Scottish Widows is a subsidiary of Lloyds Banking Group. Scottish Widows Bank offer professional mortgages aimed at accountants, solicitors, teachers and other professionals, plus flexible mortgages aimed at a wider range of customers.
If you are considering a mortgage with Scottish Widows Bank you will need to look carefully at their lending criteria for their two main types of mortgages – professional and flexible – to see which you may be able to qualify for.
Scottish Widows Bank Professional Mortgages are aimed at accountants, actuaries, solicitors and barristers, dentists, doctors and optometrists, engineers, teachers, pharmacists and vets. In most cases applicants must be fully qualified, registered and practicing in order to apply. However, trainee accountants, actuaries and solicitors may also be able to qualify.
These mortgages can cover up to 90% of the value of a new home purchases of up to 85% if remortgaging. Fixed and variable rates of interest are available and there is also the option to offset your savings against the capital on your mortgage so you can reduce your monthly payments or repay early.
Scottish Widows Bank Flexible Mortgages are aimed at people in a wider range of professions and are available both to the employed and self-employed. Again, you can borrow up to 90% of your property’s value for a new purchase or up to 85% if remortgaging. Fixed and variable rates are available as is an offset facility.
If you are an existing Scottish Widows mortgage customer you may be able to extend your borrowing with a separate secured loan. This can allow you to borrow more without the need to remortgage which can be an attractive option if you do not want to give up your existing mortgage.
One of the key factors in deciding whether a mortgage product is right for your needs will be the loan to value (LTV) ratio the lender offers with that particular mortgage. LTV shows you what percentage of a property’s value you will be able to borrow with a particular mortgage.
So, if you are looking at a house worth £100,000 and need to borrow £70,000 to move forward you will need to look for a mortgage offering at least 70% LTV. Most lenders will offer better interest rates on mortgages with a lower LTV, so this is worth bearing in mind when deciding how much you want to borrow.
Finding a mortgage that matches your borrowing needs while offering affordable monthly repayments can be a challenge. Our free mortgage calculator takes a lot of the hassle out of the equation by allowing you to quickly and easily compare different rates and features on mortgage products from across the market.
To try it out, head to the top of the page and share some basic information, including how much you need to borrow and how long you would prefer to repay over. The mortgage calculator will then show you appropriate deals allowing you to see which is the most suitable choice for you.
