Scottish Building Society Equity Release And Lifetime Mortgage Review in 2024

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…
  • Last Updated: 05 Feb 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways:

  • Scottish Building Society, founded in 1848 as the Edinburgh Property Investment Company and later renamed in 1929, is the oldest building society in the world and the only one headquartered in Scotland.
  • The Society remains committed to it's original purpose of helping people in Scotland and beyond, to buy homes and save for the future with uncomplicated financial products.
  • By the end of January 2022, the Scottish Building Society had grown by 20% over two years, offering it's members fair interest rates and flexible mortgage options.
  • Scottish Building Society primarily offers savings and mortgage accounts, focusing on a limited range of financial products.
  • The Society provides alternatives to equity release, with deal-dependent interest rates for these alternatives ranging from 5.20% to 6.30%* AER​​​​

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:

    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.

    What You Need to Know: Equity Release

    Equity release is a financial solution for homeowners over 55, allowing them to access their property's value without selling it. It's a way to turn the equity tied up in your home into cash, which can be used for various purposes.

    This method typically involves two main types: lifetime mortgages and home reversion plans. In a lifetime mortgage, you borrow against your home's value and repay it, usually from your estate, when you pass away or move into long-term care. Home reversion involves selling a part or all of your home to a provider in return for a lump sum or regular payments, while continuing to live there rent-free.

    Who Is Scottish Building Society?

    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 You Can 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.

    What Services Does Scottish Building Society Offer?

    Scottish Building Society focuses on limited financial products and only offers savings and mortgage accounts.  

    This includes Retirement Interest Only (RIO) mortgages. 

    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 Are Scottish Building Society’s Equity Release Alternative Interest Rates?

    Depending on the circumstances, Scottish Building Society's equity release alternatives are subject to deal-dependent interest rates.

    The annual interest rate for equity release can vary from 5.20% to 6.30%* AER.

    *While we regularly review our rates, these may have changed since our last update.

    What Are Scottish Building Society’s Fees?

    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.

    Does Scottish Building Society Have An Equity Release Calculator?

    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 Are The Advantages and Disadvantages 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:

    Scottish Building Society Pros

    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.

    Scottish Building Society Cons

    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.

    How Did We Review the Information on the Scottish Building Society?

    We gathered all information we could find on Scottish Building Society to bring you all the details you need in one place.

    NOTE: This article is an unaffiliated, independent, third-party, review of Scottish Building Society.

    Scottish Building Society Customer Reviews

    Scottish Building Society has received average to above average reviews on the Smart Money People and Trustpilot platforms.

    Have a look:

    Scottish Building Society Complaints

    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

    Scottish Building Society FCA Details

    Trading Names

    Scottish Building society

    FCA Permitted Services

    • Banking 
    • Insurance 
    • Mortgages and Home Finance 
    • Pensions 
    • Investments 
    • Other Services

    Regulators

    • Financial Conduct Authority6  
    • Prudential Regulation Authority7

    Registration Numbers

    • FCA Ref Number: 206034
    • Mutuals Public Register Number: 32B

    FCA Link

    Scottish Building Society Contact Number and Address

    • +44 333 207 4007
    • SBS House, 193, Dalry Road, Edinburgh, EH11 2EF.

    Common Questions

    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?

    In Conclusion

    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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