The various products Bank of Scotland offers are suitable for different kinds of borrowing needs, so it is a good idea to familiarise yourself with their various offers to see which could be a good fit for you.
Compare Bank of Scotland mortgages
Bank of Scotland provide standard mortgages for homeowners alongside a number of more specialist loan types aimed at specific types of customers.
First Time Buyers
As long as the property you wish to buy is worth more than £40,000 you may be able to qualify for a first time buyer mortgage with Bank of Scotland. You will usually need a 10% deposit, unless using the government’s Help to Buy scheme, in which case you may be able to qualify with a 5% deposit.
Buy to Let
Bank of Scotland do not offer buy to let mortgages directly, but they do offer them through Halifax, which operates as a trading division of Bank of Scotland. How much you can borrow will be based on how much a Halifax surveyor thinks the rental income on your property will be. The rental income must equal at least 125% of the annual interest only payments on your mortgage.
Remortgaging with Bank of Scotland
If you want to unlock some extra cash or bring down your mortgage repayments, remortgaging can be a good option. Bank of Scotland can help you switch your mortgage and save money. If your aim is to increase your borrowing, you may also want to consider taking out a separate second charge mortgage as this can sometimes be cheaper.
Loan to value ratio
Lenders make their decisions about how much customers can borrow based on a number of factors, one of the most important of which is loan to value (LTV) ratio. This describes what percentage of the property’s market value the total value of any loans secured against it will make up.
So, if you borrow £50,000 against a property worth £100,000 then the LTV would be 50%. If you then took out a further loan for £25,000, secured against the same property, your LTV would increase to 75%. Most lenders will tend to offer better interest rates on mortgages with a lower loan to value ratio.
Find the best deals on mortgage rates
There are so many different lenders and types of mortgages on the market that finding the best deal to match your needs and circumstances can be a real headache. Fortunately, our mortgage calculator (see the top of the page) makes things much easier.
All you need to do is select the reason for borrowing, how much you need to borrow, how long you want to repay over, plus a few other basic details. Then the calculator will show you all the best deals we have sourced from across the market that match your requirements.