- Our flexible underwriting means we’ll consider your individual circumstances
- Loans from £30,000 up to £1,000,000
- Free legals and valuation (or £250 cashback)
- Minimum mortgage term is 5 years and maximum term is 40 years
- To apply, you need to be at least 18 years old and normally not more than 85 at end of mortgage term.
Key Mortgage Information
Available for owner occupied residential properties. All remortgages are subject to a suitable property valuation.
Maximum Loan and loan to value
For loans up to £400,000 you can borrow up to 90% of the property valuation.
For loans up to £600,000 you can borrow up to 80% of the property valuation.
For loans up to £800,000 you can borrow up to 70% of the property valuation.
For loans up to £1,000,000 you can borrow up to 60% of the property valuation or purchase price (whichever is lower).
Maximum loan size is £1,000,000.
Applicants must be at least 18 years old on application and normally not more than 85 at end of mortgage term.
Minimum mortgage term is 5 years and maximum term is 40 years.
All mortgage applications are based on affordability.
- For loans less than 80% of the property valuation or purchase price (whichever is lower) we’ll lend up to:
Single applicant: 4.5 x income
Joint applicants: Main income x 4.5 plus second income x 1 OR Joint income x 4 - For loans over 80% of the property valuation or purchase price (whichever is lower) we’ll lend up to:
Single applicant: 4 x income
Joint applicants: Main income x 4 plus second income x 1 OR Joint income x 3.75
Our flexible underwriting means we assess all applications on an individual basis. The amount we’ll lend will depend on your circumstances. Any existing financial commitments will be taken into consideration when calculating affordability.
Remortgage incentives are available in the following circumstances:
• You have a mortgage that is being moved from an existing lender to Scottish Building Society
• You own the property outright with no outstanding mortgage.
The Remortgage incentive includes a free valuation for mortgage purposes as well as one of the following two options:
• Option 1 – Unless one of the situations listed below apply, we’ll provide a Free Basic Legal Service which means you’ll have no solicitor’s fees to pay. The solicitors we use will act only for Scottish Building Society in the transfer of the mortgage.
• Option 2 - £250 contribution towards legal costs if you choose your own solicitor, or where restrictions apply to free basic legal service
If any of the following applies to your mortgage application with us, you must select your own solicitor. In these cases, option 2 listed above will apply.
• You own the property outright with no outstanding mortgage.
• Your application involves repayment of unsecured debts.
• Your mortgage product is a Retirement Interest-Only remortgage application
• The transaction involves a solicitor to act on behalf of Scottish Building Society and yourself. We’ll make you aware as soon as we possibly can when it is assumed you’ll require additional legal work which does not form part of the free legal option.
We offer a range of competitive interest rates to choose from. Check our interest rate pages for details.
- Capital and Interest
- Interest only - available up to 75% of the property value with a maximum loan size of £350,000. When you apply, we’ll need confirmation that you have plans in place to pay off your mortgage at the end of the term and we’ll ask you about your plans occasionally while you have a mortgage with us. Examples of these plans are normally endowment policies; stocks and shares ISAs; pension lump sums; and second/investment properties.
Capital raising is allowed up to 90% of the property value for reasons such as divorce settlements, deposits for other properties or home improvements.
If you’re raising capital for debt consolidation, the maximum is 80% of the property value.
If you’d like to raise funds on a property for business purposes, please call us on 0333 207 4007. Our lines are open 9-5 Mon to Fri (10-5 Wed).
A Standard Security (Scotland) / First Legal Charge (England) will be taken over the property as security for the mortgage borrowing.
If you make overpayments of 10% or more of the loan amount in any 12 month rolling period during the initial period, and depending on which mortgage you have, the charges apply as follows:
- For our 2-year mortgage, the charge will be equivalent to 3% of the outstanding balance amount in year 1, and 2% in year 2.
- For our 3-year mortgage, you will need to pay a charge equivalent to 3% of the outstanding balance amount in year 1 and 2 and 2% in year 3.
- For our 5-year mortgage, the early repayment charge will be:
o 5% of the outstanding balance in the 1st year
o 4% of the outstanding balance in the 2nd year
o 3% of the outstanding balance in years 3 & 4
o 2% of the outstanding balance in year 5
After the initial period, the Society will not make an early repayment charge if you move to Standard Variable Rate and choose to repay the mortgage. However, there will be certain redemption fees that will need to be paid (see our Details of Charges leaflet for more information).
You’ll need to provide evidence that buildings insurance for the property is in place before we can release funds.
What you’ll need for your application
We’ll allocate a qualified Mortgage Adviser to take you through the whole process. They’ll be able to advise which product best suits your requirements by the information you give them.
You can call us on 0333 207 4007 to make an appointment. Our lines are open 9-5 Mon to Fri (10-5 Wed). Calls may be recorded and/or monitored.
We’ll need proof of ID - this can include a passport or a driving licence.
We’ll ask you for 3 months recent payslips and bank statements to confirm your income as your income and outgoings will help us determine how much you can borrow. You’ll need to think about the impact any future rise in interest rates would have on your finances.
We’ll need your consent to check your personal financial data to help us assess your mortgage application so we can complete it as efficiently as possible.
What happens after I’ve applied for a mortgage?
The next step is for us to make you a mortgage offer. Before we can do this, we’ll need a valuation of the property.
We’ll instruct an approved valuer to carry out a Lender’s Valuation and we’ll need to charge for this.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
We're here to help
You can visit us in our Relationship Centres, or call us on 0333 207 4007. Our lines are open 9am - 5pm Monday to Friday (10am - 5pm Wednesday). Calls may be recorded and/or monitored.