PRA · Feb 2026 · Live
PS5/26 — CUSO Framework
Credit unions may now formally invest in CUSOs for the first time, up to 7.5% of capital. The structural barrier blocking this model for decades is removed.
Founding partner invitation · May 2026
Capital that stays inside the credit‑union movement.
Built for credit unions, by credit unions, owned by credit unions.
MyCUmortgage Ltd is a Credit Union Service Organisation packaging FCA-regulated second-charge mortgages onto credit-union balance sheets. The credit union remains the lender of record. The member relationship stays with the credit union. Collectively, founding partners and their successors will own 51% of the CUSO — this is your sector's infrastructure to run.
£0bn
UK 2nd-charge market p.a.
0%
Sector growth 2025
£0.0k+
Typical member saving
0
Founding partner places
Cohort closes 31 July 202680 days remaining
Owned by the movement
Built for credit unions, by credit unions, owned by credit unions
Founding-partner credit unions take par-value equity at incorporation and a board NED seat. The founding cohort plus subsequent partners are intended collectively to hold 51% of the CUSO over time. The capital stays inside the movement.
Fully packaged, automated
End-to-end case packaging delivered to your underwriter’s desk
Faster than a high-street broker, lower cost to your member, fully prepared file: regulated advice, valuation, conveyancing, first-charge consent, fraud and AML checks, affordability narrative, recommendation letter — assembled by us, delivered as a single pack.
Aligned with the funding window
PRA PS5/26 · FCA Broker Market Review · Fair4All Transformation Fund
The regulatory window is open for credit unions to formally invest in a CUSO for the first time. We have applied to the Fair4All Finance Transformation Fund for a Phase 1 award, with ABCUL endorsement engaged.
Why now
Three regulatory shifts in twelve months. The window for founding partners is open.
FCA · Mar 2026
Broker Market Review
The FCA's review of the second-charge market identified failures on price and advice quality. Credit unions, member-first and Consumer Duty-aligned, are precisely the alternative the review calls for.
Government · 2026
Fair4All Finance — £30M Fund
CUSOs are a strategic priority within the Government's Transformation Fund. ABCUL's Go for Growth plan is explicitly aligned with this model. MyCUmortgage Ltd has applied to the Transformation Fund for a Phase 1 award.
How it works
From member enquiry to onward servicing, in five steps.
1
Member referral
Your credit union refers a homeowner member via REST API or our MCP server. Member consent for data sharing is captured at the point of referral.
2
Regulated advice
An FCA-authorised adviser at MyCUmortgage conducts a full consultation, restricted to your CU’s policy. ESIS and suitability letter issued.
3
Your CU decides
The lending decision is yours, against your board-approved policy. You remain lender of record at all times.
4
Completion
We coordinate valuation, conveyancing, first-charge consent, fraud / AML checks, and registration of the second charge at HM Land Registry.
5
Onward servicing
The loan transfers to your book on completion. You service it. The member relationship stays with you for life.
What you receive
A complete underwriter pack. Per case.
Every case lands on your underwriter's desk as a single, decision-ready file. No chasing brokers. No piecemeal documents. No surprises.
Credit file
TransUnion or Experian, on your chosen bureau, with adverse and footprint analysis.
Affordability narrative
Income and expenditure built from actual bank statements or Open Banking — not ONS averages.
Identity & AML
KYC, fraud cross-check, source of funds, audit trail.
Valuation & legal
Valuation, first-charge consent, conveyancing and HM Land Registry registration coordinated by us.
Recommendation letter
Drafted by the regulated adviser, tied to your CU’s underwriting policy, ready for your decision.
Debt-consolidation comfort
Where the loan consolidates existing debt, settlement is paid by the solicitor direct to each creditor — funds never reach the borrower’s account.
The impact
Two-fold. Commercial — and social.
Commercial benefit to the CU
Bigger lending out the door, on your balance sheet
At an indicative three deals per CU per month, the founding-partner network unlocks a step-change in average loan size and in deployed capital — with the credit union retaining the relationship, the interest income, and the regulatory accountability.
- Deals / CU / month
- 3
- Cases / CU / year
- 36
- Avg loan size
- £40,000
- Capital deployed / CU / yr
- £1.44m
Social impact · Fair4All-aligned
Member savings retained inside the movement
Each member borrowing through us saves c. £3,500 vs a high-street second-charge broker. Across 36 cases per CU per year, that's c. £126,000 of member savings annually — plus c. £100,000 of fee value retained inside the movement instead of flowing to commercial brokers. £200,000+ of impact per founding CU per year.
- Saving / member
- £3,500
- Annual member savings / CU
- £126,000
- Fee value retained in movement
- £100,000
- Total impact / CU / year
- £226,000
Indicative. Volumes and savings are model assumptions, not forecasts. See risk warning.
Founder & CEO
Paul Hancock
30+ years · Banking & Financial Services
Founder and CEO of MyCUmortgage Ltd. Former Chief Executive of Sheffield Credit Union, where he led growth and product expansion in financial inclusion. Three decades of practitioner experience in regulated UK lending, with leadership roles across Sheffield Credit Union, Friends Capital and the broader credit union sector.
MyCUmortgage is the CUSO Paul has built to bring second-charge mortgage capability into the credit union movement — institutionally regulated, member-first by design, and owned over time by the credit unions that lend through it.
Founding-partner places. Cohort closes 31 July 2026.
A 45-minute exploratory call with the founding team to walk through the proposition, review your membership profile, and model the revenue and impact opportunity specific to your credit union. There is no commitment at that stage.
Register your credit union’s interest