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The Scottish Building Society, based in Edinburgh, is the oldest building society in the world. They offer mortgages for a variety of different types of customers, including first time buyers, self-builders and over 65s.

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Mortgage type
Initial rate term
Call NatWest 0800 096 7889
NatWest logo
Fixed Dec-2022 From NatWest
Initial rate 1.38% Dec-2022
Maximum LTV 60%
Overall cost of comparison 3.8% APRC
See deal
£250 Cashback
Interest only option.
Call Virgin Money 0330 057 1528
Virgin Money logo
Fixed Jan-2023 From Virgin Money
Initial rate 1.24% Jan-2023
Maximum LTV 65%
Overall cost of comparison 3.8% APRC
See deal
Call Royal Bank Of Scotland 0800 096 7966
Royal Bank Of Scotland logo
Fixed Dec-2022 From Royal Bank Of Scotland
Initial rate 1.38% Dec-2022
Maximum LTV 60%
Overall cost of comparison 3.8% APRC
See deal

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

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Compare Scottish Building Society mortgages

If you are thinking about taking out a mortgage with the Scottish Building Society or one of their competitors it is important to understand the different kinds of mortgages commonly available. This can help you choose the best option to fit your personal borrowing needs and circumstances.

First Time Buyer mortgages

You may be able to borrow up to 90% of your first home’s value with the Scottish Building Society using one of their guarantor mortgages. This allows the parents of the mortgage applicant to act as a guarantor, reducing the risk to the lender so they are willing to lend a higher percentage of the cost of the property.

Self build mortgages

Scottish Building Society lend up to 60% of the combined price of land and building costs for those planning to build their own homes. They will lend up to £300,000 and the funds are released at set points during construction as certain milestones are achieved, such as buying the land, laying foundations and getting the property weather tight.

Lifetime mortgages for over 65s

If you are over 65 you can borrow up to 35% of your property’s value as an interest only mortgage. This can allow you to unlock capital for home improvements, including modifications to help you cope with age-related disabilities. This kind of loan is often referred to as an equity release mortgage.

Remortgaging with the Scottish Building Society

Moving your mortgage to the Scottish Building Society may let you reduce your monthly payments by allowing you to get a lower interest rate than with your current mortgage. It can also let you borrow more, so you end up with a spare lump sum once your old mortgage is paid off.

Loan to value ratio

Loan to value (LTV) ratio is a way of showing how much of a property’s value you will be able to take out as a loan. So, if you are interested in buy a property on sale for £100,000 and need to borrow £70,000 as a mortgage, this would give you an LTV of 70%.

Most mortgage products will state the maximum loan to value offered with the product, giving you a good indicator of how much you are likely to be able to borrow. Your will normally be offered more attractive interest rates by your lender if you need a lower LTV.

Find the best deals on mortgage rates

Getting the lowest possible interest rate on your mortgage can make a bigger different to the total amount you end up repaying. It is therefore highly advisable to spend some time researching your various options before making an application.

Our mortgage calculator makes this much simpler by allowing you to see highly competitive deals from leading lenders across the market. Try it out by heading to the top of the page.

Latest news

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In response to the coronavirus outbreak in the UK, the Bank of England has dramatically cut their base rate from 0.75% to 0.1% which is considered to be an emergency measure to help support the economy through the financial disruption caused by the spread of the Covid-19 virus. How will this move impact your mortgage...

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