Products

Additional Borrowing

If your client needs additional borrowing you can apply for a Further Advance on their existing Scottish Widows Bank mortgage, subject to the following criteria:

  • Minimum advance £5,000
  • Maximum advance up to 85% LTV, based on current valuation*
  • Minimum term two years
  • Maximum term 40 years, or to age 80 if less
  • Existing customers can apply for a Further Advance once six months have elapsed after completion of the main mortgage.

*In some cases a new valuation may be required. If we require a new valuation we’ll advise you of this, and any additional costs, during the application process.

Interest Rates and Charges

  • Interest charged at our Standard Variable Rate, currently 3.74%
  • £199 arrangement fee
  • £25 CHAPS transfer fee
  • You can switch the additional borrowing to a new rate once drawn down by applying for a Product Transfer

Fees can be paid up front or rolled up with the additional borrowing.

Interest Only Borrowing

If your client has any of their existing debt on interest only they’ll need to provide evidence of the repayment plan in place to repay the capital at the end of the term.

If you’re applying for an interest only Further Advance we’ll also need to see evidence of the repayment plan your client intends to use to repay the amount of the Further Advance at the end of the term. This must be from our acceptable list of repayment plans.

If you’re applying for a capital and interest repayment Further Advance, but the existing main mortgage is on interest only, we still require evidence of the repayment plan in place to repay the main mortgage balance at the end of the term.

We will only offer the Further Advance where evidence of any repayment plans meets our current criteria and covers the full amount to be conducted on an interest only basis.

Introducer Arrangements

We pay a flat fee for all Further Advances.

Apply

Before you apply take a look at our Further Advance hints & tips guide

To apply, download and complete our Further Advance Application Form

Return the completed form to us by email to swb.mortgages@scottishwidows.co.uk

If you need to discuss a case before applying, contact our dedicated Intermediary Support Team on 0345 845 0110.

Lines are open 8am to 6pm Monday to Friday (Wednesday from 10am).

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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.

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