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Mortgages. Call Us on 0345 850 0842

Useful Information

We've developed this handy tool to help you to find answers to the commonly asked questions relating to your Bank of Scotland Mortgage.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

How do I pay off my mortgage in full?

You can repay your mortgage in full at any time, as long as you also pay any early repayment charges that apply.

To ask us for the total amount needed to repay your mortgage, please call to request a redemption statement on 0345 727 3747 we're open 8am until 8pm Monday to Friday and 9am until 4pm on Saturdays (closed on Sundays and Bank Holidays). We will ask you what date you want to repay your mortgage so we can give you an exact figure that includes all costs and charges up to that date.

If your property is in Scotland you will need to instruct a solicitor to prepare discharge documents for the Registers of Scotland which will enable our charge to be removed. If you are already using a conveyancer, perhaps because you are moving house, they will usually ask us for the amount needed to repay your mortgage and will deal with repaying it.

You don't need to use a conveyancer to repay your mortgage if your property is in England and Wales or Northern Ireland as we will make arrangements to remove our charge at the Land Registry.

How can I find out about my Daily/Annual Interest?

You can find out your current interest rate by calling us on 0345 850 0842 Lines open 8.00am to 8.00pm Monday to Friday.

However if you want to enquire about a new interest rate, our up-to-date interest rates are listed on our website. View our current new deals for existing customers..

How do I change my payment date?

You can contact us and ask us to change your payment date as long as you choose a date which is no later than the 28th. If we calculate your interest daily, the best day of the month to make your monthly payment is the 1st because we'll charge the least amount of interest for the month. Your monthly payment amount may rise or fall if you change the day.

We will update your mortgage details and change the date we collect your future direct debits. This may not be in the month of your request. If you change your payment date from the end of one month to the beginning of the next month, you may be required to make two payments within a relatively short timescale.

Can I borrow more money on my existing Bank of Scotland mortgage?

As an existing customer you can apply for additional borrowing on your mortgage and the monthly payments will be included with your regular monthly mortgage payment (subject to acceptance). Additional borrowing applications will not be permitted within 6 months of the date you first took out your mortgage.

If you have a Personal Choice mortgage you are given an automatic further advance of 5% of the lower of the purchase price or property value on completion of the mortgage. You can access the 5% by calling us on 0345 850 0842.

If you have a Personal Choice mortgage and require additional borrowing please call us on 0345 850 0842.

You may need a valuation of your property. If a valuation is required it will be subject to a fee. Any fees added to your additional borrowing will incur interest. For details of fees, you can contact us on 0345 850 0842.

You can apply by calling us on 0345 850 0842 Lines open 8.00am to 8.00pm Monday to Friday.

How do I get a duplicate annual statement?

We'll send you a mortgage statement each year, it gives you important details about your mortgage including how much you owe, what interest rates you pay, how much interest we've charged and the payments you've made each month.

If you do need a duplicate printed mortgage statement, call us and we'll get one posted out to your home address.

How do I get a Certificate of Mortgage Interest?

A Certificate of Mortgage Interest gives details of the interest charged to your mortgage account during a tax year, April to April. You can use it to help you complete your tax return or your accountant may have asked you to obtain one for the preparation of your annual accounts.

To request a Certificate of Mortgage Interest, call us and we'll get one posted out to your home address.

Can I take Mortgage payment holidays?

Can I take Mortgage payment holidays?

If you want to apply for a payment holiday we will fully assess your application once received as the amount you owe will increase. Check the eligibility detailed below to see if you may qualify, but please note further checks will be required. If you want to apply please call us. We don’t guarantee that we’ll agree to a payment holiday.

You may be eligible to apply for a payment holiday if:

  • It's been at least 12 months since you took out your mortgage with us
  • You’ve not taken any additional borrowing in the last six months
  • The amount you owe does not exceed 75% of our latest valuation of your property
  • You’ve not had previous payment holidays totalling six months or taken one in the last three years
  • You live in the property and it’s your main residence
  • Your property isn’t owned jointly under a shared ownership scheme, for example with a local authority
  • You don’t receive support from the Department of Work and Pensions towards your mortgage payments
  • On a joint mortgage, all parties are in agreement to the payment holiday
  • Your mortgage payments are up to date and have been for at least 12 months

If you have an application in progress for something else, such as a new interest rate deal, you can’t apply for a payment holiday at the same time.

