Lifetime Mortgage for over 65s


Scottish Building Society offers an interest-only Lifetime Mortgage for people resident in Scotland and aged 65 and over who are looking to release some equity from their home.

Please see our interest rate information pages for full details.

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.

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.

Key Features of our Lifetime Mortgage:

Suitable for: Homeowners over the age of 65 looking to release some equity from their property.
Property: Mortgages are available for owner occupied residential properties. All mortgages are subject to a suitable property valuation.
Maximum Loan:

We will lend up to a maximum of 35% of the property valuation or purchase price (whichever is lower).

The minimum loan size is £30,000 and the maximum is £300,000.

Term: The minimum age at time of application is 65. For joint applications, both applicants must be aged at least 65. There is no maximum age.
How much can I borrow?

All applications are treated on an individual basis and based on affordability. The maximum we can lend you is generally determined by your income, which can include your pension.

Any existing financial commitments will also be taken into consideration when affordability is calculated.

Please note in joint applications the last survivor needs to be able to demonstrate serviceability.

If the property is in joint occupancy we will not lend in a sole name. Both occupiers should be party to the mortgage and fit the age and income requirements.

Interest Rate Options: Please see our interest rate information pages for full details.
Remortgage Incentives:

Contribution to Legal fees: If you are remortgaging to Scottish Building Society's Lifetime Mortgage your solicitors will also act for the Society. The Society will contribute £150 towards the cost of this.

Valuation Costs: A valuation of your property will be required as part of the mortgage application. The cost of this will be paid by the Society.


Our Lifetime Mortgage is set up on an Interest Only basis with no repayment vehicle being required. The mortgage is normally not repayable until you (or the last survivor if it is a joint application) have died, moved into long term care or moved home.

Each month you are required to make a payment to cover the monthly interest on the mortgage. By doing this the capital balance of the mortgage will never increase.

Security: A first charge will be taken over the property being purchased or remortgaged as security for the mortgage lending.
Flexible Features:

You may make overpayments on your mortgage to reduce the capital. If this is during the initial period where Early Repayment Charges apply you may repay up to 10% of the capital balance of the mortgage each year without penalty.

Once any period where Early Repayment Charges are applicable has elapsed you may make capital reductions without limit or penalty to reduce the balance of the loan.


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.

Member Enquiries

To talk to us about an existing savings or mortgage account, contact your local office.

Contact your local office

 New Savings Enquiries

0345 600 0585

New Mortgage Enquiries

0345 600 4085

 Lines open 9-5 Mon to Fri (10-5 Wed) and Sat 9-12.
Calls may be recorded and/or monitored.