|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 Our mortgage products can change or be withdrawn at any time and are subject to underwriting.|
The Family Assist Mortgage is designed to help members get on the property ladder with the help of their family member. This mortgage allows a relative to help a family member by guaranteeing their mortgage deposit and it is available with a minimum deposit of 10% (provided by a family member). The deposit funds are placed into the Credit Union to cover the guaranteed liability until the mortgage balance outstanding falls below 90% of the valuation of the property.
- You must be aged 18 or over, a UK resident and purchasing within the UK
- Mortgage applicant(s) and person providing the deposit must be members of the Credit Union
- Applicant(s) must be looking for a residential mortgage (we do not offer Buy to Let)
- Applicant(s) must currently be employed and have been for at least one year, or currently self employed and have been for at least two years
How it works
Please click here to read our pre-contractual information for this product.
|Product||Three Year Fixed Rate|
|Initial interest rate||6.3%|
|Followed by Standard Variable Rate (SVR)||5.5%|
|The overall rate for comparison is||5.9% 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 into 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.
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: £995.00 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.
Mortgage repayment example
The following example is based on a £200,000 mortgage to be repaid over a 30 year term and assumes that the product fee is paid upfront and not added to the mortgage. The initial fixed rate would be 6.3% for 3 years, then moving onto our Standard Variable Rate, currently at 5.5%, for the remaining 27 years. It would require 36 monthly payments of £1237.95, followed by 324 payments of £1142.23. The total amount payable would be £414,648.72, made up of the loan amount £200,000 plus interest £214,648.72. The overall cost for comparison is 5.9% APRC representative (the actual APRC will be illustrated on your personalised European Standardised Information Sheet).
The following example is based on a £200,995 mortgage to be repaid over a 30 year term and assumes that the product fee is added to the mortgage. The initial fixed rate would be 6.3% for 3 years, then moving onto our Standard Variable Rate, currently at 5.5%, for the remaining 27 years. It would require 36 monthly payments of £1244.11, followed by 324 payments of £1147.92. The total amount payable would be £416,714.04, made up of the loan amount £200,995 plus interest £215,719.04. The overall cost for comparison is 5.9% APRC representative (the actual APRC will be illustrated on your personalised European Standardised Information Sheet).
|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. 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 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.
You should think about the impact having a low or no deposit might have. It can mean that there is a higher risk of negative equity. You are in negative equity if you owe more on your mortgage than what your house is worth.
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. You can also see the tariff of fees from the surveyors typically used at the Credit Union by clicking 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.
Information for potential applicant(s)
This product allows your family member(s) to help with your mortgage deposit without gifting the funds. This mortgage is available with as little as a 10% cash deposit provided by your family member, but you are able to put funds towards this deposit too. Your family member would be required to pledge the funds to the Credit Union in order to cover the guaranteed liability.
Your family member can get their funds back when the equal sum has been repaid during the mortgage term, however they may get their funds back sooner. This is subject to a valuation being completed, as property prices can rise or fall over time.
Information for the helper
If you’re planning to support your child, grandchild or another family member in purchasing their home, then our Family Assist Mortgage could help. This mortgage is available from as little as a 10% cash deposit from yourself which would be pledged into the Credit Union in order to cover the guaranteed liability. The funds remain yours and you will earn an annual dividend on the funds pledged for this deposit.
Please be aware: If the borrower fails to make repayments on the mortgage we can call upon the guaranteed deposit, which becomes payable on demand. If we needed to repossess the property, you could lose some or all of the money if there is a shortfall between what we’re owed and the amount we sell the property for.
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 and help you proceed.
Alternatively, you can contact us at any time during our office hours on 0161 741 3160.