Freestyle® Fixed

How much can I borrow?

As long as you can afford the payments, we'll be willing to lend up to 90% of your property's value - up to a maximum of £500,000.

Can I add my fees to my loan?

Add fees to loan
Moving house or remortgaging is expensive enough. The good news is, we can assist you with some of your costs.

Booking/arrangement fee
Add your booking fee or mortgage arrangement fee to your loan.

Your booking fee (for fixed rate mortgages) or mortgage arrangement fee (for all other mortgages) varies according to the product you have chosen but can be added to your loan if required.

If you have chosen to add Freestyle® Cash Reserve to your mortgage the £99 upgrade fee, if applicable, will also be added to your loan.

You should be aware that your booking fee, once paid, is non refundable.

Valuation Fee

If you use the Freestyle remortgage package you'll pay nothing for a standard valuation. This valuation is provided to us to ensure that the property is suitable as security for the loan.

For all other customers if you choose to add the valuation fee to your loan, the standard valuation fee and the valuation admin fee are reimbursed to you within seven working days from completion of your mortgage and the amount will be added to your loan.

View our valuation scales to see how much your valuation will cost.

Legal fees

Using the Freestyle remortgage package you have two options:

• Have our panel solicitors carry out the standard remortgage work
  or
• Select a solicitor of your choice and £250 will be refunded to you on completion

Either way the solicitor will act solely on our behalf to carry out the legal work for the remortgage. If additional non-standard legal work is required, or you require your own advice, you will need to pay for this.

For all other customers you can add mortgage legal fees of £250 to your loan. You'll need to pay your solicitor and we'll refund £250 within 7 days of your mortgage completing. £250 will then be added to your loan.

Offsetting Administration Fee
If you have chosen the offsetting feature you can add the fee for this to your loan.

The facts
Choose your repayment term from a minimum of 1 year to the term of your mortgage - it's up to you - and you can overpay whenever you wish.

The maximum amount of fees you can add to your loan is £3000 or 2% of your loan amount, whichever is lower.

Interest will be charged on your fee account at the Freestyle standard variable rate.

Adding your fees to your loan will increase your capital outstanding, interest payable and monthly mortgage repayments.

The fees will be kept in a separate account within your mortgage and will appear separately on your mortgage statement, so you can keep track of how you're paying them off.

Do I need to verify my income?

If your loan (including any additional borrowing) is 75% or below of the value of your property, then income verification may not be required. Your application will still be subject to a credit check. If your loan is over 75% loan to value then you will need to confirm your income.

Do I have options on how I can repay?

You can pay interest-only which means that you will have to arrange a suitable repayment vehicle (such as a pension or endowment) to pay off the capital sum borrowed at the end of the mortgage term.

Alternatively, you can take a repayment mortgage where each monthly payment covers both the interest due and part of the capital, reducing your outstanding loan each month.

You can also split your mortgage so that a portion is paid interest-only while the remainder is repayment.

How long can I take to repay?

It's up to you to decide how long you want to take to repay your mortgage. The minimum period is three years and the mortgage must be repaid on or before the applicant's intended retirement date. This will normally be by age 65, although requests to lend beyond this age will be considered where satisfactory evidence of continuing income is available. The less time you take, the higher your monthly repayments will be.

What about security?

Standard Life Bank will take first legal charge over the mortgaged property which must be located in the UK. All properties must be valued and if necessary surveyed by arrangement with Standard Life Bank approved valuers. At a minimum, we require to see a standard valuation report.

What insurance cover will I need to have?

Buildings Insurance
You must take out buildings insurance before we release your mortgage funds and it must remain in place throughout the term of your mortgage. While you can choose any insurance company, we can introduce you to AXA Insurance. Their buildings and contents insurance has been developed to meet all your needs for comprehensive cover at a competitive price.

For more information, call AXA Insurance on 0870 242 7194.

Mortgage Payment Protection Insurance
At Standard Life Bank we are delighted to introduce you to Pinnacle Insurance who offer a competitive mortgage payment protection insurance policy.

Call us today on 0845 845 8450. We'll pass your details onto Pinnacle Insurance who will contact you to take you through the application process.

What if my property is a new build?

If you let us know your property is a new build, with your assistance, we can guarantee a 28 day timescale to Formal Offer to comply with the exchange of contracts.

