The Credit Union Mortgage Difference
How does a credit union mortgage work?
We have a variable or 2 fixed rate mortgage offerings for members; a 3 and a 5 year option.
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 3.15% (APR 3.49%)
5 year fixed rate is 3.45% (APR 3.54%)
Variable interest rate is 3.5% (3.56% APR Variable*)
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 €200,000, 35 year mortgage with a Variable Rate of 3.5% (3.56% APR variable) includes 420 monthly repayments of €826.58 per month, excluding insurance. The total cost of credit i.e. the total amount repayable less than the amount of the loan would be €147,126.95. The total amount repayable would be €347,126.95. The additional cost per month of a 1% rise in the rate of interest of such a mortgage is €119.93 and would be payable monthly.
With a variable rate loan: The payment rates on this home loan may be adjusted from time to time.
A €200,000, 35 year mortgage with a 3 Fixed Rate of 3.15% (APR 3.49%), includes 36 monthly fixed repayments of €786.54 and 384 variable repayments of €823.80, excluding insurance. If the interest rate does not vary (based on today’s equivalent variable rate of 3.5%) during the term of the mortgage, the total cost of credit i.e. the total amount repayable less than the amount of the loan would be €144,616.02 The total amount repayable would be €344,616.02. The effect of a 1% increase in the prevailing variable rate (3.50%) will add €122.71 to the 384 monthly variable repayments.
A €200,000, 35 year mortgage with a 5 Fixed Rate of 3.45% (APR 3.54%), includes 60 monthly fixed repayments of €820.80 and 360 variable repayments of €825.92, excluding insurance. If the interest rate does not vary (based on today’s equivalent variable rate of 3.5%) during the term of the mortgage, the total cost of credit i.e. the total amount repayable less than the amount of the loan would be €146,543.18 The total amount repayable would be €346,543.18 The effect of a 1% increase in the prevailing variable rate (3.50%) will add €120.59 to the 360 monthly variable repayments.
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.
