Two Year Fixed Rate Mortgage
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.|
Helping you to buy your home
✓ No application or arrangement fees
✓ Personal Mortgage Adviser to take you through the process
✓ Mortgage interviews (Fact Finds) available whenever suits you, including evenings or weekends
✓ Mortgage calculator available online and simple to use
✓ Payroll deduction can be used for mortgages repayments (available in 28 forces)
How it works
This product allows you to plan ahead by knowing what your repayments will be for the next two 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 two 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||Initial interest rate||Followed by SVR||The overall rate for comparison is||Arrangement fee||Early Repayment Charge**|
|Two Year Fixed Rate||3.99%||4.5%||4.5% APRC*||None||3%|
|The initial interest rate will be fixed for two 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||Maximum mortgage term||Loan to Value (maximum)||Over-payment charge||Repaying your mortgage|
|£25,000 up to a maximum of £500,000||35 years||Up to 90%||None*||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 90% of the property worth (£180,000), and you would need at least £20,000 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 90%||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.