Best mortgage deals from Scottish Widows
Whether you're an independent advisor, an existing customer or a first-time buyer, compare the best mortgage interest rates from Scottish Widows Bank with our comparison tool below. To see what rate you could be offered, create a free Tembo recommendation.
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Average £82,000 affordability boost
Get a Mortgage In Principle
When you create a Tembo recommendation, you'll get a free, downloadable Mortgage In Principle for each of the schemes you could qualify for.
Already have a mortgage with Scottish Widows?
Create your own free, personalised recommendation to see the best way for you to remortgage, including if you should stay with Scottish Widows or change to another provider.
What type of mortgages does Scottish Widows offer?
Scottish Widows Bank offers a small range of mortgages, including fixed-rate mortgages for home buyers. But they don't offer as many specialist options for first-time buyers or landlords as other lenders, including affordability-boosting solutions like guarantor mortgages.
Please note, Scottish Widows Bank is an intermediary mortgage lender, so you have to go through a broker like us to apply to their products. As with any provider, whether Scottish Widows is the best provider for you depends on your affordability and unique circumstances, what mortgage products you're eligible for, and what the market is currently like. Our award-winning team here at Tembo can help you navigate these factors to ensure you get the best mortgage deal for you.
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How much could I borrow from Scottish Widows Bank?
Like most mortgage lenders, Scottish Widows Bank offers a range of mortgage products with different eligibility criteria. How much you could borrow for a mortgage depends on which products you're eligible for, your income and deposit, and other factors like your credit score, employment type, and outgoings. But typically you can borrow between 4-4.5 times your income, but some applicants may be able to borrow more than this.
By creating a free Tembo recommendation, you can see what you could be offered for a mortgage by Scottish Widows and other providers without applying.
Can I make overpayments on a mortgage with Scottish Widows?
Yes, you can make overpayments if you have a mortgage with Scottish Widows, but restrictions are likely to apply. Paying anything above the allotted amount could see you being hit by an Early Repayment Charge (ERC).
Scottish Widows Bank are more known for their pension services than mortgages, but they could be the right fit for some borrowers. However, they don't offer a huge range of first-time buyer mortgages such as guarantor schemes or new build mortgages.
Andy Shead
Senior Mortgage Advisor at Tembo
Are Scottish Widows Bank a good lender?
Scottish Widows come middle of the road when it comes to ratings, with 3.6 stars out of 5 from over 2,000 reviews on Trustpilot. They have also won some industry awards over the years, but these are for their insurance and pension services as opposed to mortgages. While they might not be the most recognisable name in mortgages, Scottish Widows might be the right fit for some borrowers.
As an intermediary-only lender you can't deal with Scottish Widows directly. Instead, you have to use a mortgage broker - like us. At Tembo, we can help you discover the best mortgage deal for you from across the market, checking your eligibility against 20,000 mortgages in seconds to generate a personalised recommendation.
Does Scottish Widows offer guarantor mortgages?
No, Scottish Widows Bank does not offer guarantor mortgages, although they do accept gifted deposits. So your family member could give you a non-refundable cash gift to help boost your deposit size, or use a Deposit Boost to unlock money from their home.
It can be difficult to know which lenders offer guarantor mortgages and which one is best for you and your family, as this depends on your unique affordability and what schemes you're eligible for. Working with a mortgage broker like Tembo who specialises in family-assisted mortgages can help you navigate lenders' different eligibility criteria and find the best deal for you from across the market.
Looking for a new mortgage?
First home
Unsure which mortgage deal to go for? Buying your first home can be confusing and overwhelming. Get help from the experts.
Remortgage
Coming to the end of your current deal? Remortgage onto a new one with our help. We'll show you whether you should stay with the same lender, or switch.
Moving home
Upsizing to your forever home? Or maybe you're downsizing to something more manageable. Whatever your reason for moving, we can help you find the best deal for you.
Buy to Let
Thinking of becoming a landlord? We can help you discover the best buy to let mortgage deal for you and how you could boost your mortgage affordability.
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The application process
4 simple steps to buying your first home or remortgaging
Make a Tembo plan
Check your eligibility for a range of mortgages and buying schemes, and get a personalised recommendation with interest rates and repayments in under 10-minutes.
Talk to an expert
Book a call with our experts to complete the qualification process, and we’ll cover off any questions you might have about any of the mortgage deals and budget-boosting schemes we advise on.
Apply for your new deal
Next, your dedicated advisor will undertake full affordability checks to prepare the mortgage application. Then we’ll submit it on your behalf!
Make home happen
Your Tembo advisor will be on hand to ensure everything runs smoothly, so you can move onto your new deal as quickly as possible.
