- 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