Home Start Deposit Loans
Are you are a first time buyer looking to get on the property ladder? Then our Home Start Deposit Loan is the perfect way to help you achieve that dream house.
The only requirement we have is that you are or become a member of East Kilbride Credit Union. You can choose to save on your own or with a partner. All we ask is that you save for a six month period and that the standing order comes in to us from one bank account. It really is as simple as that! Become a member, sign a savings agreement and make six monthly instalments.
Your Commitment: Members who are interested in saving for a home start deposit loan will agree with the credit union the amount they can afford to save every month. For example, if you can save £225.00 a month after six months you would have £1350.00. We expect the majority of applications will be in joint names and the minimum savings commitment would be £150.00 per month.
Our Commitment: If you saved £1350.00 in six months, we would agree to lend you up to £10000.00. This loan would be paid to your solicitor at the point you secure a mortgage. We would also introduce you to a financial advisor who would guide you through the mortgage application process.
Repayments: Repayments would be arranged to suit your circumstances with a maximum period of up to ten years. The credit union would require security in the form of a second charge on the mortgage.
Information: If this seems like something you want to find out more about then click here to download our Home Start Deposit information leaflet.