The Scottish Building Society was Scotland's first ever building society in 1848 and has grown over the years with local mergers. It is the only independent building society based in Scotland and can still claim to be a mutual building society. This mutual status attributes the philosophy of careful money management and promotion of home ownership to its 30,000 members via its website and six building society branches.
The Scottish Building Society offer a range of mortgages to residents of Scotland, one of them being this Retirement Interest Only Mortgage (RIO) that can help retirees borrow on a lifetime mortgage basis. This can be used for any purpose and also people looking to raise capital on owner occupied properties in Scotland.