Credit Union Mortgages

A Personal Approach To Mortgages

Our experienced lenders personally assess every mortgage application – no algorithms, no cold calculations. We take the time to review your full application carefully so we can offer advice and recommendations that help you secure your mortgage.

We also use a common-sense approach when looking at your repayment ability. For example, if you’re paying rent and plan to buy a home to live in, we treat your rent as proof that you can handle mortgage repayments – not as an expense. After all, once you own your home, you won’t be paying rent anymore!

Mortgages Calculated On Reducing Loan Balance

We calculate our mortgage payments using a reducing rate of interest. That means we base your interest on the balance you still owe — not the amount you originally borrowed.

This approach is fairer and more affordable because your interest costs decrease as you repay your mortgage. Unlike a flat-rate loan, where interest stays the same for the full term, our reducing balance method ensures you only pay interest on what’s left to pay — saving you money in the long run.

Types Of Mortgages We Offer

We offer a full suite of residential mortgage products designed to support you at every stage of home ownership.

First-Time Buyer Mortgages

Your first home is a huge milestone — and we guide you through each step with clear, honest advice. With mortgage rates from 3.75%, no loan-to-value penalties, and decisions made by real people (not algorithms), first-time buyers benefit from a fair, transparent process and expert local guidance.

Next-Home Mortgages (Non-First-Time Buyers)

Not a first-time buyer? No problem. Whether you’re upsizing, downsizing, or simply moving to your next chapter, we offer standard residential mortgages with the same great rates, flexible terms, and member-focused approach. You can borrow up to €650,000 for your new home, and our team will work with you to assess your repayment capacity and help you secure the mortgage that suits your needs.

Mortgage Switchers

If you’re paying more than you need to, switching could save thousands. With competitive rates, local decision-making, and a simple switching process, many homeowners move their mortgage to us for better long-term value and a fairer borrowing experience.

Self-Build Mortgages

Building your own home? We proudly support self-builders with flexible staged drawdowns, competitive rates starting from 3.95%, and the option to use a gifted site as your deposit (or part of it). Our local lenders understand the self-build journey and provide personalised support at each stage.

The CLCU Mortgage Application Process (Simple Step-by-Step Guide)

Here’s our clear, transparent timeline from first enquiry to getting your keys.

Step 1: Initial Enquiry – Speak with one of our mortgage advisors online, by phone, or in your local branch. We’ll explain what you qualify for and answer any questions before you apply.

Step 2: Submit Your Application – You will complete a mortgage application form and provide supporting documents (see the full checklist below).

Step 3: Affordability & Underwriting Review – One of our experienced lenders (a real person) reviews your full financial profile — we never use automated scorecards. We assess: income, repayment capacity, current rent (counted in your favour), existing commitments, savings patterns and overall financial sustainability.

Step 4: Approval in Principle (AIP) – You’ll receive a written confirmation of the amount we can lend you. This allows you to start house-hunting with confidence.

Step 5: Property Valuation – A qualified valuer assesses the property for security purposes.

Step 6: Formal Loan Offer – If everything checks out, we issue a formal Loan Offer for you (and your solicitor) to review.

Step 7: Legal Process – Your solicitor manages the conveyancing and ensures all legal requirements are met.

Step 8: Drawdown – Once the legal work is complete, your mortgage funds are released and you get the keys to your new home.

Eligibility & Documentation Checklist

To be eligible for a Credit Union Mortgage, you must be 18 or older, be (or become) a member of CLCU and be purchasing or building a principal private residence.

Documents Typically Required

The exact requirements may vary depending on applicant type, but here are the typical document requirements:

If you’re employed:
• 3–6 months’ payslips
• 6 months’ bank statements
• Employment Verification (Salary Cert)
• ID & Proof of Address
• Credit report, if applicable (Irish Credit Register is checked automatically)

If you’re self-employed:
• 2 years’ accounts
• Tax returns & Notice of Assessment
• 6 months’ business and personal bank statements
• Accountant’s details
• ID & Proof of Address

If you’re switching:
• Statement of current mortgage
• Up-to-date balance & interest rate
• 12 months’ mortgage repayment history

If you’re self-building:
• Detailed costings / QS report
• Planning permission documentation
• Site map & proof of site ownership or gift
• Build schedule for stage payments

Other Costs To Consider When Looking For A Mortgage Loan

Many buyers are unsure of non-mortgage fees. Here’s a clear breakdown:
• Valuation fee (typically €150–€250)
• Solicitor/conveyancing fees
• Stamp duty (1% on first €1M for residential property)
• Surveyor report (optional but recommended)
• Broker fees (none with CLCU — we don’t charge these)

Frequently Asked Questions

How do you get a mortgage from the Credit Union?

Simply fill out a mortgage application form and one of our experienced advisors will contact you to discuss your application.

What deposit do I need?

Typically 10% for first-time buyers, 20% for movers. Site value may contribute towards the deposit for self-builds.

Is the 3.75% rate fixed or variable?

We currently offer 5-year fixed rates from 3.75% and variable rates from 4.25%.

What makes Croí Laighean Credit Union Mortgage Rates stand out?

Our mortgage rates start from as low as 3.75%, ensuring that you get a great deal on your home financing. You can borrow up to €650,000 and unlike many other lenders, we do not impose penalties based on your loan-to-value ratio. Our Mortgage Rates stand out for their competitiveness, flexibility, fairness, community impact, and ethical approach to lending.

Do you offer self-build mortgages?

Yes! We are delighted to assist self-builders and we have some very competitive rates starting from 3.95%. If you have been gifted a site, we will consider that as the deposit, or part of it. If you’re embarking on a self-build, read our blog post which offers excellent advice for those building their own homes.

Is it better to get a mortgage from the Credit Union?

Naturally, we say yes, but here are the facts. As we are a not-for-profit, we distribute our profits to the local community. We do this through our sponsorship initiatives, community fund, bursary, and various other programmes. This means that you are directly contributing to the development of the local community, where you have purchased your home.

All mortgage applications are assessed by an experienced lender – not an algorithm. This means that we can offer advice to help you secure your mortgage. We also use a lot of common sense when assessing mortgage applications and we only charge interest on what you owe, not what you originally borrowed.

Do I need to be a member to apply for a Credit Union Mortgage?

You don’t need to be a member to discuss a mortgage application. If you plan on proceeding with the mortgage, you must join Croí Laighean Credit Union – don’t worry, it’s really simple and it can be done in a branch, or online.

Once I join, how long must I be a member before I can get a mortgage?

You can get a mortgage immediately. You don’t need to be a member for a certain length of time as our decisions are based on your repayment ability, not how long you have been a member.

How much can someone borrow?

You can borrow between €50,000 and €650,000, depending on your repayment ability. Use our Irish mortgage calculator above and adjust the sum and term to suit your repayment ability.

How long does the credit union take to approve a mortgage?

Mortgages are complex and it’s hard to determine a timeline as there are many moving parts, especially when there is a property chain involved. We will always work with our members to assist them in securing their mortgages in a timely manner.

Do you offer buy-to-let mortgages?

We only offer mortgages for a primary principal residence, so, unfortunately, we do not offer buy-to-let mortgages or commercial mortgages.

Do you offer Mortgage Protection?

We work with Peopl insurance and offer mortgage protection underwritten by Royal London and Irish Life. Our Life Insurance packages are some of the best you’ll find, and we offer one of the longest terms available and one of the highest life cover terms – you’ll be hard-pressed to find a cheaper price.

Click here to see our full list of mortgage FAQs