3.85% Variable Rate Mortgage

Ireland’s first Capped Rate Variable Mortgage from the people you can trust

Borrow between €40K and €650K

Buying a property is a stressful time. What to buy (and where)? How much to bid (and when)?  When you’ve finally found what you’re looking for and you need a mortgage, you want to deal with a lender you can trust.

Ireland’s credit unions have launched a new,  standardised 3.85% variable mortgage which has an added benefit of a cap set at 4.4% for the first 3 years providing security against future interest rate increases. T&Cs apply.

Key features of the new Core Credit Union Mortgage


Variable Rate: The product has a variable rate of 3.85%.

Rate cap: The interest rate is capped at 4.4% for the first three years, meaning your repayments will not exceed this rate during that period.

Flexibility: It offers the flexibility of a variable rate, as the interest rate can go down, but with the security of the cap in place

A mortgage from Core Credit Union is unique in so many ways.

  • The security of a fixed rate with benefits usually associated with a variable rate.
  • No early repayment fees or charges.
  • Pay extra amounts or lumpsums off whenever you please.
  • As a member owned financial cooperative, local savings creates our funds for loans and mortgages.

Image link to click through to landing page focussing on our 5 percent variable mortgage.
Image link to click through to landing page focussing on our 5 percent variable mortgage.
Check out our 5% Fixed Rate here

Details:

  • Borrow between €40K and €650K
  • Assessed on 3 times gross income, outgoings and previous credit history.
  • Debt to Income – our guideline is 38%
  • Max finance is 70% of market value of the property (30% deposit is required)

Representative Example:

Variable rate mortgage, €200,000.00 over 20 years, Apr 3.92%, monthly repayments of €1196.21, total interest €87,078.58

If variable rate increased by 1% – monthly repayments would be €1303, total interest €112,814.85

Talk to Core Credit Union today

What you need:

 

Employment Requirements

Employees must be in permanent employment for more than 6 months and have successfully completed their probationary period

Self-Employed must be self-employed for a minimum of 2 years

 

Documents Required

Identification – Passport/Driver Licence and utility bill confirming address

Confirmation of balance of funds – e.g. Gift letter, saving account showing savings

Employees

3 Months up to date consecutive payslips 6 months bank statements of all bank accounts

 

Self-Employed

2 years set of financial accounts certified by accountant 6 months bank statements of all personal bank accounts
Confirmation of your tax position from your accountant 6 months bank statements of all business bank account
Tax Clearance Certificate Last 2 years Tax Returns i.e., Chapter 4 & Form 11.

Warning: If you do not keep up your repayments you may lose your home.

Warning: If you do not meet the repayments on your loan, your account will go into arrears.  This may affect your credit rating, which may limit your ability to access credit, a hire-purchase agreement, a consumer-hire agreement or a BNPL agreement in the future. 

Warning: You may have to pay charges if you pay off a fixed-rate loan early .

Core Credit Union does not apply any exit charge on early redemption or switching to a variable rate with the same term

Warning: The cost of your monthly repayments may increase.

For an appointment to speak to one of our Loan Officers please complete the contact form below or if you have any specific Mortgage query, please email members@corecu.ie or you can also call: 01 272 5600