Step 1: Work out your budget
Start with what you can comfortably afford each month. Consider your savings, income and regular spending, and allow for your deposit, legal fees, stamp duty and other buying costs.
First Time Buyer Mortgages
Your first home is an important step, and your Credit Union is here to help you make it.
Why a Credit Union mortgage
Why choose a Credit Union for your first mortgage?
Local people, local decisions
Your first home is a big step. Take it with your local Credit Union, where local people with local knowledge offer personal service that’s second to none. Borrow up to four times your income, up to 90% of your home’s value, with terms of up to 35 years available. Choose from fixed and variable rates, with a green discount for energy-efficient homes, all backed by flexible mortgage options built around you.
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No breakage fees
Your Credit Union can offer fixed rates with no break fees, so you won’t face a charge if you need to exit your fixed rate early.
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Unlimited overpayments
You can make unlimited penalty-free overpayments, giving you the freedom to pay down your mortgage faster whenever it suits you.
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Local credit decisions
Your local Credit Union assesses your application. Local people with local knowledge.
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Member owned, not profit driven
Putting your needs first, with value and service taking priority over profits.
Mortgage Calculator
Check your repayments & how much you can borrow
Start with the numbers. Explore estimated repayments, then talk through your mortgage options with your local Credit Union.
The Three Rates
Great fixed & variable rate options
Whether you’re looking for flexibility, a rate you can plan around, or an option for an energy-efficient home, explore the Credit Union mortgage rates available for your next step.
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5-year fixed green rate
A green fixed rate from your Credit Union rewards more energy-efficient homes with an even better-value mortgage rate.
3.65% APRC 3.85% (Annual Percentage Rate of Charge)
Find out more about the 5-year fixed green rate -
5-year fixed standard rate
Enjoy the certainty of a competitively priced fixed mortgage rate, with more flexibility.
3.95% APRC 4.05% (Annual Percentage Rate of Charge)
Find out more about the 5-year fixed standard rate -
Capped variable rate
All the flexibility of a variable interest rate with the added protection of a capped maximum interest rate for the first three years of your mortgage.
3.85% APRC 3.92% (Annual Percentage Rate of Charge)
Find out more about the Capped variable rate
The First Time Buyer Journey
Step by step guide to buying your first home
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Step 2: Get mortgage approval from your local Credit Union
Apply to your local Credit Union to find out how much you could borrow. When applying you’ll need documents showing your income, savings and financial commitments.
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Step 3: Find your first home
With your budget in mind, start viewing properties. Think about location, condition and energy efficiency, alongside the asking price. Choose a solicitor to handle the legal work.
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Step 4: Make an offer and go sale agreed
When you find the right home, make an offer through the estate agent. Once accepted, you’ll usually pay a booking deposit and the property goes sale agreed.
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Step 5: Complete your mortgage application
Give your Credit Union the property details and any updated documents needed. A lender’s valuation will be required. Arrange your own survey too, so you understand the property’s condition.
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Step 6: Receive your mortgage offer
Once your application and property are approved, you’ll receive a formal loan offer. Your solicitor will explain the documents, check the property’s title and guide you through signing the contracts.
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Step 7: Get ready to complete
Meet any outstanding mortgage conditions, arrange the insurance required by your lender and transfer the remaining money needed to your solicitor. Your solicitor will coordinate the closing arrangements.
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Step 8: Get your keys and move in
Your Credit Union releases the mortgage funds to your solicitor. Once the purchase completes, you collect your keys, and your first home is yours.
Member Stories
Members who’ve been through it
Behind every mortgage is a person or family with plans of their own. These are the stories of members finding their way forward with their local Credit Union.
Over 400 member mortgage stories
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We were renting in Palmerstown and really wanted to stay near family. Our Credit Union talked us through the mortgage without making it feel like a big mystery. Getting the keys to our own place still feels a bit mad!
Aisling & Eoin,Palmerstown Credit Union -
Buying our first place was exciting, but the mortgage side had us a bit lost. Helena at Arklow Credit Union took the time to talk it through, and we never felt rushed asking questions.
Ger & Elaine,Arklow Credit Union
FAQs
Common Questions
Got a question? Explore our FAQs for straightforward answers about Credit Union mortgages.
Who can qualify as a first time buyer?
For mortgage lending purposes, you’re generally a first-time buyer if you have never had a mortgage or other housing loan, either on your own or with someone else, in Ireland or abroad.
If you’re applying with another person, you must both meet the first-time buyer criteria.
You may also qualify under “fresh start” rules following divorce, separation, bankruptcy or insolvency, provided you no longer have an ownership interest in your previous property.
If you have inherited or been gifted a property, you may still qualify if you have never had a housing loan.
How much can I borrow?
First-time buyers can typically borrow up to 4 times their gross annual income, or joint income if there are two of you, and up to 90% of the property’s value. You’ll need the balance of the purchase price as a deposit, so if you borrow 90% you’ll need a 10% deposit. All lending is subject to affordability and lending criteria.
What rate types can I choose from?
Your mortgage advisor can explain the different rate types to you to help you choose what’s best for you. We offer fixed and variable rate options.
Variable rates can increase or decrease over time which means your repayment can go up or down.
Fixed rates stay the same over the fixed period, meaning your repayments don’t change during the fixed period either.
How long will it take to process my application?
[Answer to be confirmed by CU Mortgage Services.] Your local Credit Union will give you an indication of timings when you apply. Having your documents ready helps your application move faster.
How long will my Approval In Principle be valid for?
[Answer to be confirmed by CU Mortgage Services.] Your local Credit Union will confirm how long your Approval in Principle is valid for when it is issued.
Can I make additional payments and/or repay my loan early?
Yes. You can make unlimited penalty-free overpayments at any time. Credit Union fixed rates have no breakage fees, so you won’t face a charge if you need to exit your fixed rate early.
Can I avail of a deferred start option to my mortgage?
Yes. You can defer the start of your mortgage repayments for up to 6 months on any of our mortgage rates. The skipped repayments are spread out over the rest of the term so you still repay within the original term. The deferred start option is not available on Self Build mortgages.
What other expenses might I have to pay?
As well as your deposit, allow for legal fees, a lender’s valuation, your own survey, stamp duty and insurance such as home insurance and mortgage protection cover. If you are moving, also allow for selling costs and moving expenses.
