Credit Union Mortgage

A

ash26

Registered User
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Hi,
I am wondering if anyone has drawn down a mortgage from the credit union?

We have recently sold and made a nice profit so looking to borrow €150k for a property worth €400k, I work in the public sector and partner is self employed, we have one car loan with €16k owning.

When my credit check was done it showed up an old credit union (different one) that was restructured due to redundancy, I paid it off in 2018 and I got a letter from them confirming this to go with mortgage application.

We got aip from the credit union and application is now gone for full approval, do you think we have a hope? It is the same under writing criteria as the bank?
 
What mortgage rate have you been quoted?
Which Credit Union?

I checked a few and where they show their mortgage rate, they are very high.

Garda 3.25%
Public Service 3.5%
Progressive 3.56%
Aviate 4%
St Canice's 3 years fixed 2.9% -

www.creditunion.ie

For You. Not Profit. - The Irish League of Credit Unions

Credit Union
www.creditunion.ie www.creditunion.ie

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Brendan Burgess said:
What mortgage rate have you been quoted?
Which Credit Union?

I checked a few and where they show their mortgage rate, they are very high.

Garda 3.25%
Public Service 3.5%
Progressive 3.56%
Aviate 4%
St Canice's 3 years fixed 2.9% -

www.creditunion.ie

For You. Not Profit. - The Irish League of Credit Unions

Credit Union
www.creditunion.ie www.creditunion.ie

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Hi Brendan,

Thanks for your reply. It the 3.25% with the Garda credit union. I do have an application in with BOI also and it’s 2.9%.
 
Hi yes I got a mortgage from my local credit union. I bought a house in nov 2019. I am 50's so was looking for a mortgage until 65. I am civil service. The family home was repossessed by Bank of Scotland in 2013. My marriage broke up and I bought a small house. I had to raise 20%, which was 20,000 because of my bad credit record and i did that. My mortgage is 69,000 . The interest rate was higher in the credit union but no body else would touch me so I couldn't shop around. But I feel very lucky to have my own home today.
 
shalom said:
Hi yes I got a mortgage from my local credit union. I bought a house in nov 2019. I am 50's so was looking for a mortgage until 65. I am civil service. The family home was repossessed by Bank of Scotland in 2013. My marriage broke up and I bought a small house. I had to raise 20%, which was 20,000 because of my bad credit record and i did that. My mortgage is 69,000 . The interest rate was higher in the credit union but no body else would touch me so I couldn't shop around. But I feel very lucky to have my own home today.
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Thanks for the reply shalom, the reason I put in an application with the credit union as it was very straight forward. I didn’t know until they ran the credit report that there was an issue with my old loan as I had repaid it in full and earlier than agreed. Hopefully because the loan to value is low our application will be approved.
 
After reading a few posts here and looking at Brendan’s table I have an application in with Avant, they gave AIP and have accepted our documentation so hopefully will will get approval with them. I also have an application with the underwriters in BOI so I am really hoping one of the two will give us approval instead of using the credit union. Does anyone know if my credit report would have already been checked with either of these?
 
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