Scottish Building Society mortgage rates and review December 2023

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.

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Name	Product	Initial rate	Revert rate (SVR)	Maximum LTV	Borrower type	Overall cost for comparison	Cashback	Apply link
Scottish Building Society 5 Years Fixed Scottish Building Society 5 Years Fixed First-time buyerHome moverRemortgaging		4.94% fixed for 5 years	8.49% variable	60%	First-time buyer, Moving home, Remortgaging	7.2% APRC		Check eligibility View details		loading Fetching your data...
Scottish Building Society 5 Years Fixed Scottish Building Society 5 Years Fixed First-time buyerHome moverRemortgaging		4.94% fixed for 5 years	8.49% variable	60%	First-time buyer, Moving home, Remortgaging	7.2% APRC		Check eligibility View details		loading Fetching your data...
Scottish Building Society 5 Years Fixed Scottish Building Society 5 Years Fixed First-time buyerHome moverRemortgaging		5.14% fixed for 5 years	8.49% variable	80%	First-time buyer, Moving home, Remortgaging	7.3% APRC		Check eligibility View details		loading Fetching your data...
Scottish Building Society 5 Years Fixed Scottish Building Society 5 Years Fixed First-time buyerHome moverRemortgaging		5.14% fixed for 5 years	8.49% variable	80%	First-time buyer, Moving home, Remortgaging	7.3% APRC		Check eligibility View details		loading Fetching your data...
Scottish Building Society 5 Years Fixed Scottish Building Society 5 Years Fixed First-time buyerHome moverRemortgaging		5.14% fixed for 5 years	8.49% variable	60%	First-time buyer, Moving home, Remortgaging	7.2% APRC		Check eligibility View details		loading Fetching your data...
Scottish Building Society 3 Years Fixed Scottish Building Society 3 Years Fixed First-time buyerHome moverRemortgaging		5.29% fixed for 3 years	8.49% variable	60%	First-time buyer, Moving home, Remortgaging	7.9% APRC		Check eligibility View details		loading Fetching your data...
Scottish Building Society 3 Years Fixed Scottish Building Society 3 Years Fixed First-time buyerHome moverRemortgaging		5.29% fixed for 3 years	8.49% variable	60%	First-time buyer, Moving home, Remortgaging	7.9% APRC		Check eligibility View details		loading Fetching your data...

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Scottish Building Society’s buy-to-let mortgage rates

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Name	Product	Initial rate	Revert rate (SVR)	Maximum LTV	Overall cost for comparison	Cashback	Link
Scottish Building Society 2 Years Discounted Variable Scottish Building Society 2 Years Discounted Variable		6.94% variable (SVR minus 1.55%) for 2 years	8.49% variable	60%	8.5% APRC		Check eligibility View details		loading Fetching your data...
Scottish Building Society 2 Years Discounted Variable Scottish Building Society 2 Years Discounted Variable		7.24% variable (SVR minus 1.25%) for 2 years	8.49% variable	80%	8.6% APRC		Check eligibility View details		loading Fetching your data...

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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

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

• How old do you have to be to take out a retirement interest only mortgage?

  You’ll need to be at least 55 years old to qualify for a retirement interest only mortgage. If you’re applying with a partner, your partner must also be aged 55 or over.

• How long does it take to arrange an interest only mortgage?

  It usually takes eight weeks for you to get your money once your application has been received.

• How are funds released with a self-build mortgage?

  Funds will be released in stages after each section of the work is completed. For example:

  • Purchase of land
  • Foundations laid
  • Up to eaves level
  • Wind and watertight and roof tiled
  • Interior walls completed
  • Ready to move in

• Can I make overpayments on my mortgage?

  Yes, you can make overpayments of up to 10% in any 12 month period without incurring an early repayment charge. If you exceed this in any 12 month period during the first three years of the mortgage, you’ll be charged 3% of the amount overpaid. Regular overpayments on your mortgage are restricted to a maximum of £250 per month.