How Does It Work?
Capital Credit Union is here to support our members through this exciting time in their life and that’s why we have created prepared some FAQs on mortgages and our process.
Explaining What A Mortgage Is
A mortgage is typically for people who are looking to buy a property or carry out major renovations on their home. With Capital Credit Union, our minimum amount for a mortgage is €60,000 and our maximum amount is €400,000.
Mortgages must be for a Member’s Principal Private Residence, so the property you are buying must be the home you will live in. Capital Credit Union does not currently offer mortgages for self-builds, investments, or holiday homes.
The Most You Can Borrow
The Central Bank of Ireland sets that the maximum amount you can borrow towards your mortgage is 3.5 times your gross salary, so keep this in mind when using our Mortgage Calculator.
For example, someone on €50,000 can get a mortgage of €175,000 while a couple with a combined salary of €100,000 can get a mortgage of €350,000.
Importance of a Deposit
You will definitely need a deposit, and this varies on what mortgage product you want. Please see the different Loan To Values for each of our mortgage products.
Legal Fees & Security
You do need to be aware of legal fees that are a part of the mortgage process. Our dedicated Mortgage Officers will support you through this journey.
When borrowing such a large amount, like a mortgage, Capital Credit Union requires security, also known as the first legal charge on the property. This is common for all mortgages and is to protect Capital Credit Union.
Want To Apply?
Keep reading to see which of our great mortgage products suit you, it could be our:
- 1st Time Buyers Product
- Green Mortgage
- 5-Year Fixed Rate
Once you see which one you like, check our Mortgage Calculator, and submit an application
Enquire Online & We’ll Be In Touch
By using our Mortgage Calculator, you can get an idea of what your repayments look like. This Mortgage Calculator is for illustrative purposes only and our dedicated Mortgage Team will be in touch to talk to you about your application.