Mortgage Interest Rates in Scotland

Looking for a mortgage in Scotland? Not sure where to find the best deals and lowest rates? Our comprehensive article to the best mortgage rates in Scotland has all the answers you need.

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Home Mortgage Interest Rates Mortgage Interest Rates In Scotland
Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Updated: March 15, 2024

The best mortgage rates in Scotland are not always the same as the best rates in other parts of the UK. So, it’s always wise to check what deals are available exclusively for buying or remortgaging in Scotland.

Take a look at our rates table below to get an idea of what rates to expect on a mortgage in Scotland.

Lender Product Details
Frosted Rates Image

Looking for more rates and deals?

We can match you with a mortgage broker who can provide you with up-to-date bespoke rates and deals from across the entire market.

Last updated May 2024

*All of the rates and terms above are purely for example purposes, were correct at the time of writing and are subject to change at any time at the lender’s discretion*

How to compare mortgage rates and deals in Scotland

Although rates tables are a good starting point to get a taste of the deals available, there are limitations to them as they aren’t whole-of-market, nor are the products listed bespoke to you.

With this in mind, the best way to compare mortgage rates and deals is to use a mortgage broker who specialises in arranging mortgages North of the border. Below are the benefits of using a broker:

  • Access to the latest very rates from across the Scottish market
  • Recommendations for bespoke deals that are the best fit for you
  • Advice on which mortgage to choose
  • Help securing the best rate and competing your application successfully

To speak to an expert today, get in touch and we will handpick the best mortgage broker for you.

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Are the rates different for first-time buyers?

Typically, first-time buyers pay slightly higher rates in Scotland and across the rest of the UK. But this is usually a reflection on their LTV rather than them specifically being first-time buyers.

It’s not unusual for first-time buyers to take out 90% or 95% mortgages which come with higher interest rates to reflect the additional risk to lenders.

There are also some government schemes aimed at first-time buyers in Scotland that can help people get on the housing ladder or secure a rate they can afford.

If you’re a first-time buyer looking for a mortgage in Scotland and have a large deposit of, say 40%, you will most likely have access to the same deals as anybody else buying in that postcode area.

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Getting the best rate on your remortgage

As it is with mortgages, the best rates when remortgaging in Scotland are generally reserved for those with a good credit record, secure income and low LTV. Some lenders also offer exclusive deals for existing remortgage customers and those who are switching from another mortgage provider.

It’s advisable to speak to your mortgage broker about possible ways of maximising your deposit using other assets or savings.

Buy-to-let mortgage rates in Scotland

Buy-to-let mortgage rates are similar in Scotland to those across the rest of the UK, which means that they can be a full percentage point higher than residential mortgages, on average.

For information about the latest buy-to-let mortgage rates and access to the best deals, head to our buy-to-let mortgage rates page.

Why use Online Mortgage Advisor?

Our mortgage broker-matching service is the best route to securing the lowest interest rate on a mortgage in Scotland. With the help of the right mortgage broker, you can gain access to a much wider range of rates and deals, including broker-exclusive mortgages that aren’t available to the public directly.

We will quickly assess your needs and circumstances to pair you with a broker who is an expert on the Scottish market and has the knowledge, experience and lender contacts to help you land a better rate.

To get matched with a broker who specialises in Scottish mortgages, call us today on 0808 189 2301 or enquire online.

FAQs

They can be. While not all UK lenders accept mortgages in Scotland, most of the big banks do. And some mortgage deals are exclusive to those looking for a mortgage or remortgage in Scotland.

Rates for self-build mortgages in Scotland are slightly higher than the lowest residential rates. With a deposit of around 40%, rates start at around 5.45% (discounted variable). With a 20% deposit rates start from around 5.79% on the lender’s standard variable rate (SVR).

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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