Glasgow Credit Union offers fixed and variable rate mortgage deals. Deciding which type of mortgage is right for you will depend on your needs and circumstances.

Here are the pros and cons of our fixed rate and variable rate mortgages.

FIXED RATE

Pros

  • During the fixed rate period, your rate and your monthly repayment are fixed, which means you’ll know exactly what the cost will be each month
  • If interest rates increase during your fixed rate period, you don’t need to worry as your rate and monthly repayment will stay the same
  • You can choose to overpay your mortgage, within agreed limits, without incurring early repayment charges
  • It’s a repayment mortgage, which means that the loan will be repaid in full over the term, assuming that you maintain your agreed repayments

Cons

  • If interest rates fall during your fixed rate period you won’t benefit from this as your repayment amount and rate will remain the same
  • You’re paying a fixed rate for an agreed period. During this time, market rates may increase meaning that rates and monthly repayment available to you may be higher when your current deal ends

VARIABLE RATE

Pros

  • Glasgow Credit Union’s Standard Variable Rate (SVR) is not linked to the Bank of England Base Rate, which means it is reviewed quarterly, and not monthly
  • If our SVR decreases your monthly repayment will decrease
  • You can choose to overpay your mortgage, within agreed limits, without incurring any early repayment charges.
  • It’s a repayment mortgage, which means that the loan will be repaid in full over the term, assuming that you maintain your agreed repayments

Cons

  • The rate is variable, so your monthly payments could increase if our SVR increases. This will increase the overall cost of your mortgage as you will pay more interest and your monthly repayment will be higher

The information on this page is for reference only and does not constitute financial advice. For impartial financial advice please visit the MoneyHelper website.

For more information on Glasgow Credit Union mortgages, 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

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Please check first that you are eligible to apply:

  • You are aged 18 or over
  • 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

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  • Your current employer's address details
  • Details of monthly income and outgoings
  • Bank or building society details (sort code and account number)

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