Mortgage Reserve Account

The Mortgage Reserve Account is an additional drawdown facility available to clients who meet our lending criteria.

Your clients may apply for additional funds to use for any purpose, such as home improvements, holidays, car purchase, business or education needs.

Subject to approval, we will arrange a pre-agreed limit and your client will have the freedom to deposit and withdraw funds as and when they wish. These will be made by electronic funds transfer via their existing personal current account using our simple telephone procedure.


 Features
Eligibility
  • Minimum facility of £5,000
  • Maximum facility of 30% of the overall borrowing
  • Minimum term of 5 years
  • Maximum term of 40 years or expected retirement age, whichever is earlier
  • Must be repaid in full over the term of the main mortgage
  • Mortgage Reserve Account balances are not included in offset arrangements
Features
  • Available where the loan does not exceed £1 million or 75% loan to value 
  • Subject to overall product LTV
  • No arrangement fee
  • Pre-agreed limit with your client
Repayment programme
  • No repayment programme is required until the limit is reached
  • Clients should be aware that interest will continue to be charged on the outstanding balance on a monthly basis at our standard variable rate
  • Clients can choose to make regular payments at any time
Withdrawals/deposits
  • Regular payments can be made at any time
  • Transfers to and from the Mortgage Reserve Account will be made by electronic funds transfer to/from a designated personal bank or building society account
Payment holiday
  • Mortgage payment holiday and reduced payments are available (subject to application)

As part of the Lloyds Banking Group, Scottish Widows is proud to be an Official Provider of the London 2012 Olympic and Paralympic Games.

Copyright ©2012 Scottish Widows | Copyright, companies, legal and privacy information |  Accessibility | Scottish Widows Investment Partnership | Site map

Important Information about Scottish Widows

Information within this site is intended for UK authorised and regulated financial advisers only. It is not intended for onward transmission to retail customers and should not be relied upon by any other person. If you are not an adviser please return to our consumer site.

Scottish Widows is not responsible for the content of third party websites. Separate terms apply to the use of third party websites and Scottish Widows does not warrant the accuracy, reliability, availability or otherwise of these sites.

By using this site you agree to our terms & conditions of use. Please read our copyright, companies, legal and privacy information. We may record and monitor calls to help us improve our service.

Scottish Widows plc, registered in Scotland number 199549. Registered office in the United Kingdom at 69 Morrison Street, Edinburgh EH3 8YF. Telephone: 0131 655 6000. Scottish Widows plc is authorised and regulated by the Financial Services Authority. Our FSA register number is 191517.

Scottish Widows Unit Trust Managers Limited, registered in England and Wales number 1629925. Registered office in the United Kingdom at Charlton Place, Andover, Hampshire SP10 1RE. Telephone: 0845 300 2244. Scottish Widows Unit Trust Managers Limited is authorised and regulated by the Financial Services Authority. Our FSA register number is 122129.

Clerical Medical Investment Group Limited, registered in England and Wales number 3196171. Registered office in the United Kingdom at 33 Old Broad Street, London EC2N 1HZ. Authorised and regulated by the Financial Services Authority. Our FSA register number is 181655.

CMI Insurance Company Limited. Scottish Widows is a trading name of CMI Insurance Company Limited. CMI Insurance Company Limited, registered in Isle of Man number 33520. Registered office in the Isle of Man at Clerical Medical House, Victoria Road, Douglas, Isle of Man, IM99 1LT.

HBOS Investment Fund Managers Limited, registered in England number 941082. Registered office in the United Kingdom at Trinity Road, Halifax, West Yorkshire HX1 2RG. HBOS Investment Fund Managers Limited is authorised and regulated by the Financial Services Authority.

St Andrews Life Assurance plc, registered in England and Wales number 3104670. Registered office in the United Kingdom at 33 Old Broad Street, London EC2N 1HZ. Authorised and regulated by the Financial Services Authority. Our FSA register number is 189101.

Scottish Widows Bank plc, registered in Scotland no. 154554. Registered office in the United Kingdom at PO Box 12757, 67 Morrison Street, Edinburgh EH3 8YJ. Scottish Widows Bank plc is authorised and regulated by the Financial Services Authority. Our FSA register number is 201601. The main business of Scottish Widows Bank is arranging, entering into and administering mortgages and accepting deposits.

Browser Warning: your browser is outdated or not fully supported on this site. Visit our browser help page for a list of supported browsers.
close