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 Our mortgage products can change or be withdrawn at any time and are subject to underwriting.

This mortgage has no early repayment or over-payment fees. This allows you to repay your mortgage as fast as you wish, without being penalised to do so.

Our Standard Variable Rate Mortgage (SVR) is a managed interest rate which is set by us and is not directly linked to the Bank of England Base Rate. The rate on our SVR is variable, which means your mortgage rate can change and your payments could go up or down. These changes are influenced by a number of different factors, and may not happen at the same time as any change to the Bank of England Base Rate.

Current rate

The following rate is with effect from 1st October 2023.

ProductStandard Variable Rate
Interest rate6.0%

The interest rate is variable and therefore could increase or decrease during the term of your mortgage. 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.

The overall rate for comparison is6.2% APRC*
Product fee£595
Early Repayment ChargeNone

*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.

 


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.

  • 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 examples

The following examples are based on a £200,000 mortgage to be repaid over a 30 year term. The examples compare the difference between the cost of the product fee when paid upfront and when it’s added to the mortgage. Please note, the standard variable rate indicated below may not be the applicable interest rate for the full mortgage term.

Standard Variable Rate Mortgage (product fee paid upfront)Standard Variable Rate Mortgage (product fee added to mortgage)
  • Mortgage amount £200,000
  • Standard variable rate currently 6.0%
  • Would require 360 monthly payments of £1199.11
  • Total amount payable would be £431,679.60, made up of the loan amount £200,000 plus interest £231,679.60
  • The overall cost for comparison is 6.2% APRC representative (the actual APRC will be illustrated on your personalised European Standardised Information Sheet).
  • Mortgage amount £200,595
  • Standard variable rate currently 6.0%
  • Would require 360 monthly payments of £1202.67
  • Total amount payable would be £432,961.20, made up of the loan amount £200,995 plus interest £232,366.20.
  • The overall cost for comparison is 6.2% APRC representative (the actual APRC will be illustrated on your personalised European Standardised Information Sheet).

Key information

All applicants must be a member of No1 CopperPot Credit Union and aged 18 or over.  

Mortgage amount£25,000 up to a maximum of £500,000
Maximum mortgage term35 years
Loan to Value (maximum)Up to 90%
Over-payment charge     None
Repaying your mortgageYou 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.

 

Mortgages with your Credit Union

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.

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 90% of the property worth (£180,000), and you would need at least £20,000 as a mortgage deposit. 

Amount Borrowed£25,000 – £300,000Over £300,000 – £400,000Over £400,000 – £500,000
Loan to Value (maximum)Up to 90%Up to 80%Up to 70%