Looking for a place to call home?
Introducing our Home Loan Mortgage product to our valued members.
In 2018, credit unions were voted the most highly regarded organisation in Ireland in the Reptrak® Ireland study, so who better to talk to when making one of the most important decisions in your lifetime.
Don’t worry if you are not a member yet…..just get in touch with us and we will help you join.
||Private principle residences in Republic of Ireland.
||Includes First Time Buyers and Non-First Time Buyers, in full-time employment. Members must be over 18 and under 70, and have the ability to repay the loan.
A home loan where a loan made to a member secured by property for the purpose of enabling the member to;
- Improve or renovate a house on the property that is already used as their principal residence;
- buy a house that is already constructed on the property for use as their principal residence; or
- refinance a loan previously provided for one of the purposes specified above for the same purpose
|Loan to Income
||Maximum of 3.5 times gross earned income
||First legal charge
|Loan to Value (LTV)
||80% all other members (Non-FTB) – no exceptions
90% First Time Buyers (FTB) – no exceptions
||3.99% for non-First Time Buyers
4.19% for First Time Buyers
||Policy is in the (joint) name(s) with correct balance and term to cover home loan and assigned to Wexford Credit Union. Member is liable for this cost.
||Policy is in same borrower(s) name(s) as home loan account, for the re-instatement value as per valuation report, with Wexford Credit Union’s interest noted.
||Standard structural report from a Wexford Credit Union’s panel of approved auctioneers.
||Standard valuation report from a Wexford Credit Union’s panel of approved auctioneers. Paid by Wexford Credit Union.
||Payments must be made by direct debit monthly
Note that home loans for self-builds are not available.
A Home Loan of €100,000 for a First Time Buyer, at a rate of 4.19% (4.27% APR variable) over 20 years with 240 monthly instalments; costs €620.30 per month excluding insurance. The total amount to be repaid is €148,872.42. The additional cost per month of a 2% rise in the rate of interest of such a Home Loan is €107.
A Home Loan of €100,000 for a non-First Time Buyer, at a rate of 3.99% (4.06% APR variable) over 20 years with 240 monthly instalments; costs €609.15 per month excluding insurance. The total amount to be repaid is €146,195.18. The additional cost per month of a 2% rise in the rate of interest of such a Home Loan is €99.
WHAT WILL MY HOME LOAN REPAYMENTS BE?
Please see our home loan repayment calculator here.
The credit union will seek legal advice on all proposed transactions under this category.
In the event the credit union is defrauded, it reserves the right to pursue matters with the appropriate regulatory authority.
In the event the loan term extends past the consumer’s expected retirement age, the credit union will take appropriate account of the adequacy of the member’s likely income and ability to continue to meet obligations under the credit agreement in retirement.
It is the policy of the credit union to pursue defaulting members for repayment of outstanding home loans. The Board authorises the repossession of property that has been held as security against a housing loan after all appropriate resolution processes have been exhausted.
The Borrower is liable to pay the legal fees, costs and outlay (excluding costs associated with the Lender’s legal investigation of title for the purpose of the legal mortgage and charge) incurred in respect of the Loan.
So, what now?
If you would like to speak to our Home Loan officers, you can contact us in any of the following ways:
Call 053 912 3909 and ask to speak to a Home Loan officer
You can also download our Home Loan Checklist which sets out all the required documents you need to provide to make an application. Once you have the documents, you can make an appointment to meet a home loan officer. You can download our Employee Status Report.
If you are considering switching your current mortgage, then our “Six Steps to Mortgage Switching with WCU” will give more information on how that would work.
If you are a first-time buyer, don’t forget to check out if the Help to Buy Scheme is applicable to you.
You can find our Home Loan Variable Rate Policy Statement here.
Warning – This is a variable rate loan: The payment rates on this mortgage 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.