Mortgage Broker
Search Mortgages Direct
Independant mortgage broker Why use Mortgages Direct

Whole of mortgage market.
Exclusive mortgage schemes that are only available through mortgage brokers.
NO BROKER FEES under any circumstances
buildings insurance Buildings and Contents

Compare buildings and contents insurance
Immediate cover available

Independant mortgage broker Life Cover

Compare life assurance from all major insurers
Critical illness options
Apply on-line
Mortgage Lending criteria

Mortgage Lending Criteria - Scottish Widows

Scottish Widows

Notes: The following information is general and may not apply to your mortgage. We have not verified this information with the lender.

Ask your broker to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key facts Illustration. Please ask your broker for a Key facts Illustration

back to mortgage lenders


Up to 1,000,000 (Remortgage only LTV 75)

Mortgage is Portable, Mortgage is Flexible, 10% Overpayments allowed per year.
This mortgage product is portable. The loan on your new house will be subject to our normal lending criteria.

If you move house and port rates during the period in which Early Repayment Charges apply, Scottish Widows Bank will refund these charges, however, a proportion of the Early Repayment Charges will be payable if a lower loan amount is required for the new property.

Offset Linked Saver Account Options

Option 1 - Reduced term
If you choose this option, your monthly mortgage payments will always stay the same – subject to changes in interest rates. However, because the savings in your Offset Saver Account are offsetting against your mortgage, more of the monthly repayment is used to pay back the balance of your mortgage – which makes it possible for you to pay off the mortgage sooner. And you could save thousands in interest payments too.

Option 2 - Reduced payments
If you choose this option, your monthly mortgage payment could be reduced, giving you more disposable income. This is because the savings in your clients Offset Saver Account are used to reduce how much they would normally pay each month. The term of their mortgage remains the same and the client could save thousands in interest payments too.

If the loan amount is over 1 million it will be referred directly to Scottish Windows Bank credit team.
For residential borrowing with Buy to Let Properties, we will consider each case on an individual basis. Please refer to lender for further details.

We no longer publish Salary Multiples. All applications are assessed on individual circumstances where affordability must be clearly demonstrated.

Please note a Personal Loan is not acceptable as a Source of Deposits.

Interest Only Repayment Plans:
All Interest Only products (including part and part), will require evidence of a Repayment Plan. For further details (including how this will be validated), please contact our Mortgage Sales Team on 0845 845 0110 or visit website for further details at

Repayment Method:
All borrowing over 75% LTV must be on a Repayment basis.

Borrowing over a 1m is available up to a maximum of 1m on Interest Only with the remainder of the mortgage on Capital & Interest.

Linked Savings/Offset Account. Where all or part of your mortgage accounts on a variable, discounted, tracker or specific fixed rate product you have the option of applying for an Offset Saver Account, which allows you to offset your savings against this portion of your mortgage.

Instead of earning interest on your Offset Saver Account, you will not be charged interest on the equivalent amount of your mortgage. Our offset facility allows you to benefit by either reducing the term of your mortgage or reducing your monthly mortgage payment. Please refer to the product brochure for further details or visit our website for

Remortgage Package:
Free valuation on all Remortgages; for applications up to 60% LTV and loan size of up to 500k, Scottish Widows Bank will under take a free external survey and for all other Remortgage applications Scottish Widows Bank will undertake a standard survey and absorb the cost of this.

If remortgage deal includes Legal Incentive
You will receive free legals when you use Scottish Widows Bank panel solicitors or 300 Cashback

One overpayment per mortgage year of up to 10% of the outstanding loan balance may be made without penalty. Once the overpayment has cleared it will reduce the amount of interest you will be charged. Any further overpayments during that mortgage year will be subject to an early repayment charge (please refer to section 10) of the extra amount repaid. Following the expiry of your fixed rate, there are no restrictions on making overpayments to this loan.

Capital Rest Period : Daily

Repayment Types
Repayment Yes
Endowment 75% LTV
Pension 75% LTV
Interest only (no RV) No
With Profits 75% LTV
Unit Linked 75% LTV
Split Repayment 75% LTV


Arrangement : None
Booking : varies

Early Repayment Charges

Higher Lending

upto 75,000 - 115
upto 150,000 - 175
upto 250,000 - 225
upto 350,000 - 280
upto 450,000 - 325
upto 500,000 - 385
upto 600,000 - 465
upto 700,000 - 550
upto 800,000 - 610
upto 900,000 - 690
upto 1,000,000 - 795
upto 1,500,000 - 895
upto 2,000,000 - 970

upto 75,000 - 250
upto 150,000 - 350
upto 250,000 - 450
upto 350,000 - 550
upto 450,000 - 650
upto 500,000 - 705
upto 600,000 - 785
upto 700,000 - 890
upto 800,000 - 960
upto 900,000 - 1100
upto 1,000,000 - 1250
upto 1,500,000 - 1600
upto 2,000,000 - 1950

Applicant has the option of adding the Arrangement/Booking Fee to the loan or paying upfront.
Redemption Fee (added to loan on redemption of the mortgage) 195

Lender Conveyancing Fee - 175.00 Payable on completion. The fee amount quoted is paid on your behalf in full by Scottish Widows Bank.
Transfer of Funds Fee - 25.00 Added to loan.
Redemption Fee - 195.00 Payable on redemption.

