We want to make applying for your mortgage as stress free as possible by providing a friendly, efficient and reliable service. Every application is assigned to one of our experienced Mortgage Advisers who will personally assist you through the process, whether buying your first home or re-mortgaging. Our mortgages are exclusively available to our members.
|YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.|
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
*Cashback offer can be withdrawn at anytime.
How it works
This product allows you to plan ahead by knowing what your repayments will be for the next three years. By choosing a fixed-rate mortgage, you can be confident that for the fixed term your repayments will remain the same. This means that if interest rates go up, you know that your repayments won’t be affected. However, if interest rates drop, you could end up paying more. Therefore it is important to think about the amount of time that you would like your mortgage interest rate fixed for.
After these three years are complete you will be moved onto our Standard Variable Rate Mortgage. Our Mortgage Team are here to talk to you at any time during your mortgage, and will help to find something best suited for you.
|Product||Three Year Fixed Rate|
|Initial interest rate||4.25%|
|Followed by Standard Variable Rate||4.5%|
|The overall rate for comparison is||4.6% APRC*|
|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 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|
*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.
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 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 upon 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.
How to apply
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.