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Mortgages FAQ

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Can anyone apply for a mortgage from Capital Credit Union?
Anyone aged 18 or over who lives or works in Edinburgh, the Lothians, Scottish Borders, Falkirk, Clackmannanshire, Fife, Angus and Dundee can apply for a mortgage from Capital Credit Union.  As a condition of any approved loan, non-members will be required to become a member of Capital Credit Union and as such to meet and maintain minimum membership requirements in terms of savings.

Do you offer fixed rate mortgages?
At present we only offer our Variable Rate Mortgage Products.  We are currently reviewing our mortgage range with a view to introducing additional mortgage products soon.

Can a couple apply for a joint mortgage?
Currently, you can apply for a joint mortgage with us as a couple. However, both of you need to become members of Capital Credit Union.

What is the maximum loan to value you will lend up to?
For our current variable rate products, the maximum loan to value which we will currently consider is 95%* of the value or the purchase price.  The exception to this would be ‘right to buy’ purchases where we will consider lending 100% of the purchase price. 

How long can I take a mortgage over?
We offer flexible repayment terms of up to 25 years for our mortgages, or up to age 69.

How do you calculate interest on your mortgages?
We don’t front load interest on your mortgage.  Instead, interest on Capital Credit Union mortgages is calculated on a daily reducing balance basis.  As a result, with each repayment you make, the interest which has accrued since your last repayment is cleared and your mortgage balance reduces.  Interest will then be calculated on the reduced balance.  As your mortgage progresses, your outstanding balance will continue to reduce and you will therefore pay less interest.  We believe this to be the fairest way to charge interest.

What fees do you charge?
We charge a one–off administration fee for our variable rate mortgage products - this will bediscussed at your initial meeting with your IFA.  This can be added to the loan balance or paid upfront.  The fee is £500 for further advance or purchase applications and £999 for re-mortgage applications.

As secured loans, you may also incur valuation and legal fees when organising your mortgage.  We can provide further information on these during the mortgage process. 

Can I pay off my mortgage early?
Yes, our variable rate mortgage can be repaid in full at any time, but within the first two years there is a penalty of 1% or £500, whichever is lower.  You can also pay extra to reduce your outstanding mortgage balance at any time.

Do you accept applications from first time buyers?
Yes, first time buyers are welcome to apply for a mortgage and we will consider loans for up to 95% of the value of the property.  We also have a First Time Buyer Deposit Match Loan which may be of interest to first time buyers. 

I have a mortgage with you already. Can I apply for an unsecured loan?
Yes, you may submit an application for additional borrowing at any time.  Any additional loan requests will be subject to our normal lending criteria.

Do you have any insurance requirements?
Yes, for your protection, mortgage holders are required to obtain life assurance for the full value of the loan.  You are free to choose your own life assurance provider.  Buildings and contents insurance for the property is also required.  Again you are free to choose your own insurance provider.  We also highly recommend that you obtain Mortgage Payment Protection Insurance. 

*First time buyers only.

Important Information

Our mortgage products have limited availability and may be withdrawn at any time.

Early repayment charges apply. Any other charges and fees may apply.

Applications are subject to standard lending criteria and all loans are subject to status.

Your home may be repossessed if you do not keep up repayments on your mortgage.