We have a range of mortgages to suit first time buyers.
Our mortgage team has helped hundreds of first time buyers in Glasgow get on to the property ladder. Your named mortgage adviser is here for you from your first enquiry through to getting your keys, and beyond.
We also offer mortgages in conjunction with a range of Scottish Government Shared Equity schemes, specifically tailored to help first time buyers into their own home.
All loans are subject to status and meeting our lending criteria, which will include a credit reference assessment.
Maximum loan to income is 4 x annual income (benefits can only be taken into consideration if they are payable for the full term of mortgage – evidence of this will be required). For non-contractual regular income such as bonuses or regular overtime, some of this income may be considered if proof available over a two-year period.
A higher lending charge may be applicable, depending on the amount you wish to borrow and the value/purchase price of your property. We charge 0.5% of the loan value for LTV between 85% and 90% and 1% of the loan value for LTV greater than 90%. The maximum you can borrow is 100% of the value or purchase price (whichever is lower) of your property.
An early repayment charge of 2% applies where a promotional rate product is repaid during the promotional rate period.
A redemption administration fee is payable when your mortgage is repaid in full, the current fee is £125.
A valuation fee may be payable, the fee noted in our illustration is an average, please contact the office to find out what the fee will be (if a fee is payable).
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Please check first that you are eligible to apply:
You are aged 18 or over
You have had an active Glasgow Credit Union membership for at least 3 months
You have a UK bank account in your own or joint names
You are a permanent UK resident
You have never been bankrupt or had a Court Decree
To complete your application you will need:
Your current employer's address details
Details of monthly income and outgoings
Bank or building society details (sort code and account number)
To enable us to make a decision on your loan application we will contact Credit Referencing & Fraud Prevention Agencies. This will register a search against your credit record and if your application is successful we will share the information we hold for you with these agencies. Further details are available in our Privacy Notice
It is important that you read the Privacy Notice document above. If there is anything that you do not understand, please contact us.
Please be aware that the longer you take to pay back a loan, the more you will pay back in interest. If you go for a shorter term your monthly repayment might go up, but you'll save in interest and pay back your loan faster.