Scotiabank Chile mortgage 2026: how the flexible mortgage works, rates, CAE and requirements

Data as of November 9, 2026. The Scotiabank Chile mortgage comes in five versions: fixed rate, semi-variable rate, flexible mortgage, subsidy-linked mortgage and the Fogaes-guaranteed loan. All finance up to 85% of a first home (90% with Fogaes), over 5 to 30 years, and require a net monthly income from CLP 500,000, according to the Scotiabank Chile, official mortgage page, accessed November 9, 2026.

In the CMF's official simulator, where each bank reports its standard pricing, Scotiabank charges a 4.73% rate and a CAE of 5.50% on a UF 3,000, 20-year loan, with a monthly payment of CLP 842,623 including insurance. The rate is mid-table, but the CAE ranks 9 of 10 lenders, according to the CMF, Mortgage Loan Simulator, accessed November 7, 2026. The gap comes from the insurance and fees the CAE includes.

The table summarizes what Scotiabank publishes for each product. With the fixed, semi-variable and flexible loans, every 12 months you can take one payment-free month, whose amount is spread over the following payments, and you choose the payment day (the 1st, 5th, 10th or 25th). All three can be used to buy a home and also for general purposes, meaning a loan for any use with the property as collateral.

Source: Scotiabank Chile, official mortgage page, accessed November 9, 2026.

The flexible mortgage is a fixed or semi-variable rate loan where, on signing, two amounts are agreed: the agreed payment and a maximum payment. Each month you can pay any amount between the two. Whatever is paid above the agreed amount goes to principal, so the loan gets shorter with no prepayment fee, as long as those extra payments do not exceed 20% of the balance in the year. Above that limit the usual fee of 1.5 months' interest on the prepaid amount applies.

• It suits people with variable income (bonuses, commissions, profit-sharing) who want to use it to shorten the loan with no paperwork.
• It does not lower the minimum payment: the agreed payment is always due; the flexibility is upward.
• It adds the payment-free month every 12 months and a grace period of up to 6 months, like the bank's other loans.
• The bank does not publish whether the flexible loan's rate differs from the standard loan; ask for it in the quote.

The CMF simulator compares a non-endorsable UF mortgage at a fixed rate that finances 75% of a home in Santiago, with life (desgravamen) and fire insurance included, and with no discounts for agreements or for holding a checking account. Scotiabank only reports 15 and 20-year terms there, although its website offers up to 30. Its latest update in the simulator is dated October 15, 2026.

Source: CMF, Mortgage Loan Simulator, accessed November 7, 2026. Peso payments at the UF of November 7, 2026 (CLP 41,285). The closing costs Scotiabank reports are UF 5.6 for title search, UF 3 for notary and UF 2.25 for appraisal, plus stamp tax and registry fees.

Compared with the cheapest loan in the simulator, Santander's (CAE of 4.62%), Scotiabank's monthly payment is CLP 56,973 higher. A caveat: these are list prices. The rates actually agreed tend to be lower; the average rate on UF housing loans granted across the system was 4.10% in October 2026, according to the Central Bank of Chile, average housing loan rate in UF, accessed November 9, 2026.

For the full ranking with 25 and 30-year terms, each bank's closing costs and the effect of the term on the payment, see our comparison of the best mortgages of 2026 by rate and CAE.

Source: Scotiabank Chile, official mortgage page, accessed November 9, 2026. Under the 25% rule, the CLP 842,623 payment on a UF 3,000, 20-year loan requires an income of about CLP 3,370,492 a month. Life (desgravamen) insurance can be bought from another insurer; we explain it in mortgage life insurance: what it is and what it costs by bank.

The process Scotiabank describes has eleven steps: choose the property, simulate, get online pre-approval (if delivery is more than 6 months away) or approval, update income and debts, appraisal, title search, insurance, digital review of deeds, signing at the notary, registration at the property registry, and disbursement. Before simulating at the bank, know the home's value in UF; in mortgage rates today and how to use a simulator we explain how to read the result.

• Fixed rate: for those who want to know exactly what they will pay over 20 or 30 years.
• Semi-variable: for those planning to sell, prepay or refinance before the fixed period ends; after that the rate follows TAB and may rise.
• Flexible mortgage: for variable incomes that allow paying more in some months without a fee.
• Fogaes or subsidy: for a first home worth up to UF 4,500 or for those holding a housing subsidy.

What rate does Scotiabank's mortgage carry today?

In the CMF simulator (updated by the bank on October 15, 2026) it reports between 4.52% and 4.78% depending on amount and term, with CAE of 5.34% to 5.55%. The final rate depends on each customer's assessment.

What is Scotiabank's flexible mortgage?

A loan in which each month you can pay between the agreed payment and an agreed maximum. Overpayments shorten the term with no fee up to 20% of the balance a year.

How much does Scotiabank finance?

Up to 85% of the lower of sale price and appraisal for a first home, and up to 90% with the Fogaes guarantee.

What is the minimum income?

CLP 500,000 net a month, according to the bank, although in practice the income needed depends on the payment: Scotiabank advises it should not exceed 25% of income.

Can I use the loan for general purposes?

Yes. The fixed, semi-variable and flexible options are available for housing and for general purposes, with the property mortgaged.

Is there a prepayment fee?

Generally 1.5 months' interest on the prepaid amount. The flexible mortgage charges nothing up to 20% of the balance a year.

This information is journalistic and educational, not financial advice. Check the conditions and the total cost (CAE) with the institution before signing up.