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Scottish adds Scotland-only mortgage

The Scottish Building Society joins Dunfermline Building Society in offering a mortgage for properties solely in Scotland.

The Scottish flexible mortgage has a discount of 2 per cent for the first six months of the loan, giving it a payable rate of 4 per cent for loans of up to 90 per cent of valuation.

The mortgage offers the ability to make underpayments, overpayments and payment holidays. However unlike many other flexible mortgages it is not fully flexible, as it does not offer lump sum withdrawals and interest is calculated monthly. For the first five years of the loan borrowers have free unemployment cover.

Redemption penalties for the mortgage comes to two months’ interest during the first three years of the mortgage, followed by one month’s interest for the next two years of the loan. Borrowers looking to remortgage will have legal fees refunded if they use a solicitor recommended by the Scottish Building Society.

Dunfermline offers a two-year discount mortgage with a discount of 1.49 per cent for loans of up to 90 per cent of valuation, giving it a payable rate of 5.35 per cent. The mortgage has a redemption penalty of 3 per cent of the advance during the fixed rate period and basic valuation fees are repaid if the society’s valuers are used.

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