Scottish Building Society

Scottish Building Society mortgage rates and review December 2022

Scottish Building Society offers a large range of mortgages to suit nearly every circumstance for people buying property in Scotland.

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Scottish Building Society offers guarantor mortgages for first-time buyers and retirement mortgages (with no maximum age limit) for over-55s. Arguably, there’s also a deal for everyone in between.

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 Building Society’s mortgage rates

1 - 7 of 15
Name Product Initial rate Revert rate (SVR) Maximum LTV Borrower type Overall cost for comparison Cashback Apply link
Scottish BS 2 years Discounted Variable
3.29% variable (SVR minus 3.7%) for 2 years
6.99% variable
60%
First-time buyer, Moving home
6.6% APRC
View details
Scottish BS 2 years Discounted Variable
3.29% variable (SVR minus 3.7%) for 2 years
6.99% variable
60%
First-time buyer, Moving home
6.6% APRC
View details
Scottish BS 2 years Discounted Variable
3.49% variable (SVR minus 3.5%) for 2 years
6.99% variable
60%
First-time buyer, Moving home
6.6% APRC
View details
Scottish BS 2 years Discounted Variable
3.49% variable (SVR minus 3.5%) for 2 years
6.99% variable
60%
First-time buyer, Moving home
6.5% APRC
View details
Scottish BS 2 years Discounted Variable
3.54% variable (SVR minus 3.45%) for 2 years
6.99% variable
80%
First-time buyer, Moving home, Remortgaging
6.6% APRC
View details
Scottish BS 2 years Discounted Variable
3.54% variable (SVR minus 3.45%) for 2 years
6.99% variable
80%
First-time buyer, Moving home, Remortgaging
6.6% APRC
View details
Scottish BS 2 years Discounted Variable
3.74% variable (SVR minus 3.25%) for 2 years
6.99% variable
80%
First-time buyer, Moving home, Remortgaging
6.6% APRC
View details
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Scottish Building Society’s buy-to-let mortgage rates

1 - 3 of 3
Name Product Initial rate Revert rate (SVR) Maximum LTV Overall cost for comparison Cashback Link
Scottish BS 2 years Discounted Variable
4.04% variable (SVR minus 2.95%) for 2 years
6.99% variable
60%
6.2% APRC
View details
Scottish BS 2 years Discounted Variable
4.24% variable (SVR minus 2.75%) for 2 years
6.99% variable
80%
6.2% APRC
View details
Scottish BS 2 years Discounted Variable
5.83% variable (SVR minus 1.16%) for 2 years
6.99% variable
75%
6.5% APRC
View details
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Overall representative example
If you borrow £178,000 over a 25-year term at 5.19% p.a. (fixed) for 60 months reverting to 5.54% p.a. (variable) for the remaining term, you would make 60 monthly payments of £1060.37 and 240 monthly payments of £1091.45. The total payable would be £326,440.20, which includes the interest of £147,570, valuation fees of £0 and a product fee of £490. The overall cost for comparison is 5.6% APRC representative.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

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.
  • Retirement interest only mortgages. If you’re aged 55 or over, you can apply for a retirement interest only mortgage which will allow you to release money from the value of your home. The minimum loan size is £30,000 and the maximum is £300,000.
  • Self-build and custom build mortgages. A specialist mortgage designed for those looking to build their own home in Scotland, or those renovating or extending their existing property.

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.

Eligibility criteria

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.

The maximum amount you can borrow is £500,000. Mortgage terms range between 5 and 40 years.

Pros and cons of Scottish Building Society mortgages

Pros

  • Flexible mortgage options including retirement interest-only and self-build
  • Competitive interest rates
  • Specialist mortgage advisers on hand to guide you through the application process

Cons

  • Maximum borrowing amount limited to £500,000 (standard residential mortgages)
  • Mortgage fees apply
  • No option to apply online

Our verdict

Scottish Building Society offers mortgages to suit almost everyone. Whether you’re after a traditional residential mortgage or a more specialist option such as a retirement interest-only mortgage or self-build mortgage, Scottish Building Society offers it all. Just keep in mind that you’ll only be eligible if you’re buying a property in Scotland.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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