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Credit Union residential investment mortgage

  • 12-03-2014 10:01am
    #1
    Big Davey
    Registered Users, Registered Users 2 Posts: 778 ✭✭✭


    Hi all I was wondering does anyone know if the credit union do residential investment mortgages ? I was thinking of joining one and putting in €20k -25k in the next year or two with a view to borrowing 60k for a small investment property. Is this realistic ?


Comments

  • #2
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    surely this is a wind up ?


  • #3
    Big Davey
    Registered Users, Registered Users 2 Posts: 778 ✭✭✭Big Davey


    D3PO wrote: »
    surely this is a wind up ?

    No.


  • #4
    adam88
    Registered Users, Registered Users 2 Posts: 1,610 ✭✭✭adam88


    Big Davey wrote: »
    No.

    Hi. Depends on the credit union. I have my mortgage >50k with the cu


  • #5
    L1011
    Registered Users, Registered Users 2 Posts: 71,184 ✭✭✭✭L1011


    Not a chance.


  • #6
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Have to concur- given the new guidelines- its a definite no.


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  • #7
    adam88
    Registered Users, Registered Users 2 Posts: 1,610 ✭✭✭adam88


    It's classified as a home improvemeant loan imterests rates are usually about 1 percent above bank rates. I have one so I know what I'm talking about. My house is secured against the loan


  • #8
    Eldarion
    Registered Users, Registered Users 2 Posts: 484 ✭✭Eldarion


    I'd err on the side of no but it would depend on your situation really. For example if you're rolling with 600k+ networth I can't see why they'd refuse you a 60k loan.

    For everyone freaking, 60k is borderline car loan territory...


  • #9
    murphaph
    Registered Users, Registered Users 2 Posts: 19,050 ✭✭✭✭murphaph


    The credit unions got their fingers badly burned by lending to developers. They lost the run of themselves in many instances and forgot their credit union roots...just look at the Bling Bling Newbridge Credit Union to see how inflated the egos got. They have had to wind their necks in and I'd be amazed if any credit union in Ireland would lend a cent on residential investment property today.


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