Frequently asked questions
Why can't I see the option to refinance my existing borrowing when I apply online?
If you are only given the option to take out a separate new loan then you are not eligible to apply online to combine your new and existing borrowing into a single loan. This option is available online if your current loan account number starts with ‘100’, the loan is held in your sole name and you hold only one existing Bank of Scotland loan. However, we may still be able to help you over the phone or in the branch.
Why is my loan balance different to my loan settlement balance?
If you have taken out a Flexible Loan you agree to repay the capital plus the interest as it accrues. You can repay your loan in full or in part at any time during the repayment period. If you pay off your loan in full before the end of the agreed term, we will calculate what you owe us at the time which will include capital plus interest accrued but no additional charge.
If you have taken out any of our other loans, the amount you agree to repay includes interest that is charged to the end of the loan term. If you make an early settlement, you might be entitled to a rebate, which means you would not have to pay all of the interest.
You can repay your loan in full or in part at any time during the repayment period and we will reduce the charge for credit you have agreed to pay us. If you pay off your loan in full before the end of the agreed term, you may be charged up to 58 days' interest.
Does my loan automatically close if I choose to refinance my existing borrowing?
If you choose to refinance your existing borrowing into a new loan, we will close your existing loan and open another one for the new amount. We will confirm how much you will repay each month and your new rate of interest – which may be higher. You will be charged up to 58 days' interest for closing the existing loan early. (The early settlement adjustment does not apply to the Flexible Loan). If you chose to extend the term of your loan a longer repayment period will mean you will pay more interest overall.