In May 2023, we launched our new mortgage product called the Members Flexible Mortgage. This offers the best of both worlds to our members. The loan repayments will be fixed for the term, so you have the security of knowing the repayment will not move up or down. Plus, you have the flexible option of being able to pay more off your mortgage at any stage to save money on interest and to reduce the term you will be paying it back, with no penalty. In fact, we encourage our members to do this and pay off their mortgage quicker.
We are open to applications for our Members Flexible Mortgages again, however, we have limited funds available. Mortgage applications will be dealt with on a first come, first served basis. We are working to free up more funds for mortgages in the early New Year. We are happy to take expressions of interest from members who would like to move their mortgage to the credit union.
Members of the credit union may apply for this mortgage where they are switching from another provider and need a maximum of 60% of the value of the house, or where you are moving home and require less than 60% of the value of the house your are moving too. If you are not currently a member of our credit union and you live or work in Lucan or Adamstown, and members of your household, may join our credit union. Ask us how you can join today on 0818 297 007 or visit our Membership page for more information.
The key features of our Members Flexible Mortgage
- Mortgage interest rate*: 3.95% (APR 4.02%) - fixed for the term - but you have the flexibility to pay more off the mortgage at any time with no penalty.
- Minimum mortgage available: €40,000
- Loan to value (LTV): 60%
- Maximum term: 20 years
- Available for: Principal private houses only (not available for apartments, self-builds, buy-to-lets, or commercial properties).
- A joint account will be required for a joint mortgage application. This can be opened separately to your individual credit union account.
- The credit union will give a €1,000 contribution towards your legal costs following drawdown of the mortgage.
*The mortgage interest rate will be fixed and is not subject to changes in the ECB rates. This will provide you with certainty of your monthly repayments.
Pay extra - Pay off early - Save money
The real beauty of this product is that you can pay extra off the mortgage when you have it to save money on interest and to pay the loan down more quickly, without penalty. In fact, we encourage you to do this. You can pay more than your agreed repayment, pay regular extra amounts when available, or pay lump sums to bring down the balance.
What will the credit union need to provide this mortgage?
- The credit union will require the first legal charge over your property so you will need to engage a solicitor. You will be responsible for your own solicitor fees. We would advise that you agree the fee in advance with your solicitor, to ensure there are no surprises at the end of the process.
- We will require a professional valuation of the property, which you must pay for. We will provide you with more details as we progress with the mortgage application. Where the valuer indicates that a survey may be required, we will consult with you first, but you will be responsible for paying the survey fee.
- Members must be 65 years or younger at the end of the mortgage term.
- The interest of Lucan District Credit Union Ltd. must be noted on your home insurance policy.
- Your life assurance/mortgage protection policy must be assigned to Lucan District Credit Union Ltd. Where you currently don't have a mortgage protection policy in place or where you would like a quote, we can now provide this in-house.
What is the mortgage application process?
As there is a requirement for us to take the first legal charge over the property, there is a legal process to go through. However, we have tried to streamline this process and keep it as simple as possible.
- Complete a mortgage application form available from the Finnstown office or at the link below. We do not require any documents at this stage as we need to ensure that your application meets both our criteria and the Central Bank guidelines.
- If the mortgage application meets the criteria, we will issue a letter of Approval in Principle and a list of required documents. This does not mean that the loan has been approved, this only means that the application meets our criteria and we are happy to proceed.
- Only on receipt of all of the required documentation, will the application be forwarded for underwriting.
- If approved, we will issue you with a Letter of Offer and send the mortgage pack to your solicitor.
- The mortgage can be drawn down by your solicitor when all of the required documents have been signed and returned to us. Your solicitor will settle any outstanding balance with your existing provider as part of the process.
Loan Calculator
Maximum Loan Term :
4.02%
4.02%
4.02%
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
Representative Example
Members Flexible Mortgage
Loan Amount€40,000 | Loan Term20 years | Rate of Interest - APR4.02% |
Weekly Repayment€56 | Total Interest€17,799 | Total Cost of Credit€57,799 |
Not a Member?
Joining the Credit Union is the best decision you could take for your money. Lucan District Credit Union currently has over 16,500 active members and is growing. New members are always welcome.
