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Retirement Home Plan

Our Contact Details

For additional account information about your Retirement Home Plan mortgage, please contact our Mortgage Customer Services team on 0345 845 8555. Our lines are open 8am to 6pm Monday to Friday. You can also write to us at:

Scottish Widows Bank
PO Box 883
Leeds
LS1 9TY

Frequently Asked Questions

I want to move home, can I take my Retirement Home Plan mortgage with me?

The product is portable, this means that you may be able to move house and transfer the loan to a new property, subject to assessment and our lending criteria. Early Repayment Charges may apply.

My current Retirement Home Plan fixed rate is coming / has come to an end. Do you have any exclusive offers for existing customers that I would be able to switch to?

We offer Two and Five year Fixed Rate Product Transfer options for existing Retirement Home Plan customers, which may be suitable for your needs. You can find out more about these offers by speaking to our Mortgage Advice Team.

How do I find out what my current interest rate is?

You can call our Mortgage Customer Services team on 0345 845 8555 to find out details of your current interest rate(s).

If you have a variable interest rate, this can change over the life of the mortgage, meaning your monthly mortgage payments could go up or down.

With a fixed rate, the interest rate is fixed for the duration of the chosen fixed rate term, meaning your monthly mortgage payments will not change during this period.

How do I find out what my current outstanding balance is?

You can call our Mortgage Customer Services team on 0345 845 8555 to find out details of your current outstanding balance.

How do I change my bank details?

To change your bank details, call us on 0345 845 8555 and we will attempt to verify your new details over the telephone.

We can only set up bank details for a personal account you are named on. We do not accept payments from business or third party accounts.

Can I change the date of my monthly Direct Debit payment?

No, we only collect Direct Debit payments on the first working day of each month.

If you’re having trouble paying your mortgage there are different options available that may ease your situation and help to resolve the issue

When will I receive my annual statement?

Annual mortgage statements are sent every April.

How do I repay my Retirement Home Plan mortgage?

The loan will normally be paid off through the eventual sale of the property either on death (of last surviving borrower for joint loans), or upon moving into permanent long-term care.

Repaying early is also an option, but you should remember that Early Repayment Charges may apply.

To enquire about redeeming your mortgage, contact our Mortgage Customer Services team on 0345 845 8555 (option two) for a final redemption figure. This can be provided verbally or in writing. If you have a solicitor acting for you, they will usually request this information on your behalf.

How do I notify you of a death?

We understand that bereavement is a very difficult time. We try to make the process of informing Scottish Widows Bank as simple as possible. You can call us on 0345 845 8555 with details or write to us at:

Scottish Widows Bank
PO Box 883
Leeds
LS1 9TY

Can I borrow more money from my Retirement Home Plan mortgage?

You may be able to apply for a Further Advance, subject to our lending criteria.

You can enquire about applying for a Further Advance by speaking to our Mortgage Advice Team by calling 0345 845 8555.

What should I do if I have a complaint?

If you have a complaint please visit our complaints page to find out how to inform us about it. We’ll then try to provide a solution as quickly as possible.

Lifetime Mortgage

Our Contact Details

For additional account information about your Lifetime Mortgage, please contact our Mortgage Customer Services team on 0345 845 0829. Our lines are open 8am to 6pm Monday to Friday. You can also write to us at:

Scottish Widows Bank
PO Box 883
Leeds
LS1 9TY

Frequently Asked Questions

I want to move home, can I take my Lifetime Mortgage with me?

The product is portable, this means that you may be able to move home and transfer the loan to a new property, subject to assessment and our lending criteria. Early Repayment Charges may apply.

Can I borrow more money from my Lifetime Mortgage?

You may be able to apply for a Further Advance, subject to our lending criteria.

You can enquire about applying for a Further Advance by speaking to our Mortgage Advice Team by calling 0345 845 8555.

Can I add another party to my Lifetime Mortgage?

If you want to add another party to your Lifetime Mortgage, for example, on marriage or formation of a civil partnership, this will be subject to assessment.