Standard Life Bank will accept new build properties from the following:

• A National House Builders Council (NHBC) registered house builder
• A Zurich New Build Scheme Member
• Premier Guarantee
• The Housing Association Property Mutual (HAPM) scheme
• Building carried out under Architect's supervision.

New Build properties are generally not complete at the time you make your mortgage application, therefore, your mortgage offer is based on the projected property value.

Please note, you must use one of our panel of surveyors and a property re-inspection fee of £55 will be payable.

What if I'm building my own property?

With any Freestyle Mortgage we offer a Self-Build option. However, the mortgage works a little differently. Instead of lending you the full sum at the beginning, we release the funds in sensible stages, according to the needs of your project. For example:

• When the foundations are in place
• When the building is wind and watertight
• When the building is fully complete

We can also lend on land up to 75% of its value, as long as you have all the necessary permissions in place.

Before we can lend on a Self-Build mortgage, we need to see details of the plans, costings, timings, architect, consulting engineer, the Supervisor's Professional Indemnity and the Contractor's All Risk Policy.

How are repayments made?

Monthly payments are made by Direct Debit. You can choose the day in the month which suits you and you can change it at any time.

Will I get regular statements?

Mortgage statements are sent out annually and will detail the transactions and outstanding balances of your mortgage accounts. They will also show, if applicable, how much Cash Reserve remains available to you. For a fee, you can request an interim statement at any time.

Please note, however, that this will not detail how much is available in your Cash Reserve. Register for online banking and view your statements and Cash Reserve online at any time

Can I borrow more money in the future?

Yes, if you choose a product where access to additional funds is available. A drawdown fee of £20 applies every time you drawdown funds from your Cash Reserve.

If you draw down less than the amount we are prepared to lend you when you first apply for your mortgage, you may have access to a Cash Reserve. We'll ask whether you want to add the Cash Reserve facility to your Freestyle Fixed Mortgage. This feature has an activation fee of £99.

You can pay back any amount borrowed from your Cash Reserve over the term that suits you, from the minimum term of one year to the remaining term of your mortgage. Best of all, you'll be borrowing at mortgage rates and that can mean a considerable saving when compared with other forms of finance.

If you are registered for online banking you can view how much Cash Reserve is available to you. To drawdown any Cash Reserve you may have available, simply apply online or call us on 0845 845 8450. We'll confirm the details and send out an illustration and acceptance forms for you to sign. On receipt of the forms, we'll pay the money straight into your bank or building society account within approximately 5 days.

The facts:

Here are a few things to note about Cash Reserve:

• You can take from £1,000 right up to the whole amount of your Cash Reserve at any time
• It's available up to a maximum of 90% of your home's value
• You can pay it back over a maximum of 40 years as long as it's repaid by the end of your mortgage
• If you take out all the money in your Cash Reserve, you may still be able to get more money out later subject to Credit Re-assessment
• Please bear in mind that making a drawdown from your Cash Reserve will increase your outstanding capital, interest payable and monthly mortgage repayments.

How do I find out how much is in my Cash Reserve?

If you are a registered customer, you can find out how much Cash Reserve you have available by logging in to Online Banking. Select the "Mortgages" option and you will be presented with the amount you will be able to borrow.

Alternatively, give us a call on 0845 845 8450.

How much can I borrow?

You can borrow from a minimum of £1,000 to the maximum Cash Reserve you have available. This may be borrowed all at once, or as and when you require the money.

Remember it's available up to a maximum of 90% of your home's value and please bear in mind that further borrowing will increase the capital outstanding on your mortgage, therefore interest payable and your monthly mortgage repayments will increase.

How do I build up my Cash Reserve?

Perhaps the value of your property has increased one year on since your last Standard Life Bank valuation, or you have carried out structural improvements to your home. Perhaps your salary is greater than when you first applied for your Standard Life Bank mortgage - in these cases, you can pay a fee of £99 and go through the application process for a Credit Re-assessment which may increase your Cash Reserve.

Are there any initial charges with Cash Reserve?

An activation fee of £99 will be charged if you wish to add the Cash Reserve facility to your Freestyle Fixed Mortgage.

Please see our tariff of charges for further details of fees associated with our Freestyle Mortgages.

