Looking for a place of your own? We will CU Home!
You can also download our Mortgage 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 mortgage officer. You can download our Employee Status Report.
Suppose you are considering switching your current mortgage. In that case, our “Six Steps to Mortgage Switching with WCU“ will explain how that would work. Remember to check if the Help to Buy Scheme applies to you if you are a first-time buyer.
You can find our Home Loan Variable Rate Policy Statement here. If you’re worried about arrears or potential arrears on your mortgage, please click here.
“What will be the amount of my mortgage payments?”
Please see our Mortgage Repayment Calendar.
A Mortgage of €100,000 at a rate of 3.99% (4.06% APR variable) over 20 years with 240 monthly installments costs €609.15 per month excluding Insurance. The total amount to be repaid is €146,195.18. The additional monthly cost of a 2% rise in the interest rate of such a Home Loan is €99.
Lending Criteria
Eligibility
Includes First Time Buyers and Non-First Time Buyers in full-time employment. Members must be over 18 and can repay the loan and complete the mortgage by the 70th birthday.
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 their principal residence;
- buy a house 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
- Self build
Loan to Income
4 times gross earned income for First Time Buyers, 3.5 times gross earned income for Non-First Time Buyers - no exceptions
Security
First legal charge
Loan to Value (LTV)
90% of all other members (Non-FTB) – no exceptions
90% First Time Buyers (FTB) – no exceptions
Loan to Value (LTV) Self Build
70% all other members (Non-FTB) – no exceptions
80% First Time Buyers (FTB) – no exceptions
Life Cover
The policy is in the (joint) name(s) with the correct balance and term to cover the home loan and assigned to Wexford Credit Union. Member is liable for this cost.
Home Insurance
The policy is in the same borrower(s) name(s) as the home loan account for the reinstatement value per the valuation report, with Wexford Credit Union's interest noted.
Structural Report
Standard structural report from Wexford Credit Union's panel of approved surveyors or another mutually agreed surveyor.
Property Valuation
A structural report will be required for all properties over 100 years old. Where the member has conducted their own structural report, they must submit a copy of this report to the credit union. Where the member has not conducted their own report the credit union will conduct their own if deemed necessary, but for all properties over 100 years old.
Repayments
Payments must be made by direct debit monthly