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Contact Details
Scottish Widows Bank plc
67 Morrison Street
Edinburgh
EH3 8YJ
www.scottishwidowsbank.co.uk
Main Tel : 0845 845 0110
Fax : 0131 655 4002
ACCEPTABLE INTRODUCERS
N/A
SERVICE/PROC PAYMENTS
Refer to MISC
BROKER PACKAGING REQUIREMENTS
Introducer to submit fully completed and signed application
form and survey fee
SOLICITORS
Will use applicants solicitor. Solicitor must have a minimum
of 2 partners.Lenders panel of Solicitors are also available.
Employed |: Employers Ref.
Self Emp |: Minimum trading period is 12 months.
|| Accountants Certificate required.
FTB |: As above
RTB |: Refer to lender
All |: Credit Reference
|| Valuation Report
Flexible & Graduate applications up to 80%LTV and Pofessional
Applications up to 90% LTV, Loan amount up to 300k-
1 month Bank satement which must cover one calendar month and show at
least one salary credit.
Completes Budget Planner.
For self employed applicants, an accountants certificate regardless
of LTV.
Address history for each applicant for 3 years on the appliaction
form.
Completed Introduction Certificate for each applicant.
Flexible & Graduate appliactions above 80% LTV and Professional
Applications above 90% LTV, Loan amount up to 300k -
1 month Bank satement which must cover one calendar month and show at
least one salary credit.
Completes Budget Planner.
For employed applicants we will normally only request 12 months
income reference.
For self employed applicants we will request an accountants
certificate regardless of LTV.
Address history for each appliacnt for 3 years on the application
form.
Completed Introduction Certificate for each applicant.
Loans over 300k, all LTV's-
1 month Bank satement which must cover one calendar month and show at
least one salary credit.
Completes Budget Planner. A statement of assets and liabilities must
also be completed for cases above 500k.
For employed applicants we will normally only request 12 months
income reference.
For self employed applicants we will request an accountants
certificate regardless of LTV.
Address history for each appliacnt for 3 years on the application
form.
Completed Introduction Certificate for each applicant.
Acceptable Purposes
Home Improvements
Marital Settlement (Capital Raising)
Dependents Home
Education Fees (Capital Raising)
Holiday (Capital Raising)
Investment (Capital Raising)
Second Home
Medical Expenses (Capital Raising)
Working Capital (Capital Raising)
Business Start Up (Capital Raising)
UK Tax Payers ||: Yes
Arrears Outstanding ||: Refer to lender
Arrears Settled ||: Refer to Lender
CCJ's Outstanding ||: No
CCJ's Satisfied ||: Refer to Lender
Bankruptcy ||: Refer to Lender (Needs to be 4 yrs since bankruptcy)
Ex-Patriates ||: No
DSS Payments ||: No
Diplomatic Immunity ||: Refer to Lender
Debt History ||: Refer to Lender
Guarantors ||: Yes
Foreign Nationals ||: Refer to Lender
Max age on application ||: 65 years
Interview Required ||: No
Multiple Applications ||: Max 2 applicants
Secondary Income ||: Refer
Overtime ||: Refer to Lender
Bonus / Commission ||: Refer to Lender
Professionals ||: Fully qualified and practising medical
||: doctor, dentist, accountant, solicitor,
||: vet, pharmacist, optometrist or teacher.
LIFE COVER REQUIREMENTS
The Lender does not require Policies to be assigned
but does recommend cover be taken.
Below is a breakdown of our new income multiples for our Flexible and
Professional mortgages only.
Income Multiple
Flexible Mortgage
Salary Below 30,000.00 = 3.5x Single, 2.75x Joint
Salary 30k - 50k = 4x Single, 3.5x Joint
Salary 50k + = 4.5x Single, 4x Joint
Professional Mortgage
Salary Below 30,000.00 = 4x Single, 3x Joint
Salaray 30k - 50k = 4.5x Single, 3.5x Joint
Salary 50k + = 5x Single, 4x Joint
Graduate Mortgage
4x single 3x Joint
Income multiples are a guide only. All cases will be treated on an
affordability basis.
