Website: Scottish Widows
Phone: 0845 845 0829
A Scottish Widows mortgage is exceptional value for professionals and graduates, otherwise a very off-the-shelf flexible mortgage. A good remortgage deal is also on offer.
Like Standard Life, Scottish Widows are better known for their pensions, but their banking arm offers mortgages too- principally a flexible mortgage product. Remember, unless you save with them as well, a flexible Scottish Widows mortgage only means the option to vary your payments- you won't benefit from offsetting your savings against your mortgage.
Scottish Widows have a clear two-pronged attack. The first is to target their existing professional pension customers- they offer a mortgage product to doctors, dentists, accountants, solicitors etc. of a full 100% of the property price, plus up to 10% as a mortgage-rated loan. Secondly, to encourage remortgaging customers, they offer a fee-free transfer; where all legal fees are waived. We can expect further deals when the company established itself in this marketplace. There is also a graduate product (valid up to 5 years after graduation) rated up to 102% LTV. The policy is clear: Scottish Widows targets good safe borrowers and offers them lots of money!
Fees are also extremely favourable (£200-£400 for valuations and surveys). If you're in these professional sectors, a Scottish Widows mortgage is well worth investigation; if not, the range probably isn't great enough to offer you the best deal.