If you don’t think you’ll qualify but are concerned about making payments then still call us. A payment holiday may not be suitable but there may be other options we can discuss.

Can I rent out my house?

We will consider applications to transfer the mortgage onto a letting basis but if we agree, you may have to transfer onto another product from a range that is specifically for this purpose.

You must not let your property to tenants without our permission.

You cannot usually let your property if you purchased your home under the Help to Buy scheme.

To apply

You must have had your mortgage with us for at least six months before you can apply, unless you are a member of the armed forces.

If your account number begins with 70 and you are registered for internet banking, you can complete the online application form through your secure internet banking.

You can find the form under Your Mortgage - More Actions - Account Services - Request Consent to Lease. Internet Banking is available 24 hours a day, 7 days a week.

If your account number does not begin with 70, or if you are not registered for internet banking we will ask you to complete and submit our Consent to Lease application form.

If we give our permission, we will tell you on what basis we will allow you to let your property.

Are there any tenancies you will not allow?

We don't allow multiple tenancies. This means where each tenant signs a separate agreement and/or has separate facilities e.g. multiple kitchens.

The maximum number of tenants on one tenancy is five and all tenants must be party to one agreement. Tenancies must be in writing for a fixed term of up to 12 months in England and Wales and six months in Northern Ireland and Scotland. After this, tenancies may be renewed for another fixed term.

Letting Without Permission

If you let your property or we reasonably believe you have, without our permission:

  • We can charge you interest on top of another rate you're paying so that there is an added rate; and
  • We may make you pay a regular additional payment.

We may also backdate the extra interest or additional payments to when you originally let your property, or to when we believe you did so.

If you decide to move back in to the property you’ll need to let us know by calling the Consent to Lease team on 0345 600 9026. You’ll be asked to send us evidence that you are back living in the property. Full details of acceptable evidence will be provided by the Consent to Lease team.

How can I draw down more funds / borrow more from my Personal Choice mortgage?

If you have a Personal Choice mortgage you are given an automatic further advance of 5% of the lower of the purchase price or property value on completion of the mortgage. You can access the 5% by calling us on 0345 850 0842.

If you have a Personal Choice mortgage and require additional borrowing please call us on 0345 850 0842.

If you don't have a Personal Choice mortgage, you could still borrow more money with additional borrowing.

How can I find out about my early repayment charges?

In the first instance you should refer to your most recent mortgage offer. If you have a fixed or tracker rate mortgage and are still within the fixed rate period or the tracker rate period then there may be an Early Repayment Charge if you repay the mortgage within this period.

To find out about any charges that would be payable on your specific mortgage, call 0345 850 0842 Lines are open 8am to 8pm Monday to Friday.

What do I do if I have concerns about my Interest only mortgage?

If you have concerns about your repayment plan, you should speak to an Independent Financial Advisor or visit the Money Advice Service.

From time to time, we may ask you to show us that your repayment plan(s) remains on track to repay the mortgage. If we think your plan may not be enough to repay everything you owe by the end of the term, we’ll try to contact you to discuss other arrangements. These may include transferring part, or all, of your loan to a repayment mortgage.

You’re responsible for regularly checking that your plan remains on track. If your plan does not give you enough money to repay your mortgage at the end of the term, you may have to sell your property.

  • If you have concerns regarding your interest only mortgage where you have 2 years or less remaining in the term and you have no repayment plan in place please contact our end of term team on 0808 145 0378.
  • For customers who have an account number that starts with anything other than a 10 or a 70, then please contact us on 0345 608 0263. Lines are open Mon-Fri 8am-8pm and Sat 9am-4pm.

Can I change my monthly mortgage payment amount?

Overpayments - If your mortgage does not have an Early Repayment Charge, you can make partial overpayments of any amount without a charge. You may have to pay an Early Repayment Charge if you are making a lump sum overpayment or regular overpayments during an Early Repayment Charge period.

To find out if your mortgage is subject to an Early Repayment Charge and any concession that may apply please refer to your latest mortgage offer documentation or call us on 0345 850 0842.

If you want to make a lump sum payment or arrange a regular overpayment call us on 0345 850 0842.

Underpayments - You can underpay up to value of any previous overpayments.

