Scottish Building Society can help if you are looking to remortgage. You may be looking for a more competitive interest rate or you may wish to raise some additional capital for such things as home improvements or consolidation of existing personal debt.
5 great reasons choose a mortgage from Scottish Building Society
Key features of Remortgaging:
Existing owners of residential property throughout Scotland, who wish to change mortgage provider.
Mortgages are available for owner occupied residential properties. All remortgages are subject to a suitable property valuation.
The minimum loan size is £30,000.
For loans up to £300,000 you can borrow up to 90% of the property valuation.
For loans up to £350,000 you can borrow up to 80% of the property valuation.
For loans over £350,000 you can borrow up to 70% of the property valuation.
Maximum loan size is £500,000.
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.
How much can I borrow?
All mortgage applications are based on affordability.
As a guide we will 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 will lend up to:
- Main income x 4 PLUS second income x 1 OR
- Joint income x 3 Any existing financial commitments will also be taken into consideration when affordability is calculated.
Free Basic Legal Service: When remortgaging 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.
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.
Interest rate options:
We have a range of competitive interest rate options which you can choose from. Please see our interest rate information pages for full details.
- Capital and Interest
- Interest only - available up to 75% of the property value with a maximum loan size of £350,000.
We will ask for confirmation that you have an appropriate repayment vehicle in place at the time of application as well as periodically throughout the life of your mortgage. Acceptable repayment vehicles are endowment policies; stocks and shares ISAs; pension lump sums; and second/investment properties.
Capital raising is allowed up to 85% of the property value for purposes such as divorce settlements, deposits for other properties or home improvements. If the capital raising is for debt consolidation the maximum is 80% of the property value. If you are looking to raise funds on a property which currently has no mortgage on it or for business purposes, please call us to see if this is possible.
A first charge will be taken over your property as security for the mortgage lending.
Higher Lending Charge:
For lending above 80% of the property purchase price or valuation a Higher Lending Charge will be payable.
The charge is based on the amount being borrowed and full details of the charge can be obtained from our mortgage advisers.
Where a Higher Lending Charge is applicable this can generally be added to the mortgage if you wish providing total lending does not exceed 95%.
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 in place prior to funds being released.
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.