| YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Our mortgage products can change or be withdrawn at any time and are subject to underwriting. |
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A fixed rate mortgage is a type of mortgage where the interest rate on your mortgage stays the same, for the duration of your deal. This means that if interest rates go up, your repayments won’t be affected. After your fixed rate period is complete, you will be moved onto our Standard Variable Rate Mortgage. At this stage you may have the option to remortgage or refix, if you desire to have another fixed rate product (subject to affordability).
| Product | Two Year Fixed Rate |
| Initial interest rate | 4.99% |
| Followed by Standard Variable Rate | 4.5% |
| The overall rate for comparison is | 4.7% APRC* |
| Application or Arrangement fee | None |
| Early Repayment Charge** | 3% |
| The initial interest rate will be fixed for two years from the advance of the loan. | |
| Product | Three Year Fixed Rate |
| Initial interest rate | 5.50% |
| Followed by Standard Variable Rate | 4.5% |
| The overall rate for comparison is | 4.9% APRC* |
| Arrangement fee | None |
| 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.
Mortgage repayment examples
The following examples are based on a £200,000 mortgage to be repaid over a 30 year term. The examples compare the difference between our two fixed rate products.
| Two Year Fixed Rate Mortgage | Three Year Fixed Rate Mortgage |
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Key information
All applicants must be a member of No1 CopperPot Credit Union and aged 18 years or above.
| Mortgage amount | £25,000 up to a maximum of £500,000 |
| Maximum mortgage term | 35 years |
| Loan to Value (maximum) | Up to 95% |
| Over-payment charge | None* |
| 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 within the first 2 years cannot exceed 10% of the original mortgage balance per annum from the date of completion. These over-payments would not be subject to the Early Repayment Charge.
Loan to Value Breakdown
The Loan to Value is the amount we will lend to you in relation to the amount the property is worth.
| Amount Borrowed | £25,000 – £300,000 | Over £300,000 – £400,000 | Over £400,000 – £500,000 |
| Loan to Value (maximum) | Up to 95% | Up to 80% | Up to 70% |
An example following the guidelines above, if you buy a house worth £200,000 we could lend you up to 95% of the property worth (£180,000), and you would need at least £10,000 as a mortgage deposit.
Mortgages with your Credit Union
Once your mortgage has been 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.
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.
We also have our full Tariff of Charges available on our website.
When you begin the mortgage process with No1 CopperPot, we dedicate a personal Mortgage Adviser to you, who will individually assess your mortgage application. Decisions are based on your ability to repay and not solely on your credit score. We deal with all mortgage applications in-house, so if you have any questions you can contact us and we will be happy to assist.
You can request a call back by clicking on the button below, this allows you to choose a suitable time and date for us to call you. Alternatively, you can contact us at any time during our office hours on 0161 741 3160.
