Remortgage

We’ll help you move from another lender

Why remortgage with us?

Our flexible underwriting means we’ll consider your individual circumstances

We offer a wide range of mortgages with competitive interest rates

You can talk to our Mortgage Advisers in branch or over the phone for help and advice throughout your application

2021 Building Society of the Year at the Scottish Mortgage Awards 

 

Here’s what you need to know

A remortgage could be for you if you own a residential property throughout Scotland, and want to change mortgage provider

Loans from £30,000 up to £1,000,000

 

Minimum mortgage term is 5 years and maximum term is 40 years

 

Free valuation (up to £375)

 

Basic legal fees paid (up to £250)


To apply, you need to be at least 18 years old
and normally not more than 85 at end of mortgage term.

Why remortgage with us?

Our flexible underwriting means we’ll consider your individual circumstances

We offer a wide range of mortgages with competitive interest rates

You can talk to our Mortgage Advisers in branch or over the phone for help and advice throughout your application

2021 Building Society of the Year at the Scottish Mortgage Awards 

 

Here’s what you need to know

A remortgage could be for you if you own a residential property throughout Scotland, and want to change mortgage provider

Loans from £30,000 up to £1,000,000

 

Minimum mortgage term is 5 years and maximum term is 40 years

 

Free valuation (up to £375)

 

Basic legal fees paid (up to £250)


To apply, you need to be at least 18 years old
and normally not more than 85 at end of mortgage term.

Why remortgage with us?

Our flexible underwriting means we’ll consider your individual circumstances

We offer a wide range of mortgages with competitive interest rates

You can talk to our Mortgage Advisers in branch or over the phone for help and advice throughout your application

2021 Building Society of the Year at the Scottish Mortgage Awards 

 

Here’s what you need to know

A remortgage could be for you if you own a residential property throughout Scotland, and want to change mortgage provider

Loans from £30,000 up to £1,000,000

 

Minimum mortgage term is 5 years and maximum term is 40 years

 

Free valuation (up to £375)

 

Basic legal fees paid (up to £250)


To apply, you need to be at least 18 years old
and normally not more than 85 at end of mortgage term.

Calculate and Compare

Get an idea of what your mortgage could cost

 

Calculate and Compare Remortgages

Calculate and Compare

Get an idea of what your mortgage could cost

 

Calculate and Compare Remortgages

Calculate and Compare

Get an idea of what your mortgage could cost

 

Calculate and Compare Remortgages
Property

Available for owner occupied residential properties. All remortgages are subject to a suitable property valuation.

Maximum Loan and Loan to Value

Maximum Loan and loan to value

For loans up to £300,000 you can borrow up to 90% of the property valuation.

For loans up to £450,000 you can borrow up to 80% of the property valuation.

For loans up to £750,000 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.

How much can I borrow?

All mortgage applications are based on affordability.

As a guide we’ll lend up to:

  • Main income x 4.5, PLUS second income x 1 OR
  • Joint income x 3.5

For loans over 80% of the property valuation we’ll lend up to:

  • Main income x 4 PLUS second income x 1 OR
  • Joint income x 3

    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

Free Basic Legal Service: 

 

We’ll 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 need any additional services or advice you’ll need to pay for these separately.
If you want to use your own solicitors, we’ll pay up to £250 towards your legal costs.

Valuation Costs: 

 

A valuation of your property is needed as part of your mortgage application. The cost of this, up to £375 will be paid by the Society.

Interest Rate Options

We offer a range of competitive interest rates to choose from. Read our interest rate pages for details.

 

Repayment Options

  • 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.
Raising Capital

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 which currently has no mortgage on it or for business purposes, please call us on 0333 207 4007. 


Our lines are open 9-5 Mon to Fri (10-5 Wed). Calls may be recorded and/or monitored to see if this is possible.

Security

A first charge will be taken over the property being purchased as security for the mortgage borrowing. 

Higher Lending Charge

For lending above 80% of the property valuation the Society will cover the cost of a Higher Lending Charge. All applications must fit our Lending Policy and also meet specific requirements

Early Repayment Charges

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 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).

Insurance

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 have a face-to-face or telephone meeting/appointment – whatever works best for you.

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 don’t keep up repayments on your mortgage