No charge if lenders Buildings Insurance is not taken. Copy
of policy required
PURCHASE
Second Residence (Owners / Dependents Use)
TENURE
Freehold House
Feuhold House / Flat (Scotland)
Flying Freehold House/Flat - Refer
Leasehold House / Flat
Minimum lease required on redemption is dependent upon property value
CONSTRUCTION
Conventional Brick / Tile
Brick on Wood
Timber Framed (Brick / Other Cladding - Refer)
Concrete House/Flat
Steel Framed House/Flat - Refer
Thatched Roof
PROPERTY
Flat upto 7th floor (with / without a lift)
Residential property over commercial property considered.
OTHER
Back to Back House
Converted Flat (Refer)
Single Bedroom
7+ Bedrooms (Refer)
Studio Apartment-Considered, refer to lender
Thatched Roof
Ex Council House / Flat - may be considered.
House with 2 kitchens
NHBC required if property less than 10 years old
LOCATION
England, Wales, Scotland & Scottish Isles, Northern Ireland,Ireland,
Spain -
Subject to Valuation
~ Purchase Price Fee
~ (not exceeding) (inc VAT)
~ HOMEBUYERS REPORT FEES
~ Purchase Price Fee Homebuyer fee
~ (not exceeding) (inc VAT) (inc VAT)
~ Upto 75,000 115.00 135.00
~ 75,001 150,000 175.00 175.00
~ 150,001 250,000 225.00 225.00
~ 250,001 350,000 280.00 270.00
~ 350,001 450,000 325.00 325.00
~ Over 450,000 Refer Refer
Refer to lender for panel of valuers
Re-inspection fee - Refer
None charged
Bridging Finance ||: No
Drawdown Facility ||: Yes
Equity Release ||: Yes upto 50% LTV
Premium Funder ||: No
Self Build ||: No
Group Build ||: No
Shared Ownership ||: No
Top Ups ||: Yes Refer
Further Advances ||: Yes (Existing borrowers ONLY)
Split Loans (End / Rep) ||: Yes
Negative Equity ||: Yes, for Graduate & Professional
ERP Refund / Waiver ||: Redemption fees applicable
Legal Fees Package ||: Yes
Secured Loans ||: Yes
Semi / Full Commercial ||: No
Second Charges ||: Refer
Minimum Term ||: 5 years
Maximum Term ||: 40 years or expected retirement age
Reference Fee ||: 41.12 (If reference is taken)
Questionnaire Fee ||: 41.12
Telegraphic Transfer ||: 25
Lenders Life Tie ||: None
FREE REMORTGAGE PACKAGE
Available up to 80% LTV on residential mortgages only. Maximum loan
300,000. Free external valuation. Free legals using lenders conveyancers
or 300 cashback
BTL:-
For applicants with a minimum earned income of 25,000 p/a
- Max of 5 BTL properties overall with only 3 allowed with
- Scottish Widows Bank
- Max inital LTV of 75%
- Min rental income of 125% of loan repayments
- Max loan size of 300,000
BUY TO LET
BUY TO LET
Maximum 5 properties with only 3 allowed with Scottish Widows Bank. Tenancy A must be via Assured Shorthold (England & Wales) or Short
Assured Tenancy (Scotland) one tenant only. No DSS Tenants permitted.
Letting Terms Min 6mths, Max 12mths. Arrangement Fee, Legal Fees, Valuation
Fee: Fee cannot be added to the loan. No charge made for forms & deeds prepared. No Property Management service insisted on. Tenancy Agreement must be prepared by a solicitor. For applicants with a minimum earned income of 25,000 (non property related) per annum, monthly rental income of property to be let out should be at least 125% of monthly payments.
Can make one overpayment by cheque of up to 10% of the fixed rate
mortgage balance without incurring a charge. The min lump sum amount should
be 1000. Income multiples will not be applied but
the ability to pay will be looked at. All applications are subject to
individual assessment and each will be considered on its own merits."
We will offer enhanced terms to any applicants who would currently qualify for our existing Professional Mortgage product (i.e. doctor, dentist, solicitor, accountant, teacher, optometrist, vet) Maximum LTV of 85%,
Maximum loan size 300,000. Rental yield to cover mortgage payments by minimum of 125% based on interest only loan at BTL pay rate. Maximum 5 properties with total exposure to SW Bank being capped at 1m (excluding residential property)
SERVICE/PROC PAYMENTS
Upto 50,000 - 150 Payable
50,000 - 150,000 - 350 Payable
Over 150,000 - 0.35% of Loan (Max 1,000)
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