Designed to help renters become homeowners, this mortgage offers up to 100% of the purchase price for your first home. If you’re a first-time buyer with at least 12 months’ rental history, it could be your opportunity to get onto the property ladder. Choose from two or three year fixed rate options to suit your needs.
Eligibility
Applicants must:
- Be 18 or over, a UK resident, and members of No1 CopperPot
- Be first‑time buyers currently renting, with at least 12 months of rental payment history
- Have a minimum of 2 years’ continuous permanent employment
- Demonstrate a strong repayment history, with no missed or late payments on rent, household bills, or credit commitments over the past three years
- Meet No1 CopperPot’s affordability checks and lending criteria
- Use the mortgage for a residential property only (not Buy to Let)
- Have less than £10,000 unsecured debt outstanding with No1 CopperPot
Key product information
| Mortgage amount | £25,000 up to a maximum of £300,000 |
| Maximum mortgage term | 35 years |
| Loan to Value (maximum) | Up to 100% |
| Over-payment charge | None (Up to 10%)* |
| Repaying your mortgage | You can repay through payroll deduction or Direct Debit. Applicants must be no more than 75 years of age at the end of the mortgage term. |
*You can make over-payments on this mortgage throughout its term. Over-payments made during the fixed-rate period are limited to 10% of the original mortgage balance per annum from the date of completion and will not be subject to an Early Repayment Charge. The fixed-rate period is 2 or 3 years, depending on the fixed term product selected.
Key information for applicant(s)
If your mortgage is approved we will need a valuation of the property to be completed, by a surveyor of our choice. You must remember to budget for the cost of the valuation as the fee will be required at the start of the process and it is non-refundable in the event of your mortgage not completing. For more information about surveys, please click here. You can also see the tariff of fees from the surveyors typically used at the Credit Union by clicking here.
A solicitor of your choice will have to be appointed to deal with the legal process and the cost will vary depending on your chosen solicitor and the individual property.
Things to consider
| Possible risk | What this means for you |
| No deposit / 100% borrowing | This mortgage allows you to borrow 100% of the property’s value, meaning no deposit is required. Borrowing the full value increases financial risk compared to mortgages with a deposit. |
| Negative equity | Negative equity occurs when the amount you owe on your mortgage is higher than the value of your home. This can happen if property prices fall or if you need to sell your home early in the mortgage term. |
| Impact of negative equity | If you are in negative equity, you may not be able to sell or remortgage your property without paying the shortfall from your own funds. This could limit your options if you need or want to move. |
| Higher interest rates | 100% loan to value mortgages typically have higher interest rates than mortgages with a deposit. This means your monthly repayments and total borrowing costs may be higher. |
| Less financial flexibility | With no deposit buffer, even small drops in property values can put you into negative equity. This gives you less flexibility if your circumstances change. |
| Ability to maintain repayments | You must be confident you can continue making repayments even if property values fall or your financial situation changes. Unexpected events such as illness or job loss could affect your ability to keep up with payments. |
| Additional costs still apply | Although no deposit is required, you will still need to pay other costs, such as valuation fees, legal fees, Stamp Duty Land Tax (if applicable), and any mortgage product fees. Read our Tariff of Charges here. |
Mortgage rates and repayments
Two Year Fixed Rate
| Product | 100% Mortgage – Two Year Fixed Rate |
| Initial interest rate | 6.09% |
| Followed by Standard Variable Rate | Currently 6.00% |
| The overall rate for comparison is | 6.3% APRC* |
| Product fee | £995 |
| Early Repayment Charge** | 3% |
| The initial interest rate will be fixed for two years from the advance of the loan. |
|
*APRC stands for the Annual Percentage Rate of Charge. It is an annual interest rate which takes account of fees and charges to reflect the total cost of your mortgage. The APRC allows you to easily compare quotes from different lenders.
**ERC of 3% of the outstanding loan amount is payable at the time of redemption during the fixed rate period. You will not be charged an early repayment charge for making overpayments, which are permitted up to 10% of the original mortgage advance per annum.
Mortgage repayment example
The following example is based on a £200,000 mortgage to be repaid over a 30 year term, with a Loan to Value ratio of 100%, with the product fee of £995 being paid upfront.
| 100% Mortgage – Two Year Fixed Rate example |
| Your mortgage amount would be £200,000. Your will initially be on a fixed rate of 6.09% for 2 years. You will then move onto our standard variable rate, currently 6%, for the remaining 28 years. It will require 24 monthly payments of £1,210.70, followed by 336 payments of £1,199.62. Your total amount payable would be £432,129.12, made up of the loan amount £200,000 plus interest £232,129.12. The overall cost for comparison is 6.3% APRC representative (the actual APRC will be illustrated on your personalised European Standardised Information Sheet). |
Three Year Fixed Rate
| Product | 100% Mortgage – Three Year Fixed Rate |
| Initial interest rate | 6.09% |
| Followed by Standard Variable Rate | 6.0% |
| The overall rate for comparison is | 6.3% APRC* |
| Product fee | £995 |
| Early Repayment Charge** | 3% |
| The initial interest rate will be fixed for three years from the advance of the loan. |
|
*APRC stands for the Annual Percentage Rate of Charge. It is an annual interest rate which takes account of fees and charges to reflect the total cost of your mortgage. The APRC allows you to easily compare quotes from different lenders.
**ERC of 3% of the outstanding loan amount is payable at the time of redemption during the fixed rate period. You will not be charged an early repayment charge for making overpayments, which are permitted up to 10% of the original mortgage advance per annum.
Mortgage repayment example
The following example is based on a £200,000 mortgage to be repaid over a 30 year term, with a Loan to Value ratio of 100%, with the product fee of £995 being paid upfront.
| 100% Mortgage – Three Year Fixed Rate example |
| Your mortgage amount would be £200,000. You will initially be on a fixed rate of 6.09% for 3 years. You will then move onto our standard variable rate, currently 6%, for the remaining 27 years. It will require 36 monthly payments of £1,210.70, followed by 324 payments of £1,199.88. The total amount payable would be £432,346.32, made up of the loan amount £200,000 plus interest £232,346.32. The overall cost for comparison is 6.3% APRC representative (the actual APRC will be illustrated on your personalised European Standardised Information Sheet). |
Understanding the APRC
The Mortgage Illustration includes an Annual Percentage Rate of Charge, usually called an ‘APRC’. This is an annual interest rate which takes account of fees and charges to reflect the total cost of your mortgage. Your Mortgage Illustration will detail the fees which are included in this calculation. An APRC is calculated using a standard method so it provides an effective way for you to compare quotes from different lenders.
- Costs to be paid on a one-off basis to No1 CopperPot: £995 mortgage fee
- The valuation cost is based on a basic mortgage valuation and will need to be met by you before any loan can be agreed and is non-refundable.
- The solicitor cost will form a part of the overall legal fee you will pay to your solicitor/conveyancer. Please note, this is based on an estimate and only covers part of the costs of the legal work that you may need to pay.
- Please note, this APRC is calculated using assumptions.
Slater House, Oakfield Road,
Cheadle Royal Business Park,
Cheshire, SK8 3GX
Cheadle Royal Business Park,
Cheshire, SK8 3GX
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Number One Police Credit Union Limited trading as No1 CopperPot Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number (FRN) 213301. For details visit http://www.fca.org.uk