Scottish Widows Bank

Scottish Widows was established in 1812 and became part of Lloyds TSB group in 2000. Scottish Widows currently occupies four buildings in the Edinburgh area. It has over £80 billion in assets and employs around 4,000 people. Scottish Widows bank was launched in 1995.

It offers the following products:

• Flexible Mortgages
• Graduate Mortgage
• Lifetime Mortgage

Flexible Mortgages: you can choose from a number of different mortgages:

• Standard Variable Rate
• 3 yr Stepped Discount
• Base Rate Tracker
• Fixed Rate

Standard Variable Rate: your mortgage interest rate will be at the Bank's standard variable rate for the entire term.

• There is no booking fee

3 year Stepped Discount: your mortgage will be set at a discount off the Bank's standard variable rate for a 3 year period. Each year the discount will be less. After the discount period is over your mortgage will convert to the Bank's standard variable rate.

• There is no booking fee

Base Rate Tracker: your starting rate will be set above the Bank of England base rate for 2 years. It will then rise to a rate above the Bank of England base rate for the remaining mortgage term.

• There is no booking fee

Fixed Rate: your starting rate will be fixed for an agreed interval. You can choose between 2, 3 and 5 year fixed rate mortgages. After this your mortgage will convert to the Bank's standard variable rate.

• There is a booking fee
• All flexible mortgages receive £150 contribution in legal fees
• There is no higher lending charge
• Up to 10% of the loan can be repaid each year without an early repayment fee

Graduate Mortgage: you can borrow 100% of the LTV or the purchase price of the property, whichever is lower. In addition you can borrow a further 2% to spend as you see fit. You can choose between a fixed and variable interest rate.

• You must have graduated from a recognised UK University and are between 21 and 35 years of age
• All cases are assessed individually
• Interest is calculated on a daily basis
• There is no higher lending charge
• You can borrow extra money by applying for a Mortgage Reserve Account
• You will receive £150 contribution in legal fees
• Up to 10% of the loan can be repaid each year without an early repayment fee

Professional Mortgage: as the name hints this product is designed for professionals. Namely, doctors, dentists, accountants, solicitors, teachers, vets and pharmacists. You can borrow 100% of the LTV or the purchase price of the property, whichever is lower. In addition you can borrow a further 10% to spend as you see fit. You can choose between a fixed and variable