Scottish Building Society offers specialised mortgage products to professionals.
Professionals looking to purchase or remortgage a residential property throughout Scotland. The acceptable professions (and professional bodies) are:
- Solicitor (Law Society of Scotland)
- Chartered Accountant (Institute of Chartered Accountants Scotland, Chartered Association of Certified Accountants, Chartered Institute of Management Accountants, Chartered Institute of Public Finance and Accountancy)
- Medical Doctor (General Medical Council)
- Dentist (General Dental Council)
- Vet – Partner/Owner of a practice (Royal College of Veterinary Surgeons)
- Pharmacist – Partner/Owner of a practice (General Pharmaceutical Council)
- Optometrist – (General Optical Council)
- Actuaries – (Institute and Faculty of Actuaries)
The applicant must be fully qualified, practicing & registered.
Mortgages are available for owner occupied residential properties.
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 as long as it is no more than 12 weeks old.
For loans up to £400,000 the applicant can borrow up to 95% of the property value or purchase price (whichever is lower). This is inclusive of any fees within the loan.
For loans above £400,000 and up to £450,000 the applicant can borrow up to 85% of the property value or purchase price (whichever is lower).
For loans above £450,000 and up to £500,000 the applicant can borrow up to 80% of the property value or purchase price (whichever is lower).
The minimum loan size is £50,000 and the maximum is £500,000.
Applicants must be at least 21 years old on application and the maximum age at the end of mortgage term is normally 85.
Minimum mortgage term is 5 years and maximum term is 40 years.
How much can I borrow?
All mortgage applications are based on affordability. For loans up to 80% – 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 or purchase price (whichever is the lower) we will lend up to:
- Main income x 4 plus second income x 1 OR
- Joint incomes x 3
Any existing financial commitments will also be taken into consideration when affordability is calculated.
- Capital and Interest OR
- Interest only – available up to 75% of the property value or purchase price (whichever is lower) subject to the maximum loan size of £300,000. We will ask for confirmation that the borrower has 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. (Acceptable Repayment Vehicles).
A first charge will be taken over the borrower’s property as security for the mortgage lending.
Overpayments of up to 10% of the mortgage advance can be made per annum. An early repayment charge, equivalent to 3% of the total amount overpaid, will apply if overpayments exceed 10% of the loan amount in any 12 month rolling period during the first 3 years of the mortgage.
Buildings Insurance must be in place prior to funds being released.
FOR INTERMEDIARY USE ONLY