Scottish Building Society
Roll up Lifetime Mortgage


Scheme Name: Scottish Building Society
Interest Rate: 4.09%
APR: 5.20%


Incentive Deal:

   

Features

Free valuation* | £150 contribution towards remortgage legals fees* | Early repayment charges for 3 years
   

Full details:

The Scottish Building Society are Scotland's largest and oldest mutual building society, operating since 1848. With mutual status, they operate with a risk averse and local business basis for the benefit of its members.

The Scottish Building Society interest only lifetime mortgage is available to residents in Scotland, Northumberland & Cumbria.
Plans start at age 65 and proof of retirement income will be required with lending extending into retirement.

Normal lending criteria applies, with satisfactory checks required in terms of income, ability to repay the monthly mortgage payments and credit history.

The Scottish Building Society interest only mortgage has a maximum loan to value of 35%. There is a minimum loan size of £30,000 and the maximum is currently £300,000.
The Scottish Building Society will accept the repayment method to be the eventual sale of the property.

Monthly interest only payments are required with the effect of maintaining the mortgage balance at the same level for the duration of the plan term. Over-payments of 10% per year are acceptable without penalty in the first 3 years.

The Scottish Building Society Lifetime Mortgage plan has a standard variable rate of 5.29%.

*When remortgaging (encumbered) there is currently a £150 contribution towards legal fees and free valuation report