The Scottish Building Society was first formed in 1848 under the name of the Edinburgh Property Investment Company. In 1929 the name was changed to the Scottish Building Society.

Presently the society is based in the city of Edinburgh, Scotland and is the second biggest building society based in Scotland and is the 42nd largest in the UK.  It is a member of the Building Societies Association. The Societies branches are based in Edinburgh, Galashiels, Glasgow, Inverness, Aberdeen and throughout Scotland has over 70 agents.

The Scottish Building Society is a mutual society. The society offers a variety of financial products to its customers. It is a society that is still flourishing in spite of the economic disruption.

The mortgages they offer are mortgages for First Time buyers, Movers & Remortgaging, Specialist Mortgages such as Buy to Let or Self Build Mortgages as well as Lifetime Mortgages.

Below are examples of the rates offered by the Scottish Building Society on some of their online mortgages.

Fixed rate mortgages – A fixed-rate mortgage helps you to manage your finances, knowing that for a fixed period of time the interest rate you will be paying will not alter. Fixed rate mortgages can have differing periods of time from 1, 2, 3 or 5 years.

Below is an example of a fixed rate mortgage.

A 3 year Fixed Rate Mortgage (60% LVT)

• Fixed payments for a three year period
• Initial rate of 3.69%
• 60% Loan to Value (LVT)
• Booking fee of £100 – non refundable and payable on application
• Repayment of the loan in full during the first 3 years of the mortgage will be charged an early repayment fee which is equal to 3% of the loan amount.
• Any overpayment more than 10% of the loan amount in any rolling 12 month term within the first 3 years of the mortgage will be charged an early repayment fee equal to 3% of the total sum overpaid.
• The rate changes to their SVR (standard Variable Rate) when the two year term ends which currently is 5.29%

Discount rates mortgages – A discounted rate mortgage offers a reduction from a current building societies standard variable rate (STV) for a set period. The mortgage repayments can either increase and decrease as the standard variable rate changes, but you will not have to pay the full standard variable rate of interest. At the end of the term the mortgage will revert back to a standard variable rate mortgage.

Below is an example of a discounted rate mortgage.

3 Year Discounted Variable Rate (80% LVT)

• Fixed payments for a three year period
• Initial rate of 3.49%
• 80% Loan to Value (LVT)
• Repayment of the loan in full during the first 3 years of the mortgage will be charged an early repayment fee which is equal to 3% of the loan amount.
• Any overpayment more than 10% of the loan amount in any rolling 12 month term within the first 3 years of the mortgage will be charged an early repayment fee equal to 3% of the total sum overpaid
• The rate changes to their SVR (standard Variable Rate) when the two year term ends which currently is 5.29%

Buy to let mortgages – A buy to let mortgage is designed specifically for borrowers who are purchasing a property that they are planning to let.

Below is an example of a buy to let mortgage.

Buy to Let Mortgage Rate (75% LVT)

• Fixed payments for a three year period
• Initial rate of 3.89%
• 75% Loan to Value (LVT)
• A booking fee of £100 – non refundable and payable on application
• Repayment of the loan in full during the first 3 years of the mortgage will be charged an early repayment fee which is equal to 3% of the loan amount.
• Any overpayment more than 10% of the loan amount in any rolling 12 month term within the first 3 years of the mortgage will be charged an early repayment fee equal to 3% of the total sum overpaid
• The rate changes to their SVR (standard Variable Rate) when the two year term ends which currently is 5.29%
• There is an arrangement fee of £799

The Scottish Building Society pays great attention to the services they offer as well as quality.   The society is not interested in taking any risks and is a well regarded building society.