As mortgage applicants have differing needs and requirements as well as credit ratings, we consider it inappropriate to set blanket criteria but prefer to consider individual applications on their specific merits. Where at all possible we endeavour to be flexible in our decision-making.

We will consider applications on a capital and interest/endowment/interest only basis but, where at all possible, we can also "tailor make" a mortgage to suit personal requirements. To download a mortgage application form (in pdf format) click here.

As stated above we believe flexibility is important but we can advise of the undernoted general criteria:

1. Gross Interest Rate	Between 4.25% and 7.5% depending on the merits of the application, nature of the loan and valuation of the property.
2. Valuation Report	As from December 1st 2008, all houses for sale in Scotland will require to be marketed with a Home Report. This is a pack of three documents: a Single Survey, an Energy Report and a Property Questionnaire. The Home Report will be made available on request to prospective buyers of the home and, ultimately, their lenders. It is the responsibility of the seller to provide and pay for the Home Report. The Society may require a transcript of the valuation report by the surveyor who carried out the Single Survey, or a confirmation of the valuation by an alternative surveyor.
3. Income Multipliers	The Society will generally advance up to 5 times the main income plus a quarter of the second income. We do not, however, wish to generalise on this as no two cases are alike and we will consider individual cases on their own merits. In other words, we have lent more than three times in some circumstances and less in others. At the higher end of the scale the Society may require additional security (eg a guarantee from a third party).
4. Type of Mortgage	The Society will endeavour to "tailor make" a mortgage product to suit your personal requirements and this may be on a fixed or variable rate basis. Having agreed a suitable mortgage product, repayments may be made on the following basis: (i) Repayment mortgage On this type of mortgage you are given a monthly repayment which will repay the interest and also the capital balance. In other words on expiry of the term (which may be up to 25 years) you should have no further indebtedness to the Society. (ii) Endowment mortgage On this type of mortgage you repay the interest only to the Society. In other words the mortgage balance does not reduce year by year. You would however be required to take out a policy with an insurance company which would provide for repayment of the mortgage on expiry of the term. (iii) Interest only Under certain circumstances the Society will consider advances on an interest only basis. This may be suitable for an elderly applicant who wishes to release the value of his/her property. The mortgage would be paid by the executry on the death of the borrower
5. Higher Lending Charge	This is a one-off charge, deducted from the mortgage advance, and is credited to a reserve account to provide for any possible mortgage losses. The charge therefore reflects the risk and is in proportion to the ratio of the total advance to the valuation as undernoted: Up to 70% of valuation - nil Above 70% to 80% of valuation - 0.25% plus £50.00 Above 80% to 90% of valuation - 0.90% Above 90% to 100% of valuation - 1% To download the Society's Tariff of Fees and Charges click here.
6. Early Redemption Charge	An Early Repayment Charge of 3 months interest is payable if the mortgage is redeemed within the first 5 years. It is calculated using the interest rate applicable at the time of redemption, on the balance outstanding on the 1st January of the year of the redemption, or on the amount of the advance if in the same calender year. On a Fixed Rate Mortgage, there is an additional clawback of the difference between Bank of England Base Rate plus 1.5% and the interest actually paid. To download the Society's Tariff of Fees and Charges click here.
7. Re-mortgages	The Society will consider re-mortgage business on the same terms and condiitons as above.
8. Commercial Lending	The Society is prepared to consider mortgages of a very limited commercial nature such as guest houses, small hotels or shops with residential accommodation. Under normal circumstances however, we would not be prepared to advance more than 80% of the valuation and we would require at least one set of accounts.
9. Application Form	Click here to download a copy of the mortgage application form in pdf format.

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Please note that the Society only lends on properties in Scotland.