Existing customers

Mortgages

Product transfers

If your client already has a mortgage with Scottish Widows Bank, you can apply online to switch them to a new deal.

  • Simple online application process.
  • No ERCs if there’s less than three months to go on their existing rate.
  • No ERCs on SVR.
  • No valuation required.

Your client must have an existing Flexible or Professional Scottish Widows Bank mortgage to use this service.

The online service is not available for the following:

  • borrowing above £1 million
  • guarantor mortgages
  • mortgages with consent to let
  • mortgages where the existing term extends beyond the client's anticipated retirement age or their state pension age, whichever is lower
  • mortgages with any interest only lending, where the client does not have an acceptable repayment vehicle to cover the interest only amount.

How to apply

Take a look at our Product Transfer And Contract Changes hints & tips guide.(PDF)

To view the exclusive rates you can apply for, please select the type of mortgage your client has:

Borrow more

If your client needs additional borrowing you can apply for a Further Advance on their existing Scottish Widows Bank mortgage.

Additional borrowing is 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 & charges

  • Interest charged at our Standard Variable Rate, currently 4.24%.
  • £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 is applying for an interest only Further Advance, or has any of their existing debt on interest only, we’ll also need to see evidence of the repayment plan your client intends to use to repay the amount at the end of the term. Check our criteria page

How to apply

Before you apply take a look at our Further Advance hints & tips guide (PDF)

Apply online using SWB Click

If overall borrowing will be more than £1 million, or if you need to discuss a case before applying, call our intermediary support team on 0345 845 0110

Lines are open 8am to 6pm Monday to Friday.

Other changes for our existing mortgage customers

You can make these changes on their own, or all at once, together with Additional Borrowing and Product Transfers. 

  • If you need to add or remove someone from the title deeds you can apply for a Transfer of Equity.

    To apply for a Transfer of Equity call our Intermediary Support Team on 0345 845 0110. Lines are open 8am to 6pm Monday to Friday.

    We’ll produce the Mortgage Illustration then you’ll need to complete the SWB Mortgage Application Form (PDF) and email it securely back to us at SWB.Mortgages@scottishwidows.co.uk

    Upon completion the existing mortgage will be redeemed and closed, and a new mortgage (including Offset if applicable) will be opened.

    The applicant(s) will need to appoint a solicitor who is on the Lloyds Banking Group panel to remove the charge at the Land Registry and register a new charge with the amended name(s). Applicant(s) are responsible for paying associated legal fees.

    We require the charge at the Land Registry to be removed and a new charge registered with the amended name(s) – this will result in a legal fee which the applicant(s) are responsible for paying.

    The application may include a Further Advance, for example if funds are required to buy out the other party.

    The existing borrowing amount on the current rate can be ported to the new mortgage. Any further borrowing will be on Product Transfer rates. If the current borrowing is on our Standard Variable Rate, we can also process a Product Transfer for this amount at the same time.

    No procuration fee is paid unless there is a Further Advance and/or Product Transfer on the existing borrowing, for which we’ll pay the normal flat rate for the Further Advance or % amount for any Product Transfer.

    The Halifax Index is used for the valuation. If the LTV is over 80% a Standard Valuation will be instructed. The applicant(s) will have to pay for this up front then we’ll refund up to £250 on completion.

    If the current Halifax Index valuation figure is disputed a re-valuation can be carried out. The applicant(s) will have to pay for this up front, then we’ll refund up to £250 on completion.

    An application fee of £160 is payable upon submission of a Transfer of Equity application. If there is any further borrowing a £25 transfer of funds fee will also be charged.

  • If a customer is moving house they can apply to port their existing loan and keep the current rate. If any further borrowing is required it would be on new business rates.

    To make a Porting application call our Intermediary Support Team on 0345 845 0110. Lines are open 8am to 6pm Monday to Friday.

    We’ll produce the Mortgage Illustration which you can then access using our Online Mortgage Service and proceed to full application. The application would then be processed as a new business application.

    The purchase of the new property and redemption of the existing property need to be completed simultaneously otherwise Early Repayment Charges may apply.

    If the customer sells their property, but they’re not ready to buy another, they’ll need to repay their existing mortgage. This means they’ll have to pay any early repayment charges that apply. However, if they submit a new mortgage application with us within 90 days of repaying the existing mortgage, they can apply for a refund of the early repayment charge once the new mortgage has started. In this scenario they would need to select a new rate from our current range, and if the new loan is for a reduced amount, the early repayment charge refund will be pro-rata. This concession may not always be available.

  • If you want to change the term or the repayment type of the existing mortgage you can apply for Contract Changes.

    To apply for any Contract Changes call our Intermediary Support Team on 0345 845 0110. Lines are open 8am to 6pm Monday to Friday.

    We’ll produce the Mortgage Illustration then you’ll need to complete the SWB Mortgage Application Form (PDF) and email it securely back to us at SWB.Mortgages@scottishwidows.co.uk

    The application is subject to full underwriting with income verification; and where the change is to Interest Only we’ll need to see evidence of an acceptable repayment plan.

    No procuration fee is paid unless there's a Product Transfer on the existing borrowing, for which we would pay our standard amount.

    There are no fees for Contract Changes.

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