Mortgages

3.75% variable

Current waitlist is approximately 160

New Waiting List for Mortgage Applications

Like all other credit unions, St. Raphael’s Garda Credit Union is subject to regulatory limits which restrict the amount of mortgages we can provide to our members.

In order to manage this limited supply as fairly as possible, we are introducing a waiting list for all mortgage applications.

Please complete the form to have your details added to the waiting list. You will receive an email shortly afterwards confirming that you have been added to the waiting list.

We will contact you in due course when we are in a position to accept a mortgage application from you. 

The waiting list does not constitute a mortgage application, an approval in principle, an offer or credit or any other obligation on our part to provide credit. 

Are you eligible to join the waiting list?

To be eligible to join our mortgage waiting list, at least one of the applicant’s must meet ALL of the criteria below:

  • Have been a member of St. Raphael’s Garda Credit Union for at least 12 months.
  • Have a well-established relationship with St. Raphael’s Garda Credit Union with a regular contribution to shares, budget account or loans.
  • Have a proven credit history with St. Raphael’s Garda Credit Union (if you have previously borrowed) and a clean repayment record, and/or have a regular savings record with St Raphael's.
  • Be in full-time, permanent employment.
  • Be able to satisfy the Central Bank of Ireland's Mortgage Measures around Loan-to Income and Loan-to-Value.
Join Waiting List

10 REASONS TO CHOOSE

ST. Raphael's Cu

FOR YOUR MORTGAGE

Personalised Service

You’ll have a dedicated mortgage expert guiding you along the process from start to finish.

Not for Profit

All of our profits are returned to our members.

No Gimmicks

We won’t confuse you with gimmicky discounts. We’re upfront about all our services.

Trust

We always keep your best interests at heart.

Less Volatile

We’re not reliant on external market conditions like banks, we’re funded by members’ savings

Flexibility

Choose between fortnightly, monthly or even weekly repayments.

Transparency

No hidden fees or charges. You won’t be charged anything extra if you decide to pay back early.

Convenience

Repay by payroll deductions or direct debit.

Fairness

All our members are treated the same.

Benefits

St. Raphael’s will pay for a property valuation fee

The Help to Buy (HTB) incentive is a scheme for first time buyers. It helps to fund the deposit required to buy or build a new house or apartment for residential use. It does not cover Investment Properties.

The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) that was paid in Ireland over the previous four years.

To claim you  must:

  • Be a first time Buyer
  • Buy or build a new property between 19/07/2016 and 31/12/2024 which is subject to VAT in Ireland and costs less than 500,000
  • Live in the property as your main home for five years after you buy or build it
  • Be tax compliant, if you are self-assessed for tax you must also have tax clearance
  • The mortgage/home loan must be at least 70% of the value of the property

How much can you Claim – The lesser of:

  • €20,000 (enhanced to €30,000) or 5% (enhanced to 10%) of the purchase price of a new home
  • The amount of Income Tax and DIRT you have paid in the four years before the purchase or self-build of the property

To qualify you must:

  • Not have previously bought or built a house or apartment, either on your own or jointly with any other person
  • If you are buying with another person, they also must be a first-time buyer
  • Have signed a contract to purchase the property after 01/01/2017
  • If you are self-building, you must have drawn down the first part of the mortgage on or after that date
  • The contractor you are purchasing from must be approved by Revenue

Read more about the Held to Buy Incentive on Revenue.ie

FAQ

  • To improve or renovate a house that you currently use as your family home.
  • To buy a new house that you plan to live in as your family home.
  • To clear a mortgage loan with another institution that was used for one of these purposes.

The mortgage cannot be used to finance the purchase of an investment property, to buy lands for development purposes, or for the purchase of a holiday home.

No, under Central Bank guildlines, a house loan can only be used to the 3 purposes set out above. 

The interest rate is 3.75% (3.82% APR) This is a variable rate of interest and therefore can change at any time. 

Yes, you can apply and we will give you an indicative amount that we can approve you for, subject to lending terms and conditions. However, you cannot drawdown any of the funds until you have formally selected a property and the legal process is nearing completion.

Yes, you must have mortgage protection insurance in order to take out a mortgage/house loan. 

Yes, you will have to have building insurance which covers you for loss or damage of the property due to fire, flood, subsidence, storms etc

Yes, the credit union will also require an independent valuation on your property. The credit union will instruct a valuer that is member of the Institute of Professional Auctioneers & Valuers and can meet the necessary standards as set out by The Central Bank. St. Raphael’s will cover the cost of one property valuation. 

A structural survey may also be required.

This can vary from application to application. 

 All applications are assessed on an affordability basis and you must be able to prove that you have capacity to repay the loan.

  • 3 up-to-date payslips. If you are self-employed you will need to provide 3 years of up-to-date audited or certified accounts.
  • 6 months’ up-to-date bank statements.
  • If you are switching your mortgage you will be asked to provide an up to date mortgage statement from your current mortgage provider.
  • Other documentation may be required. 

Stamp Duty – this is a 1% cost applied to all properties up to €1m and 2% over €1m. 

Legal and Solicitors Fees – Normally a 1% charge on the amount of the mortgage but this can vary depending on your appointed solicitor.

Home Insurance – Depending on the value you insure your property for and the reinstatement value of the home.

Life Cover/Mortgage protection insurance

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.

WARNING – If you do not keep up your repayments you may lose your home.

Warning: The cost of your monthly repayments may increase.

Other Information

Lending criteria, terms and conditions apply. Credit facilities are subject to repayment capacity and financial status and are not available to persons under 18 years of age. Security and Insurance are required. A typical €180,000 twenty-five year loan with a variable interest rate of 3.75% and 3.82% APR (Annual Percentage Rate), where the APR does not vary during the term, would have monthly repayments of €925.44 and the total cost of credit (the total amount repayable less the amount of the loan) would be €97,804.36. 

The content of this web-page does not constitute financial advice and is provided for general information purposes only.

3.82% APR (annual percentage rate)