Can I consolidate my existing debts with Cash Reserve?

Yes. Your Cash Reserve can be used to consolidate any existing debts you may have so that you have one convenient monthly payment, and more importantly, one low rate.

Consolidating existing debts may increase the total cost of your repayments and the period over which repayments are made.

PLEASE THINK CAREFULLY BEFORE SECURING FURTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

What term can I take my additional borrowing over?

The minimum term is one year but you can spread your borrowing over the remaining term of your mortgage. Please note that if you have less than one year remaining on your mortgage, you will not be able to borrow additional funds from your Cash Reserve.

Can I opt for a different product?

You can choose to have your additional borrowing at our Freestyle standard variable rate or you may opt for a fixed rate (subject to availability and a booking fee).

How long will it take to receive my additional borrowing?

When you apply, we will send out a personalised illustration for you to consider. If you agree to the terms of the additional borrowing, just sign and return the documentation. On receipt of this documentation, we'll transfer the money within approximately five working days.

Where will the funds be transferred to?

Your additional borrowing amount will be transferred to the external bank account where your monthly Standard Life Bank mortgage repayments come from. If you are an Offsetting customer, you may choose to have your additional borrowing transferred to your Offset Reserve.

Will my additional borrowing be added to my monthly mortgage repayment?

Yes. The illustration we send to you will show your additional borrowing monthly payment, the cost of your total borrowing as well as your new monthly repayment. You can check your repayments online and we'll include the repayment amount on your annual mortgage statement for your records.

What happens next?

You can either drawdown your Cash Reserve in full, or in smaller amounts as you need it (minimum drawdown £1,000). All it takes is two simple steps:

• Register - If you are an existing online banking customer, just log in to see how much Cash Reserve you have available. If eligible, you can then apply to draw down funds online
• Call us - To drawdown any Cash Reserve you may have available, simply call 0845 845 8450 and ask for a personalised illustration. Once you've considered the illustration, send us your acceptance form and on receipt of the form, we'll pay the money straight into your bank or building society account within approximately five days

Can I make overpayments on my Freestyle Fixed Rate Mortgage?

Overpayments can reduce the term of your mortgage or your monthly payments - both saving you money in interest. You can overpay regularly or in lump sums up to 10% on any fixed rate part of your mortgage. If you overpay more than 10% in each year or repay your mortgage in full within your tie-in period, you will incur early repayment charges.

For any part of your mortgage on a variable rate you can make unlimited overpayments regularly or in lump sums. Early repayment charges apply when your mortgage is repaid in full within your tie-in period.

Your account will be recalculated on an annual basis if you make regular monthly overpayments. Your account will be recalculated immediately should you make a lump sum overpayment, therefore, reducing your next monthly payment.

If you want to borrow back any overpayments at any time, just ask us. You can borrow any amount from £1,000 up to the total amount in your prepayment reserve at low mortgage rates. Any funds borrowed back will increase the capital outstanding on your mortgage, therefore interest payable and your monthly mortgage payments will increase. A drawdown fee applies every time you drawdown from your Prepayment Reserve.

Can I take a payment holiday?

Once you've made six consecutive payments you can take up to two payment holidays a year.  This is subject to sufficient funds in your Cash Reserve or Prepayment Reserve.  To arrange a payment holiday, just call us 22 days in advance of when you want to miss your payment.

Remember, taking a payment holiday will increase your monthly payments, the interest payable and the remaining balance secured on your property.

What happens when my fixed rate period finishes?

When a fixed rate period finishes, the rate will automatically revert to the Freestyle standard variable rate. We'll write to tell you how much your payments will be. At this point you could opt for another fixed rate, subject to availability and a booking fee.

Can Freestyle move with me when I move house?

Yes. As you'd expect with a flexible mortgage, Freestyle can move with you. When you start to think about moving home, give us a call and we'll discuss your options.

If you move home during your fixed-rate period, you can take your current Freestyle fixed-rate mortgage with you. Your original fixed-rate loan portion will continue until the end of the agreed period. For any additional funding you need, you can choose from our current product range available at that time

A Redemption Discharge Fee may apply to some mortgages, if so this will be specified in the offer. That, plus any early repayment charges, will apply. However, as long as you complete your new Freestyle Mortgage within 90 days of redeeming your original one, these charges will be refunded.

