, followed by 4.00% between the 12th and 24th payments, followed by 3.00% between the 24th and 48th payments, followed by 1.50% for the remaining term of the fixed rate.
5 Year Fixed rate (£1,999 fee) 5.00% of the chargeable balance* being repaid until the 12th payment has been made, followed by 4.00% between the 12th and 24th payments, followed by 3.00% between the 24th and 48th payments, followed by 1.00% for the remaining term of the fixed rate. 5.00% of the chargeable balance* being repaid until the 12th payment has been made, followed by 4.00% between the 12th and 24th payments, followed by 3.00% between the 24th and 48th payments, followed by 1.25% for the remaining term of the fixed rate.
2 Year Variable rate (£999 fee) 2.50% of the chargeable balance* being repaid until the 12th payment has been repaid, followed by 1.10% for the remaining term of the variable rate. Not applicable
Standard Variable Rate No early repayment charges apply No early repayment charges apply

*For fixed rate products the 'chargeable balance' is any amount repaid that exceeds 10% of the outstanding mortgage balance at the time of the repayment, or the full amount being repaid if a repayment has already been made in the same year. For variable rate products, the 'chargeable balance' is the full amount of mortgage taken on the variable rate product at the outset.

Copyright ©2017 Scottish Widows | Copyright, companies, legal and privacy information |  Accessibility | Site map

Important Information about Scottish Widows | Read about how we use cookies

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.

Browser Warning: your browser may not be fully supported on this site. Visit our browser help page for a list of supported browsers.
close