However If you have a Personal Choice mortgage, there are no restrictions and you can make regular or lump sum overpayments. Any overpayments will instantly reduce the balance outstanding on your mortgage and the amount of interest charged. Even a little bit extra each month can make an impact on the length of your mortgage term. You can also make underpayments to the value of 6 months mortgage payments every year.

For further details you can call us on 0345 850 0842. Lines are open 8am to 8pm Monday to Friday.

Can I change the term of my mortgage?

We will consider an application from you to change the term of your current mortgage. We will work out whether we think the new monthly payments are affordable for you before we agree to make any changes. The new monthly payment may be bigger or smaller depending on whether you are asking for the term to be increased or reduced.

If you wish to extend your mortgage term we may ask for confirmation of your income, particularly where the mortgage term extends beyond retirement age.

To discuss this call 0345 850 0842. Lines are open 8am to 8pm Monday to Friday.

How can I pay a lump sum off / extra money towards my mortgage?

If you want to make a lump sum payment or arrange a regular overpayment call us on 0345 850 0842. Lines are open 8am to 8pm Monday to Friday.

You may have to pay an Early Repayment Charge if you are making a lump sum overpayment during an Early Repayment Charge period.

To find out if your mortgage is subject to an Early Repayment Charge and any concession that may apply please refer to your latest mortgage offer documentation or call us on 0345 850 0842.

If you have a Personal Choice mortgage, there are no restrictions and you can make regular or lump sum overpayments. Any overpayments will reduce the balance outstanding on your mortgage and the amount of interest charged. For more details, call 0345 850 0842. Lines are open 8am to 8pm Monday to Friday.

How do I transfer my mortgage from two names into just one or add a new name to my existing mortgage?

If you share your mortgage with another person and you want to transfer the mortgage into one name, or if you want to add another person call us on 0345 850 0842.

Can I switch my existing Bank of Scotland mortgage to a different Bank of Scotland mortgage?

Looking to Switch to a new deal?

Let us guide you through the steps for switching to a new deal.

For further details you can call us on 0345 850 0842. Lines are open 8am to 8pm Monday to Friday.

Can I take my product rate to a new mortgage?

It is sometimes possible to take a product rate with you to a new mortgage on a different property. Your Mortgage Illustration and offer letter will say if any of your product rates can be taken to a new mortgage.

For details of our available products call 0345 850 0842. Lines are open 8am to 8pm Monday to Friday.

How do I remortgage my home?

If you are an existing Bank of Scotland mortgage customer, you may not need to remortgage as you could switch to another deal with us. Find out more about new deals for existing customers.

You can call us on 0345 850 0842. Lines are open 8am to 8pm Monday to Friday. Or you could borrow extra money with additional borrowing.

What is the current interest rate?

If you have a Fixed Rate Mortgage and are still within the fixed rate period, then the rate will be shown on your original mortgage documentation and your annual statement.

If your mortgage is on a variable rate such as a tracker rate or our standard variable rate, you can call us on 0345 850 0842 (lines are open 8am to 8pm Monday to Friday,) to find out your rate. If your mortgage is on a tracker rate, the rate you pay will be dependent upon the rate it is linked to, which is subject to change. Your offer letter will confirm what this rate is.

What do I do if I am having financial difficulties or struggling to meet mortgage payments?

We understand that changes in people’s lives can lead to financial problems.

If you are struggling with your payments or you think that this may be the case in the near future, please contact us as soon as possible. We will always try to help our customers who get into financial difficulty and struggle with mortgage repayments. It’s much better to discuss these issues early.

We would also suggest that you seek free independent advice about your situation.

Take a look at our financial difficulties section which contains more information as well as our contact details.

Who can I speak to about clearing any arrears on my mortgage?

To discuss clearing any arrears on your mortgage just call us on 0800 028 3861 between 8am and 7.30pm Monday to Friday, and between 9am to 12.30pm Saturday, and we'll discuss the issue with you in complete confidence.

What is the Mortgage Exit Administration Fee?

A Mortgage Exit Administration Fee (we call this Repayment Administration Fee) may be payable on full repayment of your mortgage. Where this fee is payable it will be detailed in your mortgage offer and will be a maximum of £50.00.

If you have any queries regarding this please call us 0345 850 0842 between 8am and 8pm Monday to Friday.

We may monitor and record telephone calls to help us provide a higher level of service.

 

Bank of Scotland plc, Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Copyright © 2008, Bank of Scotland. All rights reserved.