What are Home Start Deposit Loans?
Home Start Deposit Loans are personal loans to East Kilbride Credit Union members who are looking to get on the property ladder in Scotland and, as first-time buyers, may find it difficult to save enough for their mortgage deposit. East Kilbride Credit Union will lend you up to 10% of the property value with the maximum loan being £10,000. These loans can be repaid over a period of ten years to ensure that you can manage your finances in the early years of your mortgage repayments.
How does it work?
You have to be a member of East Kilbride Credit Union and make a commitment to save a regular amount for six months before you can apply to borrow.
In order to start saving you will be required to sign a savings agreement to show your commitment to save with the credit union. If you break this agreement the Credit Union will not be able to advance this loan. Any monies already deposited can be withdrawn after six months or remain on deposit if you wish.
The more you save, the more we are prepared to lend. We have decided on the following amounts:
- Save £150 per month for 6 months and we will lend you up to £7,200.
- Save £175 per month for 6 months and we will lend you up to £8.400.
- Save £200 per month for 6 months and we will lend you up to £9,600.
- Save £225 per month for 6 months and we will lend you up to £10,000.
Your total monthly savings amount must come from a single bank account into the credit union once a month, every month for six months.
You can agree to save with a partner but you must agree to send one single standing order from one bank account to the credit union.
For further information please contact us and a member of staff will be happy to assist.
Download a copy of our leaflet here.