Scottish Building Society – UK Mortgage Lenders

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