Mortgage calculator
Use this to find out how much a mortgage with us could cost you.
Use our calculator| Your home may be repossessed if you do not keep up repayments on your mortgage. Mortgages are secured on your home. Our mortgage products can change or be withdrawn at any time and are subject to underwriting. |
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).
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 90% |
| 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 fixed period 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.
Mortgage rates and repayments
| Product | Two Year Fixed Rate (Over 60% LTV) | Two Year Fixed Rate (Up to 60% LTV) |
| Initial interest rate | 6.5% | 5.6% |
| Followed by Standard Variable Rate | 6.0% | 6.0% |
| The overall rate for comparison is | 6.3% APRC* | 6.2% APRC* |
| Product fee | £995 | £995 |
| Early Repayment Charge** | 3% | 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 examples
The following example is based on a £200,000 mortgage to be repaid over a 30 year term, with a Loan to Value over 60%. The example compares the difference between the costs of the product fee paid upfront and when it’s added to the mortgage.
| Two Year Fixed Rate Mortgage (product fee paid upfront) |
| Your mortgage amount would be £200,000. Your will initially be on a fixed rate of 6.5% for 2 years. You will then move onto our standard variable rate, currently 6.3%, for the remaining 28 years. It will require 24 monthly payments of £1264.14, followed by 336 payments of £1201.83. Your total amount payable would be £434,154.24, made up of the loan amount £200,000 plus interest £234,154.24. The overall cost for comparison is 6.3% APRC representative (the actual APRC will be illustrated on your personalised European Standardised Information Sheet). |
| Two Year Fixed Rate Mortgage (product fee added to mortgage) |
| Your mortgage amount would be £200,995. You will initially be on a fixed rate of 6.5% for 2 years. You will then move onto our standard variable rate, currently 6.3%, for the remaining 28 years. It will require 24 monthly payments of £1270.43, followed by 336 payments of £1207.81. The total amount payable would be £436,314.48, made up of the loan amount £200,995 plus interest £235,319.48. 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 | Three Year Fixed Rate (Over 60% LTV | Three Year Fixed Rate (Up to 60% LTV) |
| Initial interest rate | 6.3% | 5.6% |
| Followed by Standard Variable Rate | 6.0% | 6.0% |
| The overall rate for comparison is | 6.3% APRC* | 6.1% APRC* |
| Product fee | £995 | £995 |
| Early Repayment Charge** | 3% | 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 examples
The following example is based on a £200,000 mortgage to be repaid over a 30 year term. The example compares the difference between the costs of the product fee paid upfront and when it’s added to the mortgage.
| Three Year Fixed Rate Mortgage (product fee paid upfront) |
| Your mortgage amount would be £200,000. You will initially be on a fixed rate of 6.3% for 3 years. You will then move onto our standard variable rate, currently 6.3%, for the remaining 27 years. It will require 36 monthly payments of £1244.11, followed by 324 payments of £1207.62. The total amount payable would be £436,056.84, made up of the loan amount £200,000 plus interest £235,061.84. 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 Mortgage (product fee added to mortgage) |
| Your mortgage amount would be £200,995. You will initially be on a fixed rate of 6.3% for 3 years. You will then move onto our standard variable rate, currently 6.3%, for the remaining 27 years. It will require 36 monthly payments of £1244.11, followed by 324 payments of £1207.62. The total amount payable would be £436,056.84, made up of the loan amount £200,995 plus interest £235,061.84. The overall cost for comparison is 6.3% APRC representative (the actual APRC will be illustrated on your personalised European Standardised Information Sheet). |
*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 examples
The following example is based on a £200,000 mortgage to be repaid over a 30 year term, with a Loan to Value up to 60%. The example compares the difference between the costs of the product fee paid upfront and when it’s added to the mortgage.
| Two Year Fixed Rate Mortgage (product fee paid upfront) | Two Year Fixed Rate Mortgage (product fee added to the loan) |
| Your mortgage amount would be £200,000. You would initially be on a fixed rate of 5.6% for 2 years, then move onto our standard variable rate, currently 6.0%, for the remaining 28 years. It will require 24 monthly payments of £1148.16, followed by 336 payments of £1196.78. Your total amount payable would be £429,673.92, made up of the loan amount £200,000 plus interest £229,673.92. The overall cost for comparison is 6.2% APRC representative (the actual APRC will be illustrated on your personalised European Standardised Information Sheet). | Your mortgage amount would be £200,995. You would initially be on a fixed rate of 5.6% for 2 years. You will then move onto our standard variable rate, currently 6.0%, for the remaining 28 years. It will require 24 monthly payments of £1153.88, followed by 336 payments of £1202.73. Your total amount payable would be £431,810.40, made up of the loan amount £200,995 plus interest £230,815.40. The overall cost for comparison is 6.2% APRC representative (the actual APRC will be illustrated on your personalised European Standardised Information Sheet). |
| Three Year Fixed Rate Mortgage (product fee paid upfront) | Three Year Fixed Rate Mortgage (product fee added to the loan) |
| Your mortgage amount would be £200,000. You would initially be on a fixed rate of 5.6% for 3 years, then move onto our standard variable rate, currently 6.0%, for the remaining 27 years. It will require 36 monthly payments of £1148.16, followed by 336 payments of £1195.57. Your total amount payable would be £428,698.44, made up of the loan amount £200,000 plus interest £228,698.44. The overall cost for comparison is 6.1% APRC representative (the actual APRC will be illustrated on your personalised European Standardised Information Sheet). | Your mortgage amount would be £200,995. You would initially be on a fixed rate of 5.6% for 3 years. You will then move onto our standard variable rate, currently 6.0%, for the remaining 27 years. It will require 36 monthly payments of £1153.88, followed by 336 payments of £1201.51. Your total amount payable would be £430,828.92, made up of the loan amount £200,995 plus interest £229,833.92. The overall cost for comparison is 6.1% 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.
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 90% | 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 90% of the property worth (£180,000), and you would need at least £20,000 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. 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.Â
We also have our full Tariff of Charges available on our website.
Slater House, Oakfield Road
Cheadle Royal Business Park
Cheadle, 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
