Flexible Mortgage

Additional Borrowing

A mortgage could be a cost effective way of borrowing money. That's why the Scottish Widows Bank Flexible Mortgage gives you the option of borrowing extra money - in addition to your main mortgage.

You may be able to apply for a Further Advance or £5,000 or more, subject to our lending criteria, once you’ve held your mortgage with us for six months or more. To apply for a Further Advance please consult your mortgage adviser. If you don’t already have a mortgage adviser you can use the links on the right hand side to find the help you need.

Further Advance

You can use the cash raised from a Further Advance however you choose, for example you could use it to pay for:

  • • A new car, wedding, or holiday
    • Home Improvements
    • Planning for a child’s school fees, or the cost of higher education

Further Advance borrowing is charged at our Standard Variable Rate, and a £199 arrangement fee applies.

There are no restrictions on overpayments on our Standard Variable Rate, so you could pay it off sooner, either by setting up additional monthly overpayments with your Direct Debit, or simply making additional overpayments as and when you choose.

It’s also possible to apply for a Further Advance on Capital Repayment or Interest Only, regardless of the repayment type of your main mortgage (subject to meeting our Interest Only criteria), giving you the flexibility to have the mortgage product which most suits your circumstances. All Interest Only borrowing is subject to evidence of a suitable repayment vehicle from our acceptable list.

  • Minimum amount £5,000
  • Maximum capped at 85% of the current value of the property (75% for interest only), subject to assessment
  • Repayment or interest only
  • Minimum term two years, maximum 40, or to age 80 if less
  • Charged at Scottish Widows Bank Standard Variable Rate
  • £199 arrangement fee.