This mortgage is available to eligible renters, savers, first time buyers, and those looking to return to homeownership. You can buy a home without needing a deposit, borrow up to 100% of the property’s price, and choose a fixed rate for two or three years, so your monthly payments stay the same and make budgeting easier from the start.
Eligibility
Applicants must:
- Be 18 or over, a UK resident, and members of No1 CopperPot
- Have a minimum of 2 years’ continuous permanent employment
- Demonstrate a rental payment history, or a regular savings habit for a minimum of 6 months.
- Meet No1 CopperPot’s affordability checks and lending criteria
- Use the mortgage for a residential property only (not Buy to Let)
Any existing unsecured loans with No1 CopperPot will be considered when assessing eligibility.
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.Â
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.
100% Mortgages UK: What They Are and How to Get One
Saving for a deposit is often the hardest part of buying a home, especially with the rising cost of living and circumstances that can change over time. A 100% mortgage removes that barrier by letting you borrow the full value of a property, with no deposit needed.
What is a 100% mortgage?
A 100 percent mortgage lets you borrow the full value of a property, meaning you don’t need to provide a deposit. This could help you buy a home sooner if you can afford the monthly repayments but have not been able to save enough for a deposit.
It’s important to remember that a 100% mortgage doesn’t mean buying a home is completely cost-free. You’ll still need to budget for costs such as legal fees, valuation fees, Stamp Duty Land Tax where applicable, and any mortgage product fees.
Can you still get a 100% mortgage in the UK?
Yes, you can. 100 percent mortgage lenders have become less common over the years, but they haven’t disappeared. We’re proud to be one of a small number of lenders who offer this product exclusively to members of the police family.
Who’s eligible?
How lenders assess affordability
Our 100% mortgage is available to No1 CopperPot members who meet our eligibility and lending criteria.
To apply, you’ll need to:
- Be 18 or over, a UK resident and a member of No1 CopperPot
- Have at least two years of continuous, permanent employment
- Show a history of paying rent on time, or a regular savings habit over at least six months
- Meet our affordability checks and lending criteria
- Use the mortgage to buy a residential property that you’ll live in, rather than a Buy to Let property
During the application process, we’ll look at your circumstances as part of our affordability assessment, including your income, regular commitments, and existing credit. If you already have an unsecured loan with us, we’ll take this into account when assessing your application.
Pros and cons of a 100% mortgage
A 100% mortgage can make home ownership more achievable if saving a deposit is your biggest barrier. It’s important to understand both the benefits and risks before applying.
| 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. |
How No1 CopperPot can help the police family
High street banks answer to external shareholders. We answer to our members.
Founded in 1986 by a group of Greater Manchester Police officers, we exclusively serve the Police Family, including serving and retired officers, PCSOs, police staff and their eligible family members. We’re a member-owned credit union built on the principle of people helping people.
When members save with us, their savings help fund affordable loans and mortgages for other No1 CopperPot members, including 100% mortgages like this one. Our members also share in our success each year through the form in dividends payments, because they’re your profits, not ours.
Frequently asked questions
Can you/I get a 100% mortgage?
Providing you meet the eligibility and lending criteria , you may be able to apply for our 100% mortgage. Every application is assessed on its own merits, so the best way to find out is to speak directly to our mortgage team.
How do 100% mortgages work?
A 100% mortgage covers the full price of the property, meaning no deposit is needed to buy a property.
How do you get a 100% mortgage?
Our how to apply page explains the steps involved in applying with us.
To get started, email mortgages@no1copperpot.com or call us on 0161 741 3160 during office hours with:
- Your name and member number, if you’re already a No1 CopperPot member
- Whether you’re a first-time buyer, remortgaging or moving home
- An idea of how much you’d like to borrow and the property’s value
- Any additional questions you’d like to discuss with our mortgage team
We’ll then be able to explain the next steps and what information we’ll need from you.
Are 100% mortgages still available?
Yes, they are. Although 100% mortgages are less common than they once were, they are still available in the UK.
We offer a 100% mortgage to eligible members of the Police Family. As a credit union created for the Police Family, we’re proud to offer mortgage options designed around our members’ needs, helping make home ownership more accessible for those who may find saving a large deposit difficult.
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