All eligible Glasgow Credit Union members can apply for both a residential mortgage and an unsecured loan, provided they meet the relevant lending criteria for each. Here's what you need to know if you're considering applying for both.
We offer fixed and variable rate residential mortgages to members. These are loans are secured against a property for personal residential use.
Key Points:
- Loan value: £20,000 to £400,000
- Term: 1 to 30 years
- 100% mortgages available (specific limitations apply)
- Available to members only (you must join before submitting an application)
- Based on affordability and credit history
Glasgow Credit Union does not offer:
- Buy to Let mortgages
- Debt consolidation mortgages
- Mortgages where others already hold security on your property
Unsecured Loans
GCU also provides a range of unsecured loan products for eligible members.
Key Points:
- Borrow from £500 up to £25,000
- Terms range from 12 to 84 months
- Decisions are based on personalised underwriting, focusing on affordability and credit history with us and other lenders
Can I Have Both at the Same Time?
Yes — members can have a mortgage and a personal loan at the same time, subject to:
- Meeting affordability criteria for both products
- Maintaining good payment history
- Staying within overall borrowing limits set by our underwriting policies
If you already have one product and wish to apply for another, your existing commitments will be considered as part of the affordability assessment.
Savings and Security
All our loans are secured against your Member Savings Account. This means:
- A small portion of your savings (typically equal to one month’s loan repayment) must remain in your account while the loan is active.
- For Savings Secured Loans, your savings must exceed the outstanding balance.