Mortgages

General Terms & Conditions

• Mortgage product interest rates are based on the loan to value and are variable.
• There is a one-off administration fee of £1,050 for any re-mortgage applications. This can be added to the loan or paid upfront. This is non-refundable.
• There is a one-off administration fee of £500 for any further advance applications. This fee can be added to the mortgage if applicable, or paid up front. This is non-refundable.
• The maximum loan available for our mortgage is 95% of the purchase price or valuation (whichever is lower), excluding the 100% LTV option for first-time buyers.
• Loans are available over terms of up to 35 years.
• You must be aged 18 or over to apply for a mortgage from Capital Credit Union.
• This mortgage is available for standard build only. A survey will be required confirming suitability for mortgage.
• The property must be valued for mortgage purposes. Capital will arrange this valuation. The fees can either be paid in advance or added to the loan.
• For re-mortgages, fees are applicable. Capital Credit Union will cover the costs of the valuation in the administration fees. This is subject to a maximum property value of £200,000. Valuations in excess of £200,000 will be at the expense of the member. If the application does not proceed after the valuation is carried out, the member will be liable and the valuation fee will be charged to the member.
• Early redemption charges apply for first two years only – £500 or 1% of loan value, whichever is lowest.
• Over payments can be made at any time without penalty.
• With this mortgage Capital Credit Union will take a first charge on the property.
• For your protection, life assurance, for the full amount of the loan is required. You are free to choose your own life assurance provider.
• For your protection, buildings and contents insurance for the property is required. You are free to choose your own insurance provider.
• For your protection, Mortgage Payment Protection insurance is highly recommended. You are free to choose your own insurance provider.
• For purchases, legal representation can be provided, Capital Credit Union can help you find a lawyer.
• For remortgages, the fees paid to Capital Credit Union will cover the legal fees. This covers standard conveyancing only. Anything over and above standard will be charged by the lawyer to the member.
• If for any reason the loan does not proceed, you will be liable for any legal fees incurred with this application.
• From April 24th 2014, Capital Credit Union issues advised sales through an Independent Financial Advisor.
• This mortgage is a regulated product. Capital Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our reference number is 213575.

100% Loan to Value Mortgage – Additional Terms & Conditions

The following criteria apply specifically to the 100% Loan to Value Mortgage product:

• This product carries it’s own one-off administration fee of £995. This cannot be added to the loan and must be paid upfront. This is non-refundable.
• To be eligible, the applicant must be a first-time buyer. For the purposes of this product, this means you must not have held a mortgage within the last 3 years. If applying jointly, both applicants must meet this requirement.
• Applicants must be aged 18 or over, a UK resident and a member of Capital Credit Union.
• Applicants must have a minimum of 2 years’ continuous permanent employment.
• Applicants must be able to demonstrate a rental payment history for a minimum of 12 months.
• Applicants must meet Capital Credit Union’s affordability and lending criteria.
• The mortgage must be used for a residential property only and cannot be used for buy-to-let purposes.
• Mortgage amounts available from £25,000 up to a maximum of £300,000.
• The maximum mortgage term is 35 years.
• Loan to value available up to 100%.
• Applications from self-employed applicants will not be accepted for this product.
• This mortgage cannot be used with affordable home ownership schemes such as Shared Ownership or Right to Buy.
• This mortgage cannot be used to purchase new build properties.