Equity Release - Flexible Lifetime Mortgage

For your protection, security and peace of mind Scottish Widows Bank guarantees that:

• We will not — under any circumstances — ask you to pay back more than your property is worth, no matter what happens to the property value in the future. This is called a 'no negative equity guarantee'. All Terms and Conditions of the Flexible Lifetime Mortgage must continue to be met for this to apply.
• You are allowed to move house and take your mortgage with you.
• You always own your home until you die or move into long term care.
• All borrowers can remain in the property until the surviving borrower dies or moves into long term care.

Additionally:

• Scottish Widows Bank will not try to get you to invest the money you release into any investment product — and the mortgage is not linked to any other product.
• You are completely free to decide how you use the money.
• There will be no fees for further advances in the future — although you will need to meet the cost of a valuation for an increased property value.
• Although the interest rate for further advances may be different from the current interest rate, it will be the same competitive rate available to new customers at the time you apply for the further advance.
• You can repay the mortgage at any time. Early repayment charges will only apply during the first two years and will not exceed 2% of the original loan amount.
• If the loan is repaid on death or when you move permanently into long term care, early repayment charges will not apply.
• Interest will be at a variable rate and we will inform you in advance if the rate is changing.
• You can offset savings against your Flexible Lifetime Mortgage and reduce the amount of interest you pay each month.

Peace of mind from knowing your home is protected

It is important — for your peace of mind and financial security — to ensure that your home is adequately protected. That’s why Scottish Widows Bank can also offer very comprehensive, yet reasonably priced, buildings insurance.

This will cover you against the full cost of repairing or rebuilding your home if it is damaged by fire, flood, storm or most other hazards. Home contents and accidental damage cover are also available on request.

Call our insurance team on 0845 845 0100 (calls charged at local rates) for a quote.