The Credit Union Mortgage Difference

How does a credit union mortgage work?

We have a variable or 2 fixed rate mortgage offerings for members.

The process for application, review and final lending/approval decision is completed locally so is very fast compared to anywhere else.

Credit union mortgages are provided for residential purchases.

A credit union mortgage is unique in many ways;

  • Every credit union is owned by its members, the people who save with it and borrow from it. A mortgage from a credit union is funded by the savings of other people within your community
  • All lending decisions are taken at local level, not in some remote head office.
  • Credit unions excel in personal service which they provide. For a record breaking seven years in a row, credit unions have been voted the best organisation for customer experience in the CXi Ireland report

So whether you are thinking about building or buying your first home, or switching your mortgage, talk to us today and find out how we can assist you.

You can borrow up to €350,000 with a max term of 35 years, with a fixed or variable rate mortgage.

Fixed rate mortgage rates.

3 year fixed rate is 2.9% (APR 3.66%)

5 year fixed rate is 2.95% (APR 3.76%)

Variable interest rate is 3.9% (3.97% APR Variable*)

*A variable rate mortgage of €200,000 at a rate of 3.9% (3.97% APR variable) over 25 years with 300 monthly installments costs €1,044.68 per month excluding insurance. The total amount to be repaid is €313,368.81. The additional cost per month of a 1% rise in the rate of interest of such a mortgage is €112.89 and would be payable monthly. Figures correct as at Feb 2022.

Minimum Mortgage: €30,000
Maximum Mortgage: €350,000
Minimum Term: 1 year & 1 day
Maximum Term: 35 years

  • Maximum loan to value: 90% for first time buyers.
  • Maximum loan to value: 80% for non first time buyers.
  • Maximum loan to income: 3.5 times (combined income where relevant)
  • Available on a Principal Private Residence only (PPR).
  • Properties in the Republic of Ireland only.
  • First Charge Security on the property is required.
  • You can switch the mortgage loan relating to your principal private residence in Ireland to us.
  • No Investment, Buy-to-Let or Self Build properties considered.
  • Insurances required.
  • Interest is charged on the reducing balance.
  • No Arrangement fees.
  • Mortgages available to over 18’s only.

Interested?

Send us a mortgage enquiry & we will contact you back when suits you best.

Download and print a Mortgage Application Form here.

If you’re not already a member, get in touch about becoming a member and we’ll take it from there.

You can borrow up to €350,000.

A typical mortgage of €200,000 at a rate of 3.9% (3.97% APR variable) over 25 years with 300 monthly installments; costs €1,044.68 per month excluding insurance. The total amount to be repaid is €313,404. The additional cost per month of a 1% rise in the rate of interest of such a mortgage is €112.89 and would be payable monthly.

With a variable rate loan: The payment rates on this home loan may be adjusted from time to time.

Warning – Your home is at risk if you do not keep up repayments on a mortgage or any other loan secured on it.

Warning – If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

Mortgage Arrears Resolution Process (MARP)

Financial Statement for use in the Mortgage Arrears Resolution Process

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