|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Our mortgage products can change or be withdrawn at any time and are subject to underwriting.
Are you looking to buy your first home, move home, or remortgage? We could help you. We are the only police credit union to be able to help their members buy their own homes – something that we are very proud of!
We offer up to 95% Loan to Value mortgages, in order to help members in a wide range of situations. As payroll deduction is available in many forces across England and Wales, this allows you to repay your mortgage direct from your wages too, making repaying simple and straightforward.
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.
When you begin the mortgage process with No1 Copperpot, we dedicate a personal Mortgage Adviser to you, who will take you through the entire process. We deal with all mortgage applications in-house, so if you have any questions you can contact us whenever suits you and we will be happy to assist.
Helping you to buy your home
✓ No application fees or arrangement fees
✓ A personal, in-house Mortgage Advisor to take you through the entire process
✓ Payroll deduction (in 28 forces) to make mortgage repayments effortless
✓ Our simple, free to use online Mortgage Calculator
How it works
This is our most flexible mortgage product in terms of early repayments and over-payments. Not only does this product have no arrangement fee, but it also has no early repayment or over-payment charges. This allows you to repay your mortgage as fast as you wish, without being penalised to do so.
The interest rate on this mortgage is variable. Reviews of the standard variable rate will take place every month. Any amendment to the interest rate following the review will apply from the first day of the following month.
|Product||Standard Variable Rate|
|The overall rate for comparison is||4.6% APRC*|
|Early Repayment Charge||None|
*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.
|Mortgage amount||£25,000 up to a maximum of £500,000|
|Maximum mortgage term||35 years|
|Loan to Value (maximum)||Up to 95%|
|Repaying your mortgage||You can repay through Payroll Deduction or Direct Debit|
All applicants must be a member of No1 CopperPot Credit Union and over 18 years of age. Applicants must be no more than 75 years of age at the end of the mortgage term.
Loan to Value Breakdown
This breakdown allows you to work out how much of a deposit you will need to go towards your mortgage, depending on the amount you wish to borrow. The Loan to Value is the percentage of the amount we will lend to you, in relation to the amount the property is worth.
An example following the guidelines below, 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.
|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%|
What you need to know
All mortgages are individually assessed by one of our Mortgage Advisers. This is based on your ability to repay and not solely on your credit score. 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.
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. When we get in contact we will arrange a mortgage telephone interview with one of our qualified Mortgage Advisers who will assess your circumstances in order to advise and make a suitable recommendation.
Alternatively, you can contact us at any time during our office hours on 0161 741 3160.