- 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% (3.83% 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.
St. Raphael’s provides mortgage protection insurance on all house loans/mortgages to members. This is currently provided on a no cost basis to members.
St. Raphael’s mortgage protection insurance is a policy provided by a third party insurance company for and on behalf of St. Raphael’s Garda Credit Union Limited. It provides limited life cover on mortgages issued by St. Raphael’s subject to terms and conditions and exclusions of the policy. The cover is held by St. Raphael’s Garda Credit Union and not by you. It is a block policy rather than on an individual basis and therefore is NOT tailored to your needs. It remains your responsibility to ensure you have sufficient mortgage protection/life cover to meet your needs.
If you already have life cover and are considering moving your mortgage to St. Raphael’s, it is important that you get independent financial advice before cancelling any existing life cover you may have in place. The credit union cover will be provided free of charge even if you have additional cover, but it is important to be aware that it can be costly and difficult to get life cover as you get older. Therefore, it is not always advisable to cancel an existing policy.
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.
You can apply in a number of ways by talking to any one of our team of mortgage experts who will guide you through the application.
- By phone – call our offices on 0818 247 365
- Call in – to our offices at 1-2 Fox & Geese, Naas Road, Dublin 22 or to our office in Templemore
- Online – by emailing firstname.lastname@example.org
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.
All members over the age of 18 can apply for a loan with St. Raphael’s.
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.