Standard Life Bank Mortgages

Advantages: Good competitive rates, daily interest calculation
Disadvantages: None

...the new providers like The Standard Life Bank who are leading the way with products which are competitive and crucially fair to the borrower. Interest is credited and calculated daily so you get the benefit of any overpayments immediately. You can reduce your balance by overpaying at any time which for those with endowments who are facing a shortfall in their endowment performance can reduce the capital required to balance that deficit out. If the ...
...have recently taken out with Standard Life Bank there was even a 6 month discount though I would have been happy even if it was not there. After dealing with the Bradford and Bingley the most important thing for me was to deal with an organisation with some integrity. The Standard Life Bank website www.standardlifebank.com has all the details and you can work out your mortgage based on what type of mortgage you want and the payment method. You can ... Read review

Advantages: Straightforward, honest and fairly flexible
Disadvantages: Postal-based and a bit 'old fashioned'

...now - before settling on Standard Life. Some were not a 'flexible' as they claim, Virgin were honest enough to tell me that they didn't want my business because they would not make enough money!! I finally went for Standard Life because: -The application process was straightforward and they refund valuation and solicitors fees (or at least a good part) - They charge interest on a daily basis - If you overpay, you can get the cash back later (that ...
...tax free, as a higher rate tax payer that's very attractive!) - I liked the fact that they take a 'holistic' approach to lending and lend you what they think you can afford, rather than a set formula od income etc. - I liked the fact that although I only wanted £75,000, they allowed a theoretical £100,00+, the remainder of which I can draw down later if I need it. The only diadvantages I can see are: - If you are not financially disciplined, ... Read review

Advantages: Only very small 'tie in'
Disadvantages: Minor irritations with their admin!

...Our financial advisor found us Standard Life's Freestyle Mortgage with Offset Reserve Account. The application process was very quick and efficient, and the forms we had to complete were straight forward. They moved to completion with no major hitches and were very helpful when we phoned them. The main features of this repayment mortgage are: No 'redemption' penalties if you pay a chunk off the capital as we were intending to do - this is regardless ...
...maximum amount you can pay). If you take a discount offer and pay the mortgage off within a certain time period (ours is 4 years) you have to pay a very small fee, but this is waived if you take another mortgage with them. Payment holidays The ability to borrow more money easily at a later date (up to a pre agreed maximum) - so for example you could use this facility instead of getting a loan to buy a car Interest calculated daily No set up fees ... Read review

Advantages: Quick easy helpful
Disadvantages: none

...property was non-standard I approached Standard Life Bank with little expectations. I was however very suprised by the difference in the service speed and quality. Decisions on non-standard properties are made by experienced senior staff whereas at Direct Line you could not get to talk to anyone with enough seniority to make a properly judged decision. At SLB, it took less than 1 week for me to apply, get the agreement in principle documents, ...
...offer documents. Must be a record I think considering that during this time I also made an offer on a property and has it accepted as well. I can not stress too much how helpful all the staff were at SLB in facilitating this, of course in my case it was a bit easier since I could pop round to their building and hand in documents (rather than post them) but the general level of helpfulness was excellent. I should also mention that I am classed as ... Read review

Advantages: Capped for 25 years
Disadvantages: There might be better short-term disscounts around

...the capped rate re-introduced by Standard Life. Capping a mortgage means you will never pay more than the max rate (well below 7%, I think around 6.5) on the other hand any decreases in base rate will be passed on to you. Moreover, the rate is capped for a full 25 years, which is quite outstanding for the UK market. However, this offer is likely to sell out very quickly, so you have to act within the next few weeks. When Standard life launched a ... Read review

Advantages: none
Disadvantages: Lies, poor service, unhelpful

...and the 100% retention had been reinstated. Basically I then told them to get stuffed, contacted Standard Life Bank, got to speak to senior member of their valuation department and they agreed to mortgage the place with a £2000 retention for some building works... a big difference in service. I am not the only person I have since spoken to who has been told by Direct Line that there is to be a 100% retention. It look to me that they are either too stupid to realise that if I already had 100% of the purchase price I would not need a mortgage, or that this is their method of rejecting a mortgage application on any property type other than the bog standard 2 up 2 down semi.... DO NOT DEAL WITH THESE PEOPLE. Go to a more friendly organisation instead.... Read review

Ciao members have rated this review on average helpful

Advantages: Just a good bank
Disadvantages: none

...the money will be tranferred. They send me a statement every three months (my choice) and they keep me updated when they have to change the interest rate. Banking just couldn't be easier for me, as I can manage my account after normal working hours. Their phone lines are open from 8am till 9pm during the week and from 8am till 5pm on saturdays. The number is an 0845-number, so it doesn't cost the world. Standard Life are also offering a range of other servies, like very competetive mortgages and pensions. For me there is no better bank around and I am going to stick with them for a long time.... Read review

Ciao members have rated this review on average helpful

Advantages: They have all vanished
Disadvantages: Interest credited to mortgage account annually

...withdrew their loyalty bonus and the rates were no better than the standard rates of the others. Also the mortgage market has moved on in the last few years in particular the practice of some mortgage lenders to take all your payments through the year but not credit them until the end of the year is both archaic and totally unfair. The newer lenders in the market like Virgin One and Standard Life Bank credit payments on the day they are made and you get the benefit immediately. Also over payments can be made at any time on some of their mortgages for which you get the full immediate saving off the amount you owe. About 18 months ago I raised this with BBBS and asked whether the product could be changed but they said no the agreement was the agreement. Fair enough I said obviously I will honour the agreement I fairly entered into but isn... Read review

Ciao members have rated this review on average helpful