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.
We pay a flat fee for all Further Advances.
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 firstname.lastname@example.org
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).