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Glasgow Credit Union unveils 95% LTV mortgage

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  • 10/06/2013
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Glasgow Credit Union unveils 95% LTV mortgage
Glasgow Credit Union has launched a 95% loan-to-value mortgage aimed at second-steppers in the Glasgow area.

The mortgage is a three-year fixed-rate with a rate of 5.25% and fees of £499. Members will also have access to discounted solicitor and survey fees.

Glasgow Credit Union chief executive June Walker said: ‘It is time to step in and help second steppers stuck in their first homes to move on. It all has a knock-on effect – giving a push to the entire mortgage market.’

Applicants must live or work in the G postcode area and commit to saving £10 a month with the union in order to become a member.

Last month, Mortgage Intelligence partnered with Cambridge Building Society to launch a 95% LTV product available on all properties located in the East of England.

And Melton Mowbray loosened criteria on its 95% LTV product in order to offer the product to a wider range of borrowers including first-time buyers.

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