It is important to remember that the maximum borrowing amount on your Lifetime Mortgage is based on the age of the youngest applicant and therefore, if adding a younger person, we may ask you to repay part of your Lifetime Mortgage.

How do I find out what my current interest rate is?

You can call our Mortgage Customer Services team on 0345 845 8555 (option 2) to find out details of your current interest rate(s).

If you have a Flexible Lifetime Mortgage with a variable interest rate, this can change over the life of the mortgage, meaning your interest rate could go up or down.

With the Fixed Rate Lifetime Mortgage, the interest rate is fixed for the life of the loan, with interest charged at the fixed rate at the time the mortgage is taken.

Can I change products?

The Scottish Widows Bank Lifetime Mortgage is designed to be a long-term product, which runs until the eventual sale of the property either on death (of last surviving borrower for joint loans), or upon moving into permanent long-term care.

There are no options available to enable you to switch to another Scottish Widows Bank Lifetime Mortgage product option.

How do I find out what my current outstanding balance is?

You can call our Mortgage Customer Services team on 0345 845 8555 (option 2) to find out details of your current outstanding balance.

What if the Balance of my Lifetime Mortgage exceeds the value of my home?

Scottish Widows Bank undertakes that you will never have to pay back more than the open market sale proceeds of the property when the mortgage is repaid. This is known as a “No Negative Equity Guarantee”.

Scottish Widows Bank will not repossess the property if the accumulated debt exceeds the property value and you will be able to continue to live in your home until the eventual sale of the property, either on death (of last surviving borrower for joint loans), or upon moving into permanent long-term care.

How does rolled up interest work (only applies to Lifetime Mortgage accounts where no monthly payment is being made)?

Interest on the Lifetime Mortgage accrues on a daily basis based on the relevant interest rate and loan balance and is then added to the outstanding loan amount each month.

No monthly mortgage payments are made by the borrower and the original mortgage plus added interest is repaid in full at the end of the loan – normally from the sale proceeds of the property.

Can I change the date of my monthly Direct Debit payment (only applies to Lifetime Mortgage accounts where a monthly payment is being made)?

We only collect Direct Debit payments on the first working day of each month.

If you're having trouble paying your mortgage there are different options available that may ease your situation and help to resolve the issue.

How do I change my bank details (only applies to Lifetime Mortgage accounts where a monthly payment is being made)?

To change your bank details, call us on 0345 845 8555 and we will attempt to verify your new details over the telephone.

We can only set up bank details for a personal account you are named on. We do not accept payments from business or third party accounts.

When will I receive my annual statement?

Annual mortgage statements are sent every April.

How do I repay my Lifetime Mortgage?

The loan will normally be paid off through the eventual sale of the property either on death (of last surviving borrower for joint loans), or upon moving into permanent long-term care.

To enquire about redeeming your mortgage, contact our Mortgage Customer Services team on 0345 845 8555 (option two) for a final redemption figure. This can be provided verbally or in writing. If you have a solicitor acting for you, they will usually request this information on your behalf.

How do I notify you of a death?

We understand that bereavement is a very difficult time. We try to make the process of informing Scottish Widows Bank as simple as possible. You can call us on 0345 845 8555 with details or write to us at:

Scottish Widows Bank
PO Box 883
Leeds
LS1 9TY

What should I do if I have a complaint?

If you have a complaint please visit our complaints page to find out how to inform us about it. We’ll then try to provide a solution as quickly as possible.

Policy Loans

This product is no longer available for new business.

For existing customers monthly interest is based on a rate of 3.00% above the Bank of England base rate, currently 1.00% variable, giving a current rate of 4.00% per annum, equivalent to an Annual Percentage Rate (APR) of 3.8%, effective from the 1st May 2022.

For additional account information please contact our customer service team on 0345 845 0829. Our lines are open 8am to 6pm Monday to Friday.

We adhere to The Standards of Lending Practice which are monitored and enforced by the Lending Standards Board.