Acceptable Property Types

Freehold Flat Yes
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop Yes
Maisonette Yes
Studio Flat No
Flying Freehold No
Thatched Yes
Timber Framed No
Concrete No
Agricultural Tie No
Flat Over 4 Storeys Yes
Listed Building Yes

Not Accepted
New Build acceptable. Houses/Flats/Conversion Flats (new build properties are defined as any property mortgaged within six months of the first time it has been occupied, and includes newly converted properties). Maximum 80% LTV on new build properties (Subject to the valuer taking incentives into account).
Property is considered to be New Build if was constructed within less then 24 months.
Incentives on new build properties: Some builders offer cash incentives to help market their properties, These may include but are not limited to deposit contributions, cash- backs, contribution to legal fees and stamp duty, moving costs, mortgage subsidies.
It is important the valuer is made aware of any incentives as these will be taken into account when determining the value of the property.
Cash incentives up to 5% of the property value are acceptable provided:
We are made aware of the value of any cash incentive at the time off the mortgage application is made.
- The loan and cash incentive together are not greater than 5% above the maximum loan to value limit. Where this figure will be exceeded the loan amount must be reduced accordingly.
- Cash incentives greater than 5% of the property value will only be acceptable where the customer is contributing more than the minimum personal deposit and the above requirements are met.  

Accepted Locations : England, Scotland, Wales, N Ireland


Bank Statements 1 months
At Least 3 Months Pay Slips No
P60 No
Proof Of Residency Yes
Life Policy To Be Assigned No
Previous Lender References No

Buildings Conditional

Conditions On Loan
Min Loan /Rmg 50,000
Max Loan /Rmg 1,000,000
Max Portfolio of BTL Loans none
Min Age 18 years
Max Age 70 years
Min Term 5 years
Max Term 40 years
Bank Statements 1 months certified copy. If Foreign National 3 months required.

Foreign nationals have to be in the UK for minimum period of 12 months to be considered. Thereafter, LTVs are dependent upon length of time in the UK.

Self employed or contractors are required to have been resident in UK for greater than 60 months to be considered. Nationality of the applicant(s) - will be verified by the Intermediary, who will provide us with a certified copy of the documentation.

The Intermediary may use the applicants’ passport to confirm both nationality and the date of entry into UK(if appropriate).
The minimum requirement of 12 months in UK– can be evidenced from the following sources, through the Experian bureau data, or from the employment reference.
Permanent Employment status will be evidenced from the employment reference.

For Residential Mortgages:

Self Employed - In addition to banks statements we may contact your accountant for a reference.

Employed - In addition to banks statements we may contact your employer for a reference.
For split loans the term on the interest only and repayment element must be the same.

Max age is 65 year, however self employed applicants are considered to a maximum age of 70 on an individual basis or expected retirement age whichever is earlier.

Max Age 40 years or expected retirement age, whichever is earlier.

Existing customers will not be considered for a Further Advance until 6 months have elapsed since completion of the original mortgage.

If a vendor gifted deposit is received this will be used to reduce the purchase price.

Buildings insurance is a condition of this mortgage.
Foreign Citizens Accepted
Ex-Patriates Not Accepted


Based on Income > 1
5 + 1 or 4.5 joint

Min months in current position none
Min months in continuous service none
Min no. of years accounts 3
Average years taken to calculate income 1
Will consider declining profit Yes

Minimum trading period is 12 months.
Accountants certificate is required.
Income multiples are: 5x Single or 4.5 x joint.

Hire Purchase Taken into account
Personal Loans Taken into account
Overdraft Taken into account
Credit/Store Cards Taken into account
Child Maintenance Taken into account
Child Education Taken into account
Extra Income:-
Other Income - Guaranteed Add 100% to income before multiply
Other Income - Regular Add 100% to income before multiply
Other Income - Irregular No
Investment Income No
Mortgage Subsidy Add 100% to income before multiply
Large Town Allowance Add 100% to income before multiply
Maintenance Payments Add 100% to income before multiply
Non Contributory Pension Add 100% to income before multiply
Car Allowance Add 100% to income before multiply


Capital Raising Acceptable
Home Improvements Acceptable
Debt Consolidation Acceptable
School Fees Acceptable
Holidays/Cars Acceptable
Buy Other Property Acceptable
Business Purposes Acceptable
Divorce Settlement Acceptable
Unencumbered Acceptable

If customer does not wish to use lender remortgage package the lender will contribute 300 towards the legal fees.
Remortgage package not available in Northern Ireland, instead a contribution of 300 will be made towards legal fees.
One of the applicant must have owned the property for at least 6 months prior to application.
Please note, the remortgage package will not be offered when there’s not currently a mortgage outstanding on the property or where funds are to be released in stage payments”

Adverse Credit

CCJs : Acceptable, must be satisfied
Defaults : See CCJs
Arrears : Acceptable,
Bankrupt : Not Acceptable
Current IVA : Not Acceptable
Repossession : Not Acceptable

- The Lender will judge customers with previous or existing adverse credit in a flexible manner and every case will be judged on its individual merits, along with the customer's ability to keep up repayments on the mortgage, taking into account his/her existing liabilities.
- The Lender will consider cases of financial difficulty and mortgage arrears sympathetically.
- The Lender follows the general principles of the Council of Mortgage Lenders' Statement of Practice on Handling Arrears and Possessions, including :
a) with your co-operation, developing a plan with you for dealing with your financial difficulties and clearing the arrears, consistent with both your interests and the Lender.
b) possession of your property will be sought only as a last resort when attempts to reach alternative arrangements with you have been unsuccessful.