Mortgage
Derry CU Mortgage
At Derry Credit Union we believe everyone deserves a fair and flexible path to homeownership. Rooted in ethical lending and regulated for your peace of mind, our new mortgage product helps you take the next step with confidence and control.
Why a Derry Credit Union Mortgage?
Mortgage Type: Repayment Mortgage
Rate: 4.5% Derry CU variable rate*
Minimum Mortgage: £45,000
Maximum Mortgage: £200,000
Minimum 5% deposit required
Up to 95% of the purchase price or valuation- whichever is lowest
Maximum term: 25 years and payment in full by age 70.
Mortgages over £200,000
90% Loan to Value (LTV) may be considered at discretion of our Mortgage Credit Committee
Minimum 10% deposit required
Mortgage
Representative example
Fair pricing from your local credit union!
Loan amount
£150,000
Interest rate - APR
4.5%
Loan term
25 years
Total interest
£99,900
Montly repayment
£833
Total cost of credit
£249,900
Including a £500 non refundable administration fee
Mortgage Application Process
In Person Appointment
A meeting with one of our specially trained mortgage team in our Abbey Street office, will take your initial application and give you a list of the documentation required.
IFA Appointment
An appointment with an agreed Independent Financial Advisor will follow, who will complete a review and discuss other mortgage providers and products that may be suitable for you.
DCU Decision
Your application will then be referred to Derry Credit Union's Mortgage Credit Committee for review and approval.
Mortgage calculator .... Coming soon!
Key Facts
- An eligible applicant is a member of Derry Credit union who is a permanent resident in the UK, in permanent employment and aged 18 years or older
- An eligible property is your principle private residence, where you intend to live
- Fees- include a one off administration fee, valuation /survey and legal fees. Other fees may be applicable
- Early redemption fee- applies within the first 2 years
- Mortgage protection insurance- Is included at no extra cost. This means in the event of your death your mortgage will be repaid in full, subject to terms, conditions and eligibility
Are there Any Fees?
Yes- Standard fees to be paid by the member include
- A non refundable, one off administration fee of £500 upon completion of the application
- An early redemption charge will apply if you clear or switch your mortgage to another provider in the first two years- £500 or 1% of the mortgage value- whichever is lowest
- Whan taking out a mortgage you will need to pay fees such as a Valuation fee, Legal and Land Registry fees and any applicable stamp duty.
- Fees vary depending on the property and individual circumstances
- Our team will explain any costs clearly before you proceed.
Want to find out more?
We are now welcoming enquiries from members.
This allows us to offer a personal, supportive service while we grow this new offering.
Whether you're:
* Buying your first home
* Moving house
* Looking to refinance an existing mortgage
Our team would be happy to discuss your situation and outline the next steps.
Call us on 028 7126 6738 (option 5) or 028 7127 5384
Email us at mortgages@derrycu.com
Or complete our enquiry form and a member of the team will get back to you
Please note: submitting an enquiry does not constitute an application or approval.
Mortgages are subject to eligibility, terms and conditions apply.
Applicants must be over 18 and resident in United Kingdom. Mortgage approval is subject to a satisfactory assessment of suitability and affordability
Warning - This is a variable rate loan: The payment rates on this mortgage may increase or decrease over the term of the mortgage.
Warning - Your home is at risk if you do not keep up repayments on a mortgage or any other loan secured on it.
Warning - If you do not meet the repayments on your loan, your account will go into arrears. This may limit your ability to access credit in the future.
* APRC = Annual Percentage Rate of Charge
