Scottish Building Society

It was Scotland's first ever Building Society, it was established in1848. It is based in Edinburgh and operates a network of offices throughout Scotland. It is a leading financial institution and offers a variety of products:

• Discount Plus (House Purchase)
• Discount Plus (Remortgage)
• Fixed Rate
• Buy To Let Mortgage
• Flexible Mortgage (Buy To Let)
• Flexible Remortgage (Buy To Let)

Discount Plus: your starting rate will be set at a discount off the Society's standard variable rate. Scottish Building Society has Discount Plus mortgages for 3 and 5 years. After the discount period is over your rate will be set just below the Society's standard variable rate.

There is an early repayment fee during the discount period

• There are no booking or arrangement fees
• Interest is calculated monthly
• You can make overpayments, underpayments and even take payment holidays, as long as you have made sufficient prior overpayments
• A reserve borrowing facility is available
• Scottish Building Society will make a £250 contribution to legal fees for current customers of the Society when moving home and taking a new mortgage

Discount Plus (re-mortgage): your starting rate will be set at a discount off the Society's standard variable rate. Discount Plus mortgages can be for 3 and 5 years. After the discount period is over your rate will be set just below the Society's standard variable rate.

• There is an early repayment fee during the discount period
• There are no booking or arrangement fees
• Free valuation and basic legal fees
• Interest is calculated monthly
• You can make overpayments, underpayments and even take payment holidays, as long as you have made sufficient prior overpayments
• A reserve borrowing facility is available
• Scottish Building Society will make a £250 contribution to legal fees for current customers of the Society when moving home and taking a new mortgage

Fixed Rate: your starting rate will be set at a fixed rate for an agreed interval. After the fixed period has concluded your rate will convert to the Society's standard variable rate.

• There is an early repayment fee during the fixed period
• Depending on which product you choose booking and arrangement fees are payable
• For re-mortgages you can get free valuation and basic legal fees
• Interest is calculated monthly
• You can make overpayments, underpayments and even take payment holidays, as long as you have made sufficient prior overpayments
• A reserve borrowing facility is available
• Scottish Building Society will make a £250 contribution to legal fees for current customers of the Society when moving home and taking a new mortgage

Scottish Building Society also offers the following types of mortgages:

Buy to Let Flexible Mortgage: your starting rate will be set at a discount off the Society's standard variable rate for 3 a year period. After the discount period is over your rate will convert to the Society's standard variable rate.

• There are no booking or arrangement fees
• There is an early repayment charge during the discount period
• Interest is calculated monthly
• You can make overpayments, underpayments and even take payment holidays, as long as you have made sufficient prior overpayments
• You will need a deposit of at least 20%
  

You can also apply for the Flexible Buy to Let re-mortgage option. It is exactly the same except your discount will be lower. However Scottish Building Society will provide free valuation and basic legal fees, or make a contribution to external solicitors fees.

Scottish Building Society also offer a Self Build mortgage:

Self Build: your rate will be set at 1% above the Bank of England base rate for your whole mortgage term. Payments are made in installments according to what stage of the building you are at.

• There is an early repayment fee for the first 3 years
• Interest is calculated monthly
• Suitable sites must have outline planning consent available
• The Society can also provide insurance cover that will protect your monthly payments
• A higher lending charge will apply if the loan total is more than 80% LTV

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