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.