When you move during your fixed-rate period, your original fixed-rate loan portion will continue until the end of the agreed period. For any additional funding you need, you can choose from our current product range available at that time.

Do you offer bridging finance facilities?

We may be able to suggest an alternative to a bridging loan if there is a delay following the purchase of your new home and the sale of your existing house (subject to individual circumstances).

Do you offer a guarantor facility?

Yes. Existing Freestyle Mortgage customers may be able to help their children onto the property ladder either by using our Guarantor facility, or by making a joint application to boost their affordability. Please seek solicitors advice before becoming a guarantor.

How do I qualify for a Credit Re-assessment?

Any of the following may allow you to qualify for a Credit Re-assessment:

• increase in income since your initial mortgage application
• decrease in expenditure since your initial mortgage application
• increase in property value one year on since your last Standard Life Bank mortgage valuation or if you have carried out structural improvements to your home
• if your offer was capped when you first took out your Standard Life Bank mortgage.

How much will a Credit Re-assessment cost me?

The administration fee for a Credit Re-assessment is £99. Should you choose to take your additional borrowing on a fixed rate, a booking fee will also be applicable. You may also incur legal fees.

When can I apply for a Credit Re-assessment?

You can apply for a Credit Re-assessment one month after your mortgage has completed, providing that the first payment has also been taken.

How long does a Credit Re-assessment take?

Approximately 3 - 4 weeks.

What is the Credit Re-assessment process?

The process is very similar to our mortgage process:

• Call us on 0845 845 8450 or speak to your financial adviser to request a personalised illustration. Once you have considered the terms of the illustration, let us know and we'll send out an offer for you to sign and return it to us
• We will reassess your mortgage via new underwriting
• A £99 administration fee will be collected via debit or credit card and a credit search will be carried out
• Standard Life Bank will arrange for a survey to be carried out on your behalf (if necessary)
• We will then contact your employer for income references (and await your last 3 months' payslips and bank statements) or if you are self-employed, we'll ask to see your last 2 years' accounts or your last 2 Inland Revenue tax calculations, plus your last 3 months' bank statements
• Standard Life Bank will arrange up to date property searches and issue a confirmation form for you to check and return
• Any second charges may need to be postponed behind your new total borrowing amount

Once all the required documentation has been received and the underwriting completed, we will issue you with a formal offer which should be signed and returned. On receipt of this, funds will be transmitted via BACS or CHAPS to your external bank account or to an existing Offset Account. A fee applies if you choose CHAPS.

Standard Life Bank can also offer extensions to the term of your mortgage (this is subject to status).

Will my income have to be reconfirmed and what is acceptable?

Yes, in most cases income will have to be reconfirmed unless you are extending your term only, or if your income was confirmed less than 3 months before going through a Credit Re-assessment.

A letter of reference from your employer or your last 3 months' payslips and bank statements is required. If you're self employed, we'll require your last 2 years' accounts or your last 2 Inland Revenue tax calculations, plus your last 3 months' bank statements.

We will also carry out a credit check.

Will I have to arrange another property valuation?

A property valuation will have to be carried out if:

• your last property valuation is more than 1 year old and you wish us to consider a possible increase in the value of your property, for your higher borrowing amount
• structural changes have been completed during your Standard Life Bank mortgage
• it is over three years since your last Standard Life Bank mortgage valuation

What is the maximum amount I can request?

£400,000 is the maximum overall borrowing amount you can request. The minimum Credit Re-assessment amount is £3,000 and at least £1,000 has to be released on completion of your Credit Re-assessment.

Can I extend the term of my mortgage during a Credit Re-assessment?

Yes, the mortgage must be repaid on or before your intended retirement date. This will normally be by age 65 although requests to lend beyond this age will be considered where satisfactory evidence of continuing income is available.

Can I extend the term of my mortgage without going through full Credit Re-assessment underwriting?

Yes, however, you will not be able to draw down any funds or increase your Cash Reserve throughout the term of the mortgage.

What do I do next?

Use our online quick quote facility and request a personalised illustration. From there you can save any quotes or go on to apply online. We?ll give you a decision there and then.

For more information on applying online, see our how to apply section, or watch our online video guides.