Help and support through your mortgage journey

We’ve created a list of our most frequently asked questions to help you understand our qualifying criteria, financial considerations, application process, and much more.

If you prefer, you can talk to one of our advisors on 0141 274 9933

Qualifying Criteria

Do I have to be a member of Glasgow Credit Union before I can apply for a mortgage?
Yes. We ask that you have joined the credit union and have your member number at the time of your mortgage appointment. Joining can be done online, over the phone or by completing a paper application form, and only takes a few minutes. If it is a joint mortgage application, then both applicants need to be members of the credit union.

Anyone who lives or works within a G postcode can join Glasgow Credit Union.
To apply for a mortgage, you need to be a UK or EU citizen, or hold Indefinite Leave to Remain (ILR).

Are there age restrictions on your mortgages?
Members aged 18 years and over can apply for our mortgages.  We require the mortgage to be repaid in full by the member’s 80th birthday.

How much can I apply for?
Individual applicants: 4 x gross salary
Joint applicants: 4 x combined gross salaries

What is the maximum term for a Glasgow Credit Union mortgage?
25 years.

What is the minimum/maximum mortgage that Glasgow Credit Union will lend?
£20,000 is the minimum, and £400,000 is the maximum mortgage amount we will lend.

I am on a temporary contract – can I apply for a mortgage?
No. Unfortunately, we are not able to offer mortgages to members on temporary or fixed-term contracts. Rolling contracts may be considered, depending on individual circumstances.

Income and Earnings

What documents do I need to provide to prove my earnings?
We ask for your last 2 month’s payslips and 2 month’s bank statements (required for both applicants if the mortgage is in joint names).

I am self-employed – what documents do I need to provide for proof of earnings?
We require 2 year’s SA302s or 2 year’s audited accounts.

Can you take overtime or bonus into account when assessing my mortgage application?
Contractual overtime and bonus’ can be considered. If your overtime/bonus is non-contractual and you wish it to be considered, we require you to provide 2 year’s P60s.

Can you take benefits into account when assessing my mortgage application?
Yes, but only if they are indefinite benefits, guaranteed to be paid throughout the duration of the mortgage (i.e. Working Tax Credits and Industrial Injuries Benefit). Short-term benefits or those that are can be re-assessed and withdrawn cannot be considered.

Can you take my pension into account when assessing my mortgage application?
Yes.

Debt Issues

I have had previous credit issues, does this mean that I can’t get a mortgage?
No. Speak to one of our mortgage advisers to discuss your individual circumstances.

I have signed a Trust Deed – can I still get a mortgage?
If you are currently in a Trust Deed, then you cannot apply for a mortgage. If you have been discharged for 12 months or more, then you may be eligible to apply (subject to our usual lending criteria). Speak to one of our mortgage advisers to discuss your individual circumstances.

I am in an IVA – can I still get a mortgage?
No, you would need to be discharged for 12 months.

Mortgage Application Process

Who can I apply for a joint mortgage with?
Anyone who meets our membership criteria.

How long does a mortgage appointment take?
Between 1 and 1.5 hours.

Is the amount of deposit based on the home value report or the actual purchase price?
Purchase price.

How much of a deposit will I need?
This will differ, depending on the value of the property you are buying and the type of mortgage you are applying for. Glasgow Credit Union offers 100% mortgages (t&c’s apply) so you may need no deposit. Speak to one of our mortgage advisers to discuss your individual circumstances.

Can I use a loan as my deposit?
You cannot use a Glasgow Credit Union loan as a deposit, but if you have a loan from elsewhere that you wish to use as a deposit then you will need to prove that you are able to repay the loan along with your other debt commitments at the same time as your mortgage payment.

Can you accept a deposit from my parents?
Yes.

Products

Can I use my Help to Buy ISA with a Glasgow Credit Union mortgage?
Glasgow Credit Union does not offer a Help to Buy ISA, but if you have one with another financial provider you can use your savings towards your deposit.

Do you offer Buy-to-Let mortgages?
No.

Do you offer mortgage payment holidays?
No.

Do you offer mortgages on properties out with the G postcode area?
Yes. Glasgow Credit Union can provide mortgages on properties anywhere in Scotland.

Can I make overpayments on my mortgage?
Yes:
Standard Variable Rate mortgage:            unlimited overpayments on your mortgage
Discounted Variable Rate mortgage:        maximum 10% of mortgage balance per year

Can I repay my mortgage early?
Yes, however early repayment charges may apply. Speak to one of our mortgages advisers to discuss your individual circumstances.

I have a mortgage on a property abroad – can I get another mortgage with Glasgow Credit Union?
Yes, if the property is in Scotland and will be used as your main residence.

Do you lend on non-traditional builds?
Some, subject to our surveyor’s advice. Speak to one of our mortgage advisers to discuss your individual circumstances.

How do I check if I am eligible for a shared equity mortgage?
There are several different types of shared equity mortgage available in conjunction with various housing partners. See the links below for further details of each of the schemes:

Are there property restrictions on the 100% mortgage?
Yes. A maximum property value of £125,000 and not available for new build properties.

For more information, contact our mortgage team on 0141 274 9933

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE