Core Credit Union Variable Rate Mortgages: Flexible Home Loans Tailored to You

Variable-rate mortgages built for flexibility

Core Credit Union introduces Ireland’s first Capped Rate Variable Mortgage, offering a standard 3.85% variable rate with a cap of 4.4% for the first three years, giving you security against rising interest rates. Borrow between €40,000 and €650,000, with flexible repayment options and no early repayment fees. Backed by your local credit union, this mortgage combines the benefits of a variable rate with the confidence of a capped rate, making it easier to plan for the future while enjoying the freedom to pay extra whenever you like.

3.85% Variable Rate Mortgage

Ireland’s Newest 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.

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)

Talk to Core Credit Union today

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 accounts
  • Tax Clearance Certificate
  • Last 2 years Tax Returns i.e., Chapter 4 & Form 11

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

Warning: The cost of your monthly repayments may increase.

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