Bank of Scotland

Posted on 14 March 2012 by John

I have a mortgage with bank of Scotland. When bank was bailed out/bought by Lloyds I was still on my tracker mortgage and paying 0.5%. For the last 2 years I have been on the banks variable rate of 4.85%. I cannot afford to remortgage as I do not have a deposit. Can I renegociate with my bank over this since they should have went bust at the time.


Bank of Scotland does not accept any new mortgage business and this includes product transfers from existing clients.  Instead you can apply for a Halifax remortgage product or remortgage away to a completely new lender.

I note that you are under the impression that you can not remortgage because you don't have a deposit.  As long as there is sufficient equity in your property you will not need an additional deposit, there are currently remortgage products available up to 90% LTV and if you meet the lender's current criteria it should be possible to escape from Bank of Scotland.

I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers.  Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you find the right mortgage for your situation.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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