The Scottish Building Society opened its downs in 1848, making it one of the oldest financial institutions in the UK today. It is based in Edinburgh Scotland and is the 42nd largest building society in the UK. Scottish Building Society is part of the Building Societies Association. The BSA is a trade organisation set up for the UK to help homeowners obtain financial assistance when needed. There are 48 building societies as part of the association as well as over 3 million adults using the BSA to secure home loans.
The Scottish Building Society started out as the Edinburgh Property Investment Company before changing to its current name in 1929. There are currently six branches. The other five are located in Galashiels, Inverness, Glasgow, Troon, and Aberdeen. There are also 60 agents in a network that are available throughout Scotland. In 2013, the building society merged with Century Building Society. This has left only one building society located in Scotland. The rest are in England and Wales. It is a mutual society, which ensures their priority is with customers and members. They offer mortgages, savings and investment help for customers.
Their mortgage products include retirement mortgages, remortgage, guarantor mortgage (first time buyer), specialist mortgages, existing customer packages, and more. The retirement mortgage is set up as an interest only loan. It is a lifetime mortgage; however, homeowners pay a monthly interest rate to keep the principle sum the same amount as when they took out the mortgage. The Scottish Building Society begins their retirement mortgage options at age 60. They do not have a maximum age. The interest rate is fixed for life and based on a variable rate as per homeowner qualifications. The Scottish Building Society only provides their retirement mortgages to properties in Scotland, Northumberland and Cumbria. The maximum loan amount is up to 25% of the value of the property.