Does Scottish Building Society Offer Any Equity Release Products?

Scottish Building Society offers financial services like savings accounts and mortgages, focusing on personalised advice and supporting members' financial well-being, without offering equity release products.
  • Last Updated: 08 May 2024
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  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

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Francis Hui
Does Scottish Building Society Offer Equity Release in 2024? Find Out What Services It Offers and if It Can Help You Get Extra Funds in Retirement. Read On...
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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:

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    • Who offers the LOWEST rates available on the market.
    • Who offers the HIGHEST release amount.
    • If you qualify for equity release.
    Scottish Society Equity Release

    NOTEEvery Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor 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

    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 Provide 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 lifetime mortgages and home reversion schemes, 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 Can You Expect from Scottish Building Society?

    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 Choosing 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 Do You Need to 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:

    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?

    • Financial Conduct Authority6  
    • Prudential Regulation Authority7

    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?

    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.

    Is Scottish Building Society a Member of the Equity Release Council?

    Who Owns Scottish Building Society?

    Where Can I Find Scottish Building Society Jobs?

    Does Scottish Building Society Offer Equity Release?

    Is Scottish Building Society Safe?

    How Does Equity Release Work?

    Is Equity Release Safe for Seniors?

    Can I Qualify for Equity Release After 65?

    What are the Benefits and Risks of Equity Release?

    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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