| 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 Our mortgage products can change or be withdrawn at any time and are subject to underwriting.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
| Product | Standard Variable Rate |
| Interest rate | 5.5%
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 is | 5.7% APRC* |
| Product fee | £595 |
| 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.
Please note that the standard variable rate will be increasing to 6% on 1st October.
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.
- We do not charge any fees for this mortgage.
- 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) |
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Key information
All applicants must be a member of No1 CopperPot Credit Union and aged 18 or over. Â
| Mortgage amount | £25,000 up to a maximum of £500,000 |
| Maximum mortgage term | 35 years |
| Loan to Value (maximum) | Up to 90% |
| Over-payment charge   | None |
| 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. |
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. Â 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.Â
| 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% |
How to apply
When you begin the mortgage process with No1 CopperPot, we dedicate a personal Mortgage Adviser to you, who will individually assess your mortgage application. Decisions are based on your ability to repay and not solely on your credit score. 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.
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. Alternatively, you can contact us at any time during our office hours on 0161 741 3160.
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Slater House, Oakfield Road
Cheadle Royal Business Park
Cheadle, Cheshire
SK8 3GX
© 2023 No1 CopperPot Credit Union
