Scottish Building Society mortgage review July 2020
Scottish Building Society offers a large range of mortgages to suit nearly every circumstance for people buying property in Scotland.
With all the lender’s mortgages, you’ll be put on a promotional rate for the first three years, before being switched to its standard variable rate.
Compare Scottish BS mortgages
If you borrow £170,000 over a 25-year term at 1.75% p.a. (fixed) for 62 months reverting to 4.74% p.a. (variable) for the remaining term, you would make 62 monthly payments of £700.04 and 238 monthly payments of £912.95. The total payable would be £261,424.58, which includes interest of £90,685 and a product fee of £495. The overall cost for comparison is 3.6% APRC representative.
London and Country Mortgage Experts
L&C is a specialist broker offering mortgage comparison & free advice.
- Compare over 80 mortgage lenders
- Fee FREE mortgage advice
- Personal customer service from start to finish
- Open 7 days a week
What types of mortgage does Scottish Building Society provide?
- Fixed-rate mortgages. Scottish Building Society offers fixed-rate mortgage deals with a term of three years. The maximum loan-to-value is 90%, although you’ll get a lower rate if you stump up a bigger deposit. There’s a no-fee mortgage, although this comes with a higher rate.
- Discount mortgages. These mortgages will be fixed at a specific percentage below the lender’s standard variable rate for three years. The maximum loan-to-value is 90%, although you’ll get a lower rate if you have a larger deposit. There’s a no-fee mortgage, although this comes with a higher rate.
- Guarantor mortgages. In certain circumstances, the lender will offer the same mortgage deals to first-time buyers with a guarantor. This will improve their chances of being approved.
- Professional mortgages. The lender offers 95% loan-to-value mortgages to qualified, registered and practicing doctors, dentists, accountants and lawyers. These are three-year discount or three-year fixed-rate mortgages. Once again, you’ll be offered a better rate if you can raise a bigger deposit.
- Buy-to-let mortgages. A three-year discount mortgage is available for landlords looking to rent out their property. The maximum loan-to-value is 75%.
- Guest house mortgages. A specialist three-year fixed rate or three-year discount deal is available for those looking to buy a guest house or bed and breakfast in Scotland.
- Remortgages. Most of the above deals are available for those looking to remortgage. Scottish Building Society will pay your legal fees in this situation too.
How do I apply for a Scottish Building Society mortgage?
You can call 0345 600 4085. Telephone lines are open between 09.00 and 17.00 on weekdays (10.00 to 17.00 on Wednesdays) and Saturdays between 09.00 and 12.00.
The lender’s mortgage experts can walk you through the application process. You’ll need your personal details and detailed financial information to hand.
Approval will be based on the results of a credit check.
To be considered for a Scottish Building Society mortgage, you must:
- Be at least 18 years old.
- Be no older than 85 at the end of the mortgage term (except with retirement mortgages).
- Secure the loan against a property in Scotland.
Find a mortgage using a broker to compare the market
Read more on this topic
Coronavirus property prices We have explored how house prices have been affected across the country during this time and how interest in renting has fluctuated in different regions.
Accelerate My Mortgage review This new cashback website will help you to shave years off your mortgage.
Finder Mortgages Customer Satisfaction Awards 2020 How did your mortgage provider fare in our latest customer survey? Find out the winner of this year's Finder Customer Satisfaction Awards.
Proportunity review Discover the pros and cons of taking out an equity loan with Proportunity.
Property flipping Our comprehensive guide to property flipping gives you all the information you need to make a profit, from finding the right property to the costs you need to consider.
Methodology for mortgage ratings You’ll find customer satisfaction star ratings on some of our mortgage provider reviews. Here’s how we came up with them.
First-time buyer statistics We looked at the latest statistics to see how difficult it is to get your foot on the property ladder in 2019.
Mortgage statistics From the average house price to how many outstanding mortgages there are, we explore all the latest mortgage statistics for the UK.
Buying repossessed property How to buy a repossessed property and what the risks and benefits are. Plus, where to look for properties, buying at auction and issues to look out for.
DIY conveyancing Detailed guide to DIY conveyancing, including what checks you need to make, the searches you need to carry out and when you’re better off employing a professional.