Mortgages Legal Information
Early Repayment Charges
Some of our products have Early Repayment Charges attached to them. This means that if your client repays all or part of their mortgage, or chooses to transfer to a different mortgage product during the Early Repayment Charge period, your client will be charged an Early Repayment Charge. The Early Repayment Charge will be a percentage of the mortgage. The percentage will be the one which applies on the date when the Early Repayment Charge has to be paid. Your client can pay off part of the amount they owe us before the end of any Early Repayment Charge period which applies. If they do, they will have to pay part of the Early Repayment Charge based on the amount they pay off. Where some or all of the amount owed to us under a mortgage is paid off because a borrower has died, we do not charge a Early Repayment Charge which would otherwise be due in respect of the amount paid off.Your client may repay up to 10% of their outstanding mortgage each year without paying an Early Repayment Charge when they choose a fixed rate product.
Fast Track Acceptance
Our Fast Track Acceptance provides a full mortgage credit score facility using minimal information. Providing a credit score pass is achieved, we will make the loan amount required by your client available for three months subject to: a satisfactory valuation or assessment of the suitability of the property to be mortgaged; and the information supplied to us being correct This service is only available for mortgages on property in the UK.Alternatively, complete a Fast Track Acceptance form, fax it to your Dedicated Relationship Team and they will advise you of the outcome. Your client must sign the form wherever possible. If your client does not sign the form you must explain to them that the information given by them will be kept on computer and may be shared with other organisations and you must sign it.
Mortgage products and other offers
Our products and offers are subject to conditions. We may withdraw them without notice. Most of the products mentioned on this site can be carried forward to a new Bank of Scotland mortgage if a mortgage customer repays their current Bank of Scotland mortgage during the product period. Arrangement fees cannot be refunded.
Valuations
A Bank of Scotland Valuation Report is required to confirm if the property is sufficient security for the mortgage.
General points about mortgages
Any loan secured on your client's existing property must normally be repaid before completion of the new mortgage.For more details and for written quotations, please contact us.All mortgages are subject to status and valuation. Your client must be aged 18 or over and give us a mortgage over their property. We will take into account your client 's personal and financial circumstances and the value or price of their property. These and the product they choose will affect how much we lend them, and what if any Higher Lending Charge, arrangement fee and Early Repayment Charge they have to pay.Your client must make their monthly mortgage payments either by payment from a Bank of Scotland current account or by Direct Debit.If your client wants to transfer a mortgage application which, is currently being processed to any of the products detailed on this site, it can be arranged, however, it may affect your client's eligibility for other offers.
The product provider is Bank of Scotland Plc. Registered in Scotland No. SC327000.Registered Office: The Mound, Edinburgh EH1 1YZ.
Bank of Scotland is a member of the Council of Mortgage Lenders (CML). To view a list of CML members visit the CML website www.cml.org.uk
For the use of mortgage intermediaries and other professionals only.
If you do not have professional experience, you should not rely on the information contained in this communication. If you are a professional and you reproduce any part of the information contained in this communication, to be used with or to advise private clients, you must ensure it conforms to the Financial Services Authority's advising and selling rules.