Widely linear (WL) minimum mean square error (MMSE) channel estimation scheme have been proposed for multiband orthogonal frequency division multiplexing ultra-wideband (MB-OFDM UWB) systems dealing with non-circular signals. This WLMMSE channel estimation scheme provides significant performance gain, but it presents a high computational complexity compared with the linear one. In this paper, we derive an adaptive WLMMSE channel estimation scheme that significantly reduces the computational complexity. The complexity reduction is done in two stages. The first stage consists of a real evaluation of the WLMMSE channel estimator and the second stage follows with a reduced-rank filtering based on the singular value decomposition (SVD). Computational complexity evaluation shows that the proposed low-rank real-valued WLMMSE channel estimator has computation cost comparable with the linear MMSE. Additionally, simulations of the bit error rate (BER) performance show comparable performance with the WLMMSE channel estimator especially at high signal-to-noise ratio (SNR).