Standard Life Bank - Mortgage and Savings Products

Standard Life recently announced that it agreed to sell Standard Life Bank (SLB) to Barclays. The formal transfer of ownership took place on 1 January 2010.

Barclays have confirmed that from this date, SLB mortgage and savings products will no longer be available to intermediaries.

Mortgages

Whilst there will be no further sales of SLB Mortgage products to intermediaries or directly, new and further borrowing requests will continue to be accepted from existing SLB customers and through intermediaries.

Existing customers will be able to continue servicing their mortgage in the same way, either over the phone or online. There are also no changes to the availability of certain features for existing customers, such as cash reserve, borrow back, payment holidays and offsetting.

Key points to note:

Procuration fees for pipeline business will be honoured and paid in the usual way.
The mortgage application tracking service (MATS) will also be unavailable from 1 January. All enquiries regarding the status of pipeline cases should be directed to 0845 845 8451 after 1 January 2010.

Lifetime Mortgages - Before the sale of SLB to Barclays, customers who held "Lifetime" mortgages with SLB were notified of the transfer of their accounts to another Standard Life group company - Standard Life Lifetime Mortgages (SLLM). This company is the provider of all "Lifetime" mortgages and now holds all of these products for Standard Life. SLB will continue service these products on behalf of SLLM.

Futureperfect Mortgages - "Futureperfect" mortgages will continue to be provided by Standard Life Assurance Limited (SLAL). SLB has agreed to continue servicing these products on behalf of SLAL.

Savings

There will be no new sales of SLB Savings products to intermediaries. However new applications from both new and existing customers for SLB personal and business savings products will be available via the existing telephone and online channels.

Existing customers will also be able to continue servicing their savings accounts as they do now, either over the phone or online.

Key point to note:

Procuration fees for pipeline savings business will be honoured and paid in the usual way.

Further information is available at - www.standardlife.co.uk/content/help/bank.html

The information on this site is for qualified advisers only and must not be relied on by anyone else. If you are not an adviser you should go to our main website for information about our products and services.

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Standard Life Assurance Limited (SC286833) is registered in Scotland at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH and is authorised and regulated by the Financial Services Authority. 0131 225 2552. Calls may be recorded/monitored.