Standard Life Bank

Standard Life Bank was founded in 1998 and is a wholly owned subsidiary of the Standard Life Assurance Company. It provides innovative mortgages and a wide variety of savings products. It has expanded its mortgage business, today it is a mainstream UK mortgage lender, lending over £10 billion worth, and over 380,000 mortgage and savings customers. Standard Life Bank claimed the prestigious 'Overall Lender of the Year Award' in 2005 (Mortgage Introducer).

They have the following types of mortgage:

• Freestyle Discount
• Freestyle Fixed
• Freestyle Flexible
• Freestyle Buy to Let

Freestyle Discount: your starting rate will be set at a discounted variable rate for a set interval. There are two different types of discount mortgage, a six month and a two year types. After your discounted period is over your mortgage will convert to a higher variable rate.

• An early repayment charge will apply during a period the length of which depends upon which product you choose.
• Your mortgage is flexible and you can make overpayments and take payment holidays
• Interest is calculated daily
• You can add Standard Life's offset feature by using your savings to lower your mortgage balance; a fee may apply
• You can borrow more money at your current mortgage rate

Freestyle Fixed: your starting rate will be fixed for a set interval. Standard Life has fixed rate mortgages for 2, 3 and 5 years. Your rate will also depend upon the amount you want to borrow. After the fixed rate period your mortgage will go back to a variable rate.

• An early repayment charge will apply during a period the length of which depends upon which product you choose.
• Your mortgage is flexible and you can make overpayments of up to 10% and take 2 payment holidays a year
• Interest is calculated daily
• You can borrow more money at your current mortgage rate

Freestyle Flexible: Standard Life has two flexible mortgages, Freestyle 180 and Freestyle 360. Both are set at variable rates for 5 years. Your rate will be reduced each year during this period. The rate is also set according to which product you choose and the amount you want to borrow.

• An early repayment charge does not apply
• Your mortgage is flexible and you can make overpayments and take payment holidays
• Interest is calculated daily
• You can add Standard Life's offset feature by using your savings to lower your mortgage balance; a fee may apply
• You can borrow more money at your current mortgage rate; a fee may apply

Freestyle Buy to Let: Standard Life has three Buy to Let mortgage products. A 3 year fixed rate mortgage. After the fixed rate period is over your mortgage will convert to a variable rate. There are also two discounted rates for 1 and 3 years. Your rate will depend upon the amount you want to borrow and which product you choose.

• An early repayment charge will apply for the first 3 years
• Your mortgage is flexible and you can make overpayments and take 2 payment holidays a year
• Interest is calculated daily

Standard Life also offers a Freestyle Flexible Lifetime Mortgage: your mortgage is set at a fixed rate for the entire mortgage term. This mortgage is a lifetime commitment. It will let you free up the equity in your home.

• An early repayment charge will apply for the first 10 years
• The minimum age of the youngest applicant must be at least 60
• Applications are only accepted through a financial adviser
• There are no repayments to make until your mortgage comes to an end
• Accrued interest will be added annually

Standard Life provides fast track New Build and Self Verification mortgages as well.

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