Compare Mortgage Rates from Bank of Scotland Against the Market

Who are Bank of Scotland?

Founded in 1695, Bank of Scotland is a historic and highly trusted brand, particularly within Scotland. Today, it operates as a key part of the Lloyds Banking Group, sharing many of its mortgage products and lending criteria with its sister brand, Halifax. For many mortgage purposes, the two are very closely aligned.

They are a classic mainstream lender, designed to serve a high volume of customers with straightforward financial circumstances. You can apply directly to them through their various channels or use a mortgage broker who can access their products for you.

What are they known for?

Bank of Scotland is known for being a competitive and reliable lender for the majority of borrowers. Their strengths lie in the mainstream market.

A Full Range of Mainstream Products

They offer a comprehensive suite of products for standard borrowing needs:

• First-Time Buyers: They are a major lender to first-time buyers, consistently offering 95% Loan-to-Value (LTV) mortgages, which require just a 5% deposit.

• Home Movers & Remortgagers: A vast selection of competitive fixed and tracker rates for those moving house or switching their deal.

• Product Transfers: A simple and straightforward process for existing customers to switch to a new rate when their current deal ends.

A Large, Trusted High-Street Presence

As part of the UK's largest mortgage lending group, they have the scale and brand recognition that many borrowers find reassuring. Their large network of branches, especially in Scotland, provides accessible, face-to-face service.

Pros and Cons of a Bank of Scotland Mortgage

Pros:

• Competitive Rates: As a major lender, they are often at the top of the "best buy" tables with very competitive interest rates.

• Trusted and Established Brand: A long-standing bank with a strong reputation for stability.

• Excellent for First-Time Buyers: A reliable and consistent provider of low-deposit mortgage deals.

• Wide Accessibility: You can apply directly in a branch, online, over the phone, or use a broker.

Cons:

• Rigid Criteria: Their lending decisions are heavily automated. This means they are less flexible for borrowers with complex incomes (e.g., self-employed with a short history) or minor credit blips.

• Very Similar to Halifax: While a separate brand, their mortgage products and criteria are often identical to Halifax, offering little real difference in choice within the group.

• Large Bank Service Levels: As with any very large bank, customer service can be impersonal and less flexible than that of a smaller building society.

How to apply

Bank of Scotland offers a full range of application channels to suit different preferences:

1. Directly: You can apply yourself online, over the phone, or by booking an appointment at a branch.

2. Through a Mortgage Broker (recommended): You can also use an independent mortgage adviser who can compare their products against the rest of the market and manage the application for you.

Through a mortgage broker is the best way to approach Bank of Scotland as this means you will get independent advice about whether they are the right lender for you, compared to every possible alternative - get started here to book a free consultation with a broker.