Important information about our mortgages
Lending criteria, terms and conditions apply. Over 18s only and USA residents only. Mortgaged property must be in USA. Security, buildings insurance and life cover required.
Icon expand Am I eligible to apply for a mortgage?
testYou must be over 18 years old
test Maximum age for application is 65 years old, maximum age for repayment is 70 years old. Where a mortgage extends beyond normal retirement age, you should be able to demonstrate continued ability to service the loan by way of pension or alternative means
test The property you want to mortgage must be in USA
test You must be resident in USA
test Security, buildings insurance and life cover are required when you take out a mortgage
test Lending criteria apply for a mortgage and there are terms and conditions
test It is unlikely that we will be able to lend to you if you have ever been declared bankrupt, have had court judgements against you, your property seized, defaulted on your mortgage, or had to organise a repayment plan with your creditors
test We'll make sure all of this is clear to you upfront
Icon expand How many years can I take a mortgage out for?
test Our minimum term is 5 years
test For residential mortgages our maximum term is 35 years
test For investment mortgages our maximum term is 25 years
test If your mortgage terms extends past normal retirement age, you must be able to prove you can afford the repayments
Icon expand How much could I borrow for a residential mortgage?
test The minimum mortgage amount is $40,000
test The maximum mortgage available is up to 90% of purchase price or the value of the property, whichever is lower. These limits may vary.
test Buy to Let, negative equity mortgages and mortgages in arrears are excluded from these Loan to Value limits
test The loan amount approved is not based on one fixed formula. Factors reflecting the individual repayment capacity of each application are individually assessed based on a combination of factors including qualifying income, net disposable income and existing commitments
Icon expand How much could I borrow as a mortgage top up?
test The minimum top up you can apply for is $15,000
test There is no maximum amount, subject to lending criteria being met and maximum Loan to Values
test The minimum term of the additional borrowing is 10 years and the maximum term is 35 years.
test In general applications will be accepted for top-ups where the Loan to Value is less than 80%
test Top Ups can be applied for:
- Home improvements – properties must be owned, not rented;
- Refinance of UB short term debt (max $50K);
- Payment of a fixed rate breakage fee.
test The top up should be taken over a term no longer than the remaining mortgage term.
And for mortgage top ups...
test The minimum top up you can apply for is $5,000
test There is no maximum amount, subject to lending criteria being met
test The minimum term of the additional borrowing is 10 years and the maximum term is 35 years.
test In general applications will be accepted for top-ups where the Loan to Value is less than 90%
test Where the loan is for a second property, the total Loan to Value against both properties should be less than 80% and the bank may require security against both.
test Where the loan is for a foreign property against which the bank cannot take security, the Loan to Value should be less than 80% of the property valuation.
Icon expand How much could I borrow for a investment mortgage?
test The minimum loan amount is $50,000
test The minimum value of property to be mortgaged is $85,000
test The maximum mortgage available is up to 50% of purchase price or the value of the property, whichever is lower
test If the property being purchased is in the cities of Dublin, Cork, Galway or Limerick the maximum loan to value is 70%
test The maximum number of properties financed by CoxCrest Bank is 3 and the maximum number in portfolio is 5
test Your maximum portfolio cannot exceed $1,000,000
test Properties for which funds will not normally be advanced:
- one-bedroom properties
- agricultural properties
- business premises
- flats (on