Q & A

Can I borrow more money in the future?
How do I find out how much is in my Cash Reserve?
How much can I borrow?
How do I build up my Cash Reserve?
Can I consolidate my existing debts with Cash Reserve?
What term can I take my additional borrowing over?
Will I pay my additional borrowing back at a different rate from my mortgage?
How long will it take to receive my additional borrowing?
Where will the funds be transferred to?
Will my additional borrowing be added to my monthly mortgage repayment?
I'm ready to apply to borrow more, what happens next?

Can I borrow more money in the future?
Yes, if you have a mortgage where access to additional funds is available.

If you borrowed less than the amount we were prepared to lend you when you first applied for your mortgage, you may have access to a Cash Reserve.

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.

If you are registered for online servicing you can view how much Cash Reserve is available to you. To borrow from your Cash Reserve, simply log in and apply online or call us on 0845 609 0253. 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
• 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 access more money subject to a Credit Re-assessment
• There may be a fee payable when you add the Cash Reserve feature to your mortgage. If you borrow more on a fixed rate, a booking fee will apply. In addition, an admin fee applies each time your borrow more from your Cash Reserve
• Please bear in mind that borrowing from your Cash Reserve will increase your outstanding capital, interest payable and monthly mortgage repayments

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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 Servicing. 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 609 0253.

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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.

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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.

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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.

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.

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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 from your Cash Reserve.

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Will I pay my additional borrowing back at a different rate from my mortgage?
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).

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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.

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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.

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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.

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I'm ready to apply to borrow more, what happens next?
You can either drawdown your Cash Reserve in full, or in smaller amounts as you need it (minimum drawdown £1,000). You can do this online or over the phone.

• Online -If you are an existing online servicing 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 -Simply call 0845 609 0253 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

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