Buying, Moving, Switching, Investing
At SDCU we have a Mortgage for you no matter where you are on your property journey.
- Buying your first home
- Moving Home
- Switching mortgage provider
- Buying a property for investment
Our residential mortgage variable rate is just 3.99%* (4.06% APR) and our competitive investor rate just 4.5%* (4.59% APR).
Our Mortgage experts are ready to talk to you today.
How to Apply
- Call 051 873 867 to talk to one of our mortgage experts
- Email firstname.lastname@example.org
- Pop into our Summerhill branch
- 90% LTV (Loan to value) for first time borrowers
- 80% LTV (Loan to value) for non-first time borrowers
- 70% LTV (Loan to value) Buy to Lets
- Loan to Income – 3.5 times gross annual income
About the Credit Union
St. Dominic Credit Union Limited is an independent, member owned financial institution regulated by the Central Bank of Ireland and registered with the Registry of Credit Unions under registration number CU128. The registered office of the Credit Union is Summerhill, Waterford.
In this document, ‘We’ or ‘Us’ or ‘the Credit Union’ refer to St. Dominic Credit Union Limited. ‘You’ or ‘the Borrower’ or ‘the Member’ refers to the person applying for mortgage credit.
Key Milestones in the Application Process
- Enquiry – whether you are ready to apply for a mortgage now, or are just looking for advice on how to save for a deposit, our staff are happy to sit down with you to talk you through the process.
- Application – we will provide you with an Application Pack together with a number of documents for you to fill in. Please pay attention to the checklist at the front of the Application Form as it will speed up the process if you bring all the necessary documentation with you.
- Approval in Principle – when you first enquire about a mortgage with the us, we will conduct a very basic assessment of the amount you could, in principle, borrow. This does not mean that we are offering to lend that amount but if you are looking to buy a home, it allows you to get started with house hunting.
- Underwriting – this is where we review and assess your application. We will look at all of the documents submitted and will also conduct other standard checks, like obtaining an independent valuation of the property and conducting credit history checks.
- Full Approval – once we have reviewed your application and are happy to proceed, a letter of offer will issue. This may contain a number of conditions and you should pay close attention to these as it will not be possible to draw down funds until those conditions are met. From here you should keep in close contact with your solicitor who will work with the Credit Union’s solicitor to ensure everything runs smoothly and the cheque can issue when it is required by you. Where you are purchasing a property, your solicitor will also liaise with the solicitor of the person selling the property. We will also provide you with a European Standard Information Sheet (ESIS) that will provide specific details regarding your mortgage.
The Mortgage Product
We offer a variable rate mortgage; this is where the rate charged may rise or fall over the lifetime of the loan. Any change to interest rates will be communicated to borrowers in writing and in good time before the change takes effect.
Mortgages are offered for the following purposes;
- First Time Borrower
- Moving Home
- Switching Mortgage Provider
- Buy to Let
Example of Cost of Mortgage
*Residential Mortgage example: If you borrowed €100,000 over 15 years at a rate of 3.99% (Annual Percentage Rate of Charge – 4.06%), the monthly repayment would be €739.20 and the total cost of credit would be €33,059.82
*Investor Mortgage example: : If you borrowed €100,000 over 15 years at a rate of 4.5% (Annual Percentage Rate of Charge – 4.59%), the monthly repayment would be €765.01 and the total cost of credit would be €37,705.98
In addition to the above costs, you will need to factor in the additional costs of insurances, an independent property valuation and legal fees. Your solicitor will advise you of the legal costs involved, including Property Registration Authority fees and Stamp Duty.
Maximum Loan Values
The Credit Union offers mortgages over a maximum term of 25 years.
The maximum Loan to Value (‘LTV’) is 80% for non first time buyers and 90% for first time buyers. This means that the total amount of credit offered can be no more than 80% or 90% of the value of the property as appearing in the independent property valuation.
The maximum Loan to Income (‘LTI’) is 3.5 times your gross basic annual income.
General Mortgage Conditions
The Credit Union makes the following stipulations for mortgages. This list is a guide only and a comprehensive list of conditions is contained in the ‘Mortgage Terms and Conditions’ document.
- The mortgage will be secured on the property being financed by way of first charge. We may seek additional security such as a guarantee, but if we do, this will be discussed with you in advance.
- We will accept weekly / fortnightly / monthly loan repayments.
- There is no charge for early repayment of a variable rate loan.
- If the property is your main home or ‘principle private residence’, you may be required to obtain Mortgage Protection Insurance to cover the full outstanding mortgage balance in the event of death. This policy must be assigned to the Credit Union. You can discuss these requirements with your Credit Union representative.
- The Credit Union requires buildings and contents insurance to be obtained for all mortgaged properties. This insurance must be maintained for the full duration of the mortgage.
- An independent valuation of the property is required for the Credit Union to assess the application. There is a set fee of €150 for this which must be paid by the Borrower. The Credit Union will arrange for the valuation to be carried out by a member of their panel of local property valuers.
The Credit Union will not consider applications in the following circumstances:
- Where the majority of the Borrower’s income is in a currency other than Euro.
- For Self-Build mortgages
Communicating with You
The Credit Union commits to at all times communicate with Members in an open, honest and transparent manner. We are obliged to fully assess your ability to repay so that you don’t take on borrowing that will put you under too much financial pressure. This will include stress testing your finances to calculate the impact of, for example, a reduction in salary or a rise in interest rates. If we are unable to offer you a mortgage we will communicate this to you as soon as possible, explaining the reasons why.
If you are not satisfied with the service you receive or have a complaint, you can contact us directly at email@example.com or call 051 873867. The complaint will be treated in strict confidence and if the matter is not resolved to your satisfaction within 40 business days we will provide you with a written response in accordance with our Grievance Policy. Should the matter not be resolved to your satisfaction utilising the Credit Union’s process, you have a right to contact the Financial Services Ombudsman:
|Financial Services Ombudsman’s Bureau,
3rd Floor Lincoln House,
|Lo Call||1890 882 090|
|Telephone||01 662 0899|
The Credit Union will gather data through our interactions with Members and will comply at all times with our obligations set out under the Data Protection Acts. We will seek your consent prior to using any personal data for the purposes of assessing a mortgage application. You have a right to receive a copy of your personal data held by the credit union following a written request and the payment of a nominal fee. Should there be any mistake or inaccuracies in your personal data, you have a right to have this corrected free of charge.
The Credit Union will always seek to assist Members who are in default or experiencing financial difficulty. If a Member is in difficulty repaying their mortgage they should contact the Credit Union as early as possible to discuss potential options. The Credit Union may, if necessary exercise our rights and remedies set out in the Mortgage Terms and Conditions.
|Warning: Your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it.|
|Warning: The payment rates on this housing loan may be adjusted by the lender from time to time.|
|Warning: The cost of your monthly repayments may increase|
|Warning: If you do not meet the repayments on your credit agreement, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.|
|Warning: Credit cannot be granted where the information provided is insufficient for the lender to fully assess your creditworthiness|