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Lifetime mortgages
Your lifetime mortgage
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Contact us
To speak to one of our Scottish Widows Bank Later Life Lending Advisers about moving home, a Further Advance or drawing down on your Future Release, please call us on 0345 122 1607.
For general account information about your lifetime mortgage, please contact our Mortgage Customer Service team on 0345 845 0829. Our lines are open 8am - 6pm Monday to Friday.
You can also write to us at:
Scottish Widows Bank
PO Box 883
Leeds
LS1 9TY
You can also visit our FAQs section for important information and commonly asked questions.
Frequently asked questions
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Yes, one voluntary payment each year is allowed up to a maximum of 10% of the capital balance, not including interest, without incurring an Early Repayment Charge (ERC). ERCs apply for 10 years starting at 10% in the first year, stepping down 1% each year. ERCs are only applicable to the original capital balance, not accrued interest.
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If you want to move home, you may be able to transfer your lifetime mortgage product to the new property, subject to our lending and property criteria at that time.
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As a member of the Equity Release Council, Scottish Widows Bank offers a No-Negative Equity Guarantee, subject to conditions. This means you won't have to pay back more than the value of your home when it's sold to recover the debt.
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Interest on the lifetime mortgage accrues on a daily basis based on the relevant interest rate and loan balance and is then added to the outstanding loan amount each month.
No monthly mortgage payments are made by the borrower and the original mortgage plus added interest is repaid in full at the end of the loan - normally from the sale proceeds of the property.
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Annual mortgage statements are sent every April.
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After the last named borrower passes away or permanently moves out of the property, for example into long-term care, the loan will need to be repaid within 12 months. The property will usually have to be sold to repay this. Any money left after the loan has been repaid will go to you or your estate upon death. If someone else, not named on the mortgage, is living at the property at the time, they will have to move out so the loan can be repaid.
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We understand that bereavement is a very difficult time. We try to make the process of informing Scottish Widows Bank as simple as possible. You can call us on 0345 845 8555.
Scottish Widows Bank is a trading name of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278.