Police credit union joins the Council of Mortgage Lenders

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A police credit union has become the latest not for profit cooperative to join the Council of Mortgage Lenders. No1 CopperPot is one of four non-profit credit unions to run a mortgage business, joining supermarkets and overseas banks. The union has been offering mortgages to police officers and support staff for the last year and currently has £7m worth of mortgages on their books. The No1 CopperPot offers 26 police forces two mortgage rates that can be fixed for up to 25 years, providing they have at least a 10% deposit. The union even offers to take monthly repayment directly from their salary. Frank Corcoran, chief executive of No1 Copperpot, told the Financial Times: “People were really struggling to get mortgages, trying to get on to the property ladder. Others were coming to the end of fixed rate deals and were facing massive hikes in their repayments.” September 14, 2012
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