Credit Union Mortgages

A personal approach to mortgages

At Croí Laighean Credit Union, you are guaranteed that any mortgage application will be assessed by one of our experienced lenders. We don’t rely on algorithms and all mortgage applications are thoroughly assessed, and this allows us to make recommendations or offer advice to help you secure your mortgage.

We also look at your repayment ability with a common sense approach. For example, if you are paying rent, and you’re looking to buy a property to reside in, we would view your rental costs as repayment ability, not an expense because common sense dictates that you won’t be paying rent when you buy your home!

Mortgages calculated on reducing loan balance

Our mortgage payments are calculated on a reducing rate of interest. This means the amount of interest to be paid is calculated against the outstanding balance, rather than the original principal amount. This differs from a flat rate of interest where the interest remains the same for the duration of the loan, as it is always calculated against the original amount borrowed (principal).

Repayment Example:

A mortgage of €180,000 over a 30-year term would cost €966 per month at a variable rate of 5% (APR 5.12%). The cost of credit is €167,780 and the total amount repayable is €347,780.

While every care has been made in the production of this web page, the Credit Union, or any of its staff, cannot be held responsible for any omissions, errors, or other mistakes on the site. This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing.

Loan amounts and 99% approval rate is based on figures from 2020. Rates are correct as of 1/02/2022 and are subject to change. Croí Laighean Credit Union is regulated by the Central Bank of Ireland.

Frequently Asked Questions

How do you get a mortgage from the Credit Union?

Simply fill out a mortgage application form and one of our experienced advisors will contact you to discuss your application.

Is it better to get a mortgage from the Credit Union?

Naturally, we say yes, but here are the facts. As we are a not-for-profit, we distribute our profits to the local community. We do this through our sponsorship initiatives, community fund, bursary, and various other programmes. This means that you are directly contributing to the development of the local community, where you have purchased your home.

All mortgage applications are assessed by an experienced lender – not an algorithm. This means that we can offer advice to help you secure your mortgage. We also use a lot of common sense when assessing mortgage applications!

How much can someone borrow from a Credit Union Mortgage?

You can borrow between €50,000 and €300,000 – we can do larger mortgages so please talk to one of our mortgage advisors.

How long does it take to get a decision on a mortgage?

Mortgages are complex and it’s hard to determine a timeline as there are many moving parts, especially when there is a property chain involved. We will always work with our members to assist them in securing their mortgages in a timely manner.

Do you offer Mortgage Protection?

We work with Peopl insurance and offer mortgage protection underwritten by Royal London and Irish Life. Our Life Insurance packages are some of the best you’ll find, and we offer one of the longest terms available and one of the highest life cover terms – you’ll be hard-pressed to find a cheaper price. Click here to find out more >