Not just for Scots! (Scottish Widows)

Member Name: sandyr

Product:	Scottish Widows
Date:	13/06/01 (487 review reads)
Rating:

Advantages: flexible, accept unconventional income history, additional borrowing available

Disadvantages: average rate, minimum additional payment £1000

Being nominally self employed and having been out of the country for a year or so, I had a nightmare trying to find a decent flexible mortgage and rate at the end of last year. Someone told me of the Widow's Professional mortgage for Doctors, Teachers, Dentists, etc. etc. which suited me, and I therefore got in touch. Very sympathetic to unconventional (but good) statements of income over the last few years, they did not have a problem unlike most of the big name lenders who will not look at you if you have been abroad or do not have certified accounts over the last 3 years, and are not currently salaried.

The variable rate is much better than most of the big lenders SVR (currently 12/06/01 at 6.34%) but not maybe as good as some current offers - offers not available to the likes of myself. It is flexible and has a chequebook facility if requested, with interest calculated daily. They will offer 100% loans at this rate with a further 10% available for whatever you want, but the 10% is repayable over 10 years - very useful for buying into practices, house stuff etc. I think the usual 3.5 times income applies, but is slightly more flexible.

Their service was fairly prompt and any time I have had to contact them by phone they have been very helpful and, for a cynic like me, genuinely friendly.

So, they've been ideal for me in my situation and I'll happily stay with them for a couple of years until I rebuild my credit credibility.

Summary: