I’m hoping to buy my first home, what’s the biggest challenge I need to prepare for?
The biggest challenge our members are facing isn’t always getting mortgage approval. It’s finding a property to buy. There’s still a shortage of homes and apartments, and people are often being outbid.
That’s why we always encourage members to talk to us early. We can provide approval in principle, which gives you the confidence to view properties and speak with estate agents knowing exactly what you can afford and that your credit union is backing you.
How much can I actually borrow, is it really four times my salary?
The Central Bank of Ireland allows people to borrow up to four times their income in some cases, but at Core Credit Union we like to take a balanced approach. We’ll always encourage members to keep borrowing within about three times their salary, so you have enough room to live comfortably and deal with unexpected expenses.
We understand the pressure to borrow more when house prices are high, but it’s important to make sure repayments are manageable for the long term.
What do you look at when deciding if I can afford a mortgage?
We look at your overall financial picture. What your income is, yours savings and loans, your rent history, and how you manage your everyday spending.
If you’ve been paying high rent (say, around €2,000 a month) and your potential mortgage repayments would be lower than that, we’ll take that as a strong positive sign. We also look for things like consistency in payments and sensible financial habits.
And don’t worry, we understand that everyone spends money differently. Whether it’s a few coffees a day, going to the match, or weekends away, we focus on making sure your finances stay healthy, not judging how you spend.
What mortgage options does Core Credit Union offer?
We currently offer two mortgage types:
· A variable rate of 3.85%
· A fixed rate of 5%
That fixed rate might sound high at first, but it’s fixed for the life of the loan, that’s up to 35 years. So your repayments will never change, no matter what happens to interest rates. And because it’s a credit union loan, you can clear it early at any time without penalty.
Many members love the peace of mind that comes with knowing exactly what their repayment will be for the next three decades
I’m in my 60s, is that too old for a mortgage?
Not at all. We look at ability to repay, not age. We’ve approved mortgages for members in their late 60s and even early 70s. Often, they’re people with strong pension income who are downsizing or starting over after separation. As long as the repayments are affordable and sustainable, we’re happy to help.
How much savings do I need before I apply?
Ideally, we like to see members contributing around 30% of the property’s value from their own savings. That keeps your mortgage repayments lower and makes the loan more sustainable in the long run. But we know that not everyone can save that much, especially if they are renting. So we’ll also take your rent history and repayment track record into account. We look at the whole picture, not just one number.
I’m worried I’ll never get on the property ladder. Can you really help?
Please don’t write yourself off. We’ve helped many members who thought home ownership was out of reach and found a way to make it happen. We’ll sit down with you, go through your personal situation, and look for solutions. Our goal is to get you where you want to be not put barriers in the way We plan to lend over €12 million in mortgages in 2026, and our doors are open to anyone who wants to talk about their options.
Visit your local Core Credit Union branch or learn more at corecu.ie/mortgages
