Subject to FCA authorisation. No regulated activity will commence until permission is granted. CUSO entity operational from Q4 2026; regulated mortgage advice service anticipated H1 2027.
How it works
MyCUmortgage Ltd packages every part of the regulated second-charge mortgage journey on behalf of partner credit unions. The credit union is the lender of record. The loan sits on the credit union's balance sheet. The member relationship stays with the credit union.
1
A homeowner member of a partner credit union needs to borrow against equity in their home. The credit union refers the case to MyCUmortgage Ltd through a secure REST API or our published MCP server, with the member’s explicit data-sharing consent recorded.
2
When MyCUmortgage Ltd is authorised by the FCA, an authorised adviser conducts a full mortgage consultation, restricted to the credit union’s policy. We issue an ESIS and a suitability letter to the member. Until authorisation is granted, advice is not given; we collect information only.
3
The lending decision is made by the credit union against its own board-approved policy. The credit union remains lender of record. We do not make credit decisions on behalf of the credit union.
4
MyCUmortgage Ltd coordinates valuation, conveyancing, first-charge consent, and registration of the second charge at HM Land Registry. The completion funds are released directly by the credit union.
5
On completion, the loan transfers onto the credit union’s own book. The credit union services the loan and retains the member relationship for life. We provide a quarterly performance report and a packaged servicing toolkit.