Credit unions - Amateurs enter the mortgage market

[silverbullet]

https://www.independent.ie/business/personal-finance/credit-unions-are-stepping-up-they-are-now-the-cheapest-lenders-for-those-seeking-a-mortgage/a216531993.html

[Taxi driver42]

Well least they give loans
Unlike some banks

[silverbullet]

Well least they give loans
Unlike some banks

They said I couldn't afford €100 a week for the EV. Maybe they're right. I couldn't get a sit down with a real person. I had to deal with four uninformed halfwits and one complete f**kwit over the phone and email.

[Shallow Hal]

Well least they give loans
Unlike some banks

They said I couldn't afford €100 a week for the EV. Maybe they're right. I couldn't get a sit down with a real person. I had to deal with four uninformed halfwits and one complete f**kwit over the phone and email.

Credit unions aren't the same as they were years ago...went for a loan years ago in the Drogheda branch...wanting 3yrs accounts and all sort of bollox for 10k....when I was in Finglas they'd just say come in on Fri for the cheque...or cash!!

[silverbullet]

Well least they give loans
Unlike some banks

They said I couldn't afford €100 a week for the EV. Maybe they're right. I couldn't get a sit down with a real person. I had to deal with four uninformed halfwits and one complete f**kwit over the phone and email.

Credit unions aren't the same as they were years ago...went for a loan years ago in the Drogheda branch...wanting 3yrs accounts and all sort of bollox for 10k....when I was in Finglas they'd just say come in on Fri for the cheque...or cash!!

I guess with the amount of corrupt employees they have had over the last few years, the Financial Services Ombudsman has to keep a close eye on the amateurs.

They're still allowed to bail out parents or grandparents of indebted drug dealers, which appears to be a growing market.
Good luck in getting three years accounts off them.

[Rat Catcher]

What's their <25% LTV rate?

[silverbullet]

What's their <25% LTV rate?

They said something about 200% in my case.

I think I included the letter from them when I emailed you.

Totally wrong. Based on a 45K loan when I only wanted €20K.

Plus they based the repayments on a single mortgage contributor.

Your debt-to-income ratio is also over 200% when the max MFCU allow
is 50%.

[watty]

Do you have another CU loan messing up your debt/income ratio?  Maybe get your partner to go guarantor on the loan? 

They seem keen enough to give out car loans anyways.  No need for deposits & loans greater than the value of the car...  Who remembers 110% mortgages!  What could possibly go wrong 

https://www.mfcu.ie/car-loan/

Do I need a deposit for a Car Loan?
No! Unlike other car finance options, we don’t require any deposit on your car purchase. You can own the car from the start and spread the cost over a loan period that suits you.

Can I include my Insurance and Tax costs in my MFCU Car Loan?
Yes, you can increase the loan amount to include your insurance and tax costs.

[silverbullet]

Do you have another CU loan messing up your debt/income ratio?  Maybe get your partner to go guarantor on the loan? 

They seem keen enough to give out car loans anyways.  No need for deposits & loans greater than the value of the car...  Who remembers 110% mortgages!  What could possibly go wrong 

https://www.mfcu.ie/car-loan/

Do I need a deposit for a Car Loan?
No! Unlike other car finance options, we don’t require any deposit on your car purchase. You can own the car from the start and spread the cost over a loan period that suits you.

Can I include my Insurance and Tax costs in my MFCU Car Loan?
Yes, you can increase the loan amount to include your insurance and tax costs.

I spoke over the phone with four halfwits and a complete f**kwit. That's all advertising bumf.

The figures they were working on were from 2021 - 2022 mid covid - post covid.

[Rat Catcher]

Not sure what they mean by 50% debt to income ratio? Anyone with a mortgage with 10+ years to run is likely to owe more than 50% of their annual salary. That's nuts.

I was chatting with one of them blax on the McDonalds unofficial in Swords over the weekend. His second youngest not so young lad gave him the money for a brand new EV. Damn immigrants spending their time reproducing when they could be copying and pasting the internet anall...

[silverbullet]

Not sure what they mean by 50% debt to income ratio? Anyone with a mortgage with 10+ years to run is likely to owe more than 50% of their annual salary. That's nuts.

I was chatting with one of them blax on the McDonalds unofficial in Swords over the weekend. His second youngest not so young lad gave him the money for a brand new EV. Damn immigrants spending their time reproducing when they could be copying and pasting the internet anall...

Migrant(s)?

[mercenary for hire]

SB there's a solution to this but it's not great advice but fuk it.Go to your mortgage lender and tell them you need 40k for house improvements then send off a quotation from some builder and just roll all your medium and long term debt into one crippling loan.When you get the grant lump it off then pay the rest off as fast as you can.It's a bit dodgy and probably unethical but you've got equity in your property so it might be viable.

That's kinda how I got the funds to buy my plate.Wasnt 40k but it worked and got me out of a hole.It was just a regular home improvement loan though.

[silverbullet]

SB there's a solution to this but it's not great advice but fuk it.Go to your mortgage lender and tell them you need 40k for house improvements then send off a quotation from some builder and just roll all your medium and long term debt into one crippling loan.When you get the grant lump it off then pay the rest off as fast as you can.It's a bit dodgy and probably unethical but you've got equity in your property so it might be viable.

That's kinda how I got the funds to buy my plate.Wasnt 40k but it worked and got me out of a hole.It was just a regular home improvement loan though.

Good idea Merc. I'm talking to MFI tomorrow.

[mercenary for hire]

Best of luck SB.