Expert VerifiedDoes Scottish Building Society Offer Any Equity Release Products?
- Last Updated: 05 Aug 2025
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Be aware. Equity release comes with drawbacks which are important to think about. Lifetime mortgages are secured loans. Compound interest means the amount you owe can grow quickly. Equity release reduces your estate's value and may impact means-tested benefits.Key Takeaways
- Scottish Building Society does not provide equity release products but offers a range of traditional mortgages and competitive savings accounts—all suitable for different financial needs.
- Check out their savings accounts, specially designed with attractive interest rates for those over 55, and assess the suitability of their mortgage offerings based on your eligibility, interest rates, and repayment terms.
- Utilise Scottish Building Society's expertise in financial planning to optimise your savings strategies and mortgage planning as you age.
Are you wondering if the Scottish Building Society offers equity release?
Scottish Building Society is one of the oldest building societies in the world, so it is not surprising that many homeowners looking into equity release consider it an option.
But does it offer equity release and what type of equity release does it offer?
We have done the research and uncovered the facts.
In This Article, You Will Discover:
We have researched many schemes and leading equity release companies to help you answer the question about which equity release is best for you and your needs.
Therefore:
NOTE: EveryInvestor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of EveryInvestor only and may not reflect the views or opinions of Scottish Building Society. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Scottish Building Society.
Who Powers Scottish Building Society and Why Choose Them?
The Scottish Building Society, driven by a customer-first approach, offers bespoke services.
Who Is Behind Scottish Building Society and What Should You Know?
Scottish Building Society started in 1848 as the Edinburgh Property Investment Company, making it the oldest remaining building society in the world. 1
It changed it's name to the Scottish Building Society in 1929.2
In 2013, the Scottish Building Society merged with Century Building Society, it's competitor in Edinburgh, making it the only remaining building society headquartered in Scotland.3
Learn More: Releasing Equity in Edinburgh
Why Should You Consider Scottish Building Society?
You can consider Scottish Building Society as it has remained true to it's purpose to help the people of Scotland and beyond, to buy homes and save for the future with uncomplicated financial products.
At the end of January 2022, the Scottish Building Society posted record results, having grown by 20% over two years.4
Scottish Building Society rewards it's members with fair interest rates and provides flexible mortgages to help people get the most out of their money.
Does Scottish Building Society Offer Equity Release or Lifetime Mortgages?
No, Scottish Building Society does not offer equity release.
However, as part of it's mortgage products, Scottish Building Society offers discounted and fixed-rate RIO mortgages.
These are available to homeowners above the age of 55 years looking to release equity from their main residential home in Scotland.
What Financial Products Does Scottish Building Society Offer?
The society offers a variety of financial products, including mortgages and equity release plans.
What Range of Services Does Scottish Building Society Provide?
Scottish Building Society focuses on limited financial products and only offers savings and mortgage accounts.
This includes Retirement Interest Only (RIO) mortgages.
What Types of Mortgages Does Scottish Building Society Offer?
The Scottish Building Society offers a variety of mortgage products, including traditional residential mortgages and buy-to-let mortgages.
Their plans include home reversions schemes and lifetime mortgages, catering to older homeowners seeking to unlock the value of their property while continuing to reside in it.
Each product is designed with flexibility in mind, allowing clients to choose from lump-sum payments, drawdown facilities, or a combination, depending on their financial goals and needs.
The society's commitment to providing tailored advice ensures that clients select the mortgage product that best aligns with their circumstances.
How Does Scottish Building Society Compare to Other Building Societies in Scotland?
Scottish Building Society's schemes stand out for their flexibility and customer-centric approach compared to other Scottish building societies.
They offer competitive interest rates and a range of plans tailored to meet diverse financial needs.
Unlike some competitors, the Scottish Building Society provides detailed guidance and personal advisory services, ensuring clients understand their options.
Comparatively, their products are designed to offer security and flexibility, accommodating a broad spectrum of customer requirements.
What Fees Does Scottish Building Society Charge?
Scottish Building Society offers an incentive as part of it's RIO scheme where the Society will cover the cost of the valuation of the property.
Also included as an additional incentive is a contribution of £250 towards the solicitor's costs.
*The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions.
What Are the Pros and Cons of Scottish Building Society?
The advantages of Scottish Building Society include that it is the oldest building society in the world, and the disadvantages include that it only offers RIO mortgages.
More information:
What Are the Benefits of Scottish Building Society's Services?
The pros of Scottish Building Society are:
- It is the oldest building society in the world.
- It is authorised and regulated in the UK by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA).
- It offers fair interest rates.
- It's mortgages are flexible.
What Are the Potential Drawbacks of Scottish Building Society's Services?
The cons of Scottish Building Society are:
- It has a limited product range.
- It only offers savings and mortgages.
- It has no equity release schemes.
What Are the Steps to Notify Scottish Building Society of a Death?
Notifying the Scottish Building Society of a death involves a clear process.
The next of kin or legal representative should promptly inform the society, providing a death certificate and relevant legal documentation.
The society then reviews the plan in light of the new circumstances, providing guidance on the next steps, which may include repaying the outstanding balance or transferring the property.
Timely notification is crucial to ensure compliance with the terms of the agreement and to facilitate a smooth transition during a challenging time.
Is There an Equity Release Calculator Available from Scottish Building Society?
No, the Scottish Building Society does not have an equity release calculator.
If you are looking for an equity release calculator, why not try our easy-to-use calculator below and find out approximately how much equity you could release from your home?
What Should You Know About Scottish Building Society’s Credentials and Client Feedback?
It's crucial to understand their credentials and positive client feedback, highlighting their reliability.
What Do Customer Reviews Say About Scottish Building Society?
Scottish Building Society has received average to above average reviews on the Smart Money People and Trustpilot platforms.
Have a look:
- Smart Money People Reviews for Scottish Building Society.
- Reviews for Scottish Building Society on UK.TrustPilot.com.
What Are Common Complaints About Scottish Building Society?
If you wish to lodge a complaint with Scottish Building Society, get in touch with your local branch in person or call on 0333 207 4007.
Alternatively, you can write to Scottish Building Society directly to it's head office:
SBS House, 193, Dalry Road, Edinburgh, EH11 2EF.
If you are unsatisfied with it's response, you can take the matter further by contacting The Financial Ombudsman Service.5
What Are the Essential FCA Details for Scottish Building Society?
Knowing their FCA registration details ensures that they adhere to regulatory standards.
What Are the Trading Names Associated with Scottish Building Society?
Scottish Building society
What Services Are Permitted by the FCA for Scottish Building Society?
- Banking
- Insurance
- Mortgages and Home Finance
- Pensions
- Investments
- Other Services
Who Regulates Scottish Building Society?
What Are Scottish Building Society's Registration Numbers?
- FCA Ref Number: 206034
- Mutuals Public Register Number: 32B
Where Can You Find Scottish Building Society's FCA Link?
- FCA Link: FCA Link
- Companies House Link: Companies House Link
How Can You Contact Scottish Building Society?
- +44 333 207 4007
- SBS House, 193, Dalry Road, Edinburgh, EH11 2EF.
Frequently Asked Questions About Scottish Building Society
This section addresses common queries, offering insights into their services and policies.
No, Scottish Building Society is not a member of the Equity Release Council as it does not offer equity release products.
Scottish Building Society is owned by it’s members.
You can find Scottish Building Society vacancies on it’s dedicated careers page⁸.
It recruits talented individuals interested in joining a company in which they can really make a difference.
No, Scottish Building Society does not offer equity release.
Scottish Building Society is safe as it is authorised and regulated in the UK by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA).
Equity Release works by enabling homeowners aged 65 and above to access the value of their property without having to sell it.
It offers two main options: lifetime mortgages and home reversion plans. With a lifetime mortgage, homeowners can borrow against the value of their property, either as a lump sum or regular income, while retaining ownership. Interest is added to the loan, which is repaid when the property is sold.
Home reversion plans involve selling a portion or all of the property to a provider in exchange for a tax-free lump sum or regular income, while still being able to live in the property rent-free.
To apply for Equity Release, homeowners will need to meet certain criteria, including age requirements and property value. It is advisable to seek independent advice from a qualified equity release specialist to fully understand the terms, costs, and potential impact on inheritance before proceeding with an application.
Equity Release is generally considered safe for seniors, but it is essential to understand the risks involved. The scheme is regulated by the Financial Conduct Authority (FCA) and providers must adhere to strict rules to protect consumers.
However, it is important to note that releasing equity from your property will reduce the value of your estate and may affect your eligibility for means-tested benefits.
To ensure safety, it is crucial to work with a reputable and qualified equity release adviser who can guide you through the process and help you make an informed decision.
They will assess your individual circumstances, explain the potential risks and benefits, and recommend the most suitable options for you.
It is also advisable to involve your family members in the decision-making process and seek independent legal advice to fully understand the implications of the equity release on your financial situation.
Yes, individuals aged 65 or above can typically qualify for equity release schemes. However, eligibility criteria may vary depending on factors such as property value and the type of equity release option chosen.
The scheme is designed to assist older individuals who own their home and wish to access the equity tied up in their property.
To determine if you meet the eligibility requirements, it is recommended to consult with an independent equity release adviser.
They will evaluate your circumstances, explain the options available to you, and help you understand if the equity release is a suitable solution for your financial needs in retirement.
Benefits of equity release may include gaining access to a lump sum or additional income to support retirement, staying in your home, and not having to make regular repayments.
Risks could include the erosion of the value of your estate, impacting inheritance, the accumulation of interest over time, and potential impacts on means-tested benefits eligibility.
It’s essential to weigh these factors carefully and consult with a financial advisor to understand the implications fully.
Concluding Thoughts on Scottish Building Society
Scottish Building Society is the oldest building society in the world and the only building society in Scotland.
It does not offer equity release schemes, but does offer an RIO, which is an alternative to traditional equity release.
If you are a homeowner in Scotland over the age of 55 years and would like to consider an alternative to equity release, you could find out if you qualify.
The RIO allows you to borrow between £30,000 and £300,000, up to a maximum of 50% of the value of your property*.
If you are considering an alternative to equity release, then the RIO offered by Scottish Building Society could be just what you are looking for.
*While we regularly review our rates, these may have changed since our last update. The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions.
The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions. These may take into account the age, health, and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.
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