Can I change my mortgage rate

At Glasgow Credit Union, we understand that your circumstances and the financial market can change. That’s why we offer members the flexibility to review and change their mortgage rate, subject to eligibility and product availability.

What Does Changing Your Mortgage Rate Mean?

Changing your mortgage rate means switching from one mortgage deal to another, such as moving from a fixed rate to a variable rate or switching to a different fixed rate term.

Doing this can help you:

• Reduce your monthly repayments
• Gain more predictable payments (on a fixed rate)
• Take advantage of lower interest rates if available

When Can I Change My Rate?

You may be able to change your mortgage rate:

• At the end of your current mortgage deal (e.g. end of a fixed /variable term)
• If you've been on the Standard Variable Rate for 12 months on longer.
• In some cases, before the end of your deal, but this may incur early repayment charges (ERCs)

We will usually contact you before your current deal ends to let you know your options.

Eligibility to Switch

To be eligible to change your rate, you must:

• Be an existing mortgage member of Glasgow Credit Union
• Be up to date with your repayments
• Choose a product currently available to existing members

How Do I Request a Rate Change?

1. Contact the Mortgage Team
   You can get in touch by raising a support request
2. Review Available Rates
   A mortgage advisor will explain the options that suit your circumstances and any fees involved.
3. Apply for a Product Transfer
   If eligible, we will guide you through the switching process — no need for a full new mortgage application.

 Important Things to Consider

• Fees or Early Repayment Charges (ERCs) may apply if switching before your current deal ends.
• You may need to complete a product transfer agreement, but usually without legal or valuation costs.
• Changing rate does not mean borrowing more — it just alters the interest rate on your current balance.