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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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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.

Independent Mortgage Advice

Remortgaging is particularly popular at the moment as interest rates are low.

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Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.

However, in general, if interest rates are lower than you are currently paying on your mortgage, it may be a good time to remortgage.

If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).

If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice.

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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