Entrepreneur Mortgages

Residential mortgages are available for owner occupied residential properties. All mortgages are subject to a suitable property valuation.

For property purchases in Scotland, we can normally use the property valuation contained in the sellers' Home Report provided that it’s no more than 3 months old (please speak with our mortgage advisers for further details).

For loans up to £300,000 you can borrow up to 90% of the property valuation or purchase price (whichever is lower).

For loans up to £450,000 you can borrow up to 80% of the property valuation or purchase price (whichever is lower).

For loans up to £750,000 you can borrow up to 70% of the property valuation or purchase price (whichever is lower).

For loans up to £1,000,000 you can borrow up to 60% of the property valuation or purchase price (whichever is lower).

Maximum loan size is £1,000,000.

Applicants must be at least 18 years old on application and normally not more than 85 at end of mortgage term.

Minimum mortgage term is 5 years and maximum term is 40 years

All mortgage applications are based on affordability.

• For loans less than 80% of the property valuation or purchase price (whichever is lower) we’ll lend up to:
  Single applicant: 4.5 x income
  Joint applicants: Main income x 4.5 plus second income x 1 OR Joint income x 4
• For loans over 80% of the property valuation or purchase price (whichever is lower) we’ll lend up to:
  Single applicant: 4 x income
  Joint applicants: Main income x 4 plus second income x 1 OR Joint income x 3.75

Our flexible underwriting means we assess all applications on an individual basis. The amount we’ll lend will depend on your circumstances. Any existing financial commitments will be taken into consideration when calculating affordability.

Guarantor Mortgages are available - please read the section about specialist mortgages for all the details.

We offer a range of competitive interest rates to choose from. Read our interest rate pages for details.

• Capital and Interest
• Interest only - available up to 75% of the property value or purchase price (whichever is lower) with a maximum loan size of £350,000. When you apply, we’ll need confirmation that you have plans in place to pay off your mortgage at the end of the term and we’ll ask you about your plans occasionally while you have a mortgage with us. Examples of these plans are normally endowment policies; stocks and shares ISAs; pension lump sums; and second/investment properties

A first charge will be taken over the property being purchased as security for the mortgage borrowing. 

For lending above 80% of the property purchase price or valuation the Society will cover the cost of a Higher Lending Charge.
All applications must fit our Lending Policy and also meet specific requirements. One of our Mortgage Advisers or your mortgage broker can give you full details of these.

If you make overpayments of 10% or more of the loan amount in any 12 month rolling period during the initial period, and depending on which mortgage you have, the charges apply as follows:

• For our 3-year mortgage, you will need to pay a charge equivalent to 3% of the outstanding balance amount in year 1 and 2 and 2% in year 3.
• For our 5-year mortgage, the early repayment charge will be:

o          5% of the outstanding balance in the 1st year

o          4% of the outstanding balance in the 2nd year

o          3% of the outstanding balance in years 3 & 4

o          2% of the outstanding balance in year 5

After the initial period, the Society will not make an early repayment charge if you move to Standard Variable Rate and choose to repay the mortgage. However, there will be certain redemption fees that will need to be paid (see our Details of Charges leaflet for more information).

You’ll need to provide evidence that buildings insurance for the property is in place before we can release funds.