A great way to welcome you to the Scottish
For full details of all interest rate options currently available please see our interest rate information pages.
Our specialist mortgage advisers can guide you through the application process and help make everything as smooth as possible.
To discuss our products in more detail please visit your nearest branch or call us on 0345 600 4085 and speak with one of our mortgage advisers.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Key Features of Guest House Mortgages:
|Suitable for:||People looking to buy or remortgage a Guest House with up to 6 letting bedrooms.The business of running the guest house should be the sole occupation of at least one of the parties to the mortgage. The applicant(s) must be able to demonstrate that they have the appropriate expertise to successfully run a guest house business.|
Mortgages are available for Guest Houses which are to be occupied by you and with a maximum of 9 bedrooms in total, no more than 6 of which may be 'guest rooms'. The owner(s) must reside in the property.
All mortgages are subject to a suitable property valuation. For property purchases in Scotland, we can normally use the property valuation contained in the sellers' Home Report provided that it is no more than 3 months old (please speak with our mortgage advisers for further details).
We will lend up to a maximum of 75% of the property value or purchase price (whichever is lower).
For remortgages, the minimum loan size is £30,000. Maximum loan size is £350,000.
Applicants must be at least 18 years old on application and normally not more than 70 at end of mortgage term.
Minimum mortgage term is 5 years and maximum term is 35 years.
|How much can I borrow?||
All applications are dealt with on an individual basis and the amount you can borrow will depend on your circumstances. The following information will be required to assess any application:
Any existing financial commitments will also be taken into consideration when affordability is calculated.
The Society is not able to consider debt consolidation for Guest House Remortgages.
|Interest Rate Options:||
The interest rate available will depend on size of the business, as follows:
Free Basic Legal Service: When remortgaging a Guest House property to Scottish Building Society we will provide you with a free basic legal service which means you won't have any solicitors fees to pay. However, the solicitors we use will act only for the Society in the transfer of the mortgage and if you require any additional services or advice you will need to pay for these separately. If you wish to use your own solicitors then the Society will contribute £150 towards your legal costs.
Free Valuation: Scottish Building Society will instruct a valuation when all other conditions have been satisfied.
|Security:||A first charge will be taken over the property being purchased or remortgaged as security for the mortgage lending.|
|Flexible Features:||Where Early Repayment Charges apply to any of our mortgages you may be allowed to make overpayments (normally up to 10% of the loan amount per annum) without penalty.|
Buildings Insurance must be arranged prior to funds being released.
Our advisers can provide competitive quotations for buildings insurance and also life cover. You are not required to arrange these or any other insurances through Scottish Building Society.