Are there any hidden costs to your mortgage products

We believe in transparency and fairness. When it comes to mortgage products, we want our members to fully understand the costs involved — with no hidden fees or unexpected charges.

Are There Hidden Costs?

No — there are no hidden costs included with our mortgage products. All applicable fees, charges, and interest rates are clearly outlined at the outset of your mortgage application, and we’re happy to explain any part of it before you proceed.

What Costs Should I Expect?

While there are no hidden charges, here are some standard costs you may encounter with a mortgage at Glasgow Credit Union:

1. Valuation or Survey Fees

• These may apply depending on the type of property and the mortgage product.
• We will let you know the cost upfront (if applicable).

2. Legal Fees

• You’ll need a solicitor to carry out the legal work (conveyancing).
• These fees are paid directly to your solicitor.

3. Early Repayment Charge (ERCs)

• If you repay your mortgage early or switch products during a fixed-rate period, you may incur an ERC.
• This is always disclosed in your Mortgage Illustration before you accept the offer.

4. Product Fees (if applicable)

• Some mortgage deals may come with a product fee, though many are fee-free.
• If there is a fee, it will be clearly stated in your mortgage offer.

5. Redemption Admin Fee

• If you decide to redeem your mortgage, you will incur a £125 administration fee.

What Glasgow Credit Union Does Not Charge For:

• No hidden administration charges
• No account maintenance fees
• No fee for our mortgage service
• No charge for making regular overpayments (within product limits)

Keeping You Informed

Before you commit, we provide you with:

• A Mortgage Illustration (ESIS) detailing all associated costs
• Access to a dedicated Mortgage Team to answer any questions
• Ongoing support throughout your mortgage term

Tip: Always Read Your Mortgage Offer

We will issue a formal mortgage offer before completion. This document includes:

• Interest rate and monthly payment details
• Term and repayment structure
• Any applicable fees or charges

Review this carefully — and don’t hesitate to ask questions if anything is unclear.