|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Our mortgage products can change or be withdrawn at any time and are subject to underwriting.
Buying a new home with the help of a family member?
If you’re hoping to get on to the property ladder and have a family member willing to help, our Family Assist Mortgage may be for you! With this product, the mortgage would be in your name, but your family member would also benefit as their cash deposit would be held securely in the Credit Union earning an annual dividend. Please note you and your family member must be members of the Credit Union or eligible to join.
The product allows your family members to act as a guarantor for the mortgage deposit, on your behalf. This mortgage is available with just a 5% cash deposit provided by your family member. They would be required to pledge the funds to the Credit Union in order to cover the guaranteed liability.
For example, if the property was £250,000, they could guarantee a minimum deposit of £12,500. These funds would be placed into the Credit Union’s Security Account, and access to the funds would become locked until you have repaid enough of the outstanding mortgage balance to cover the deposit. At this point, the secured funds would be released back to your family member as the guarantor.
Am I eligible?
- You and your family member must both be members of the Credit Union. Click here for more information on who can join
- You must be a UK resident
- You must be over 18
- You must currently be employed and have been for at least one year, or currently self employed and have been for at least two years
- The property you buy must be in the UK
- Not be planning to sub-let or rent out the property after you buy it
Please click here to read our pre-contractual information for this product.
Mortgages with your Credit Union
All mortgage applications are individually assessed by one of our in house Mortgage Advisers. Decisions are based on your ability to repay and not solely on your credit score. We don’t charge any application or arrangement fees on any of our mortgage products and you can repay your mortgage through payroll deduction (available in 28 forces) making mortgage repayments effortless.
When you begin the mortgage process with No1 CopperPot, we allocate a personal Mortgage Adviser to you, who will take you through the entire process from start to finish. 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.
|Product||Three Year Fixed Rate|
|Initial interest rate||5.50%|
|Followed by SVR||4.5%|
|The overall rate for comparison is||4.9% APRC*|
|Early Repayment Charge**||3%|
|The initial interest rate will be fixed for three years from the advance of the loan.|
*The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
**ERC of 3% of the outstanding loan amount is payable at the time of redemption during the fixed rate period.
|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|
*You can make over-payments on this mortgage throughout its term. Over-payments made within the first 3 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.
Applicants must be no more than 75 years of age at the end of the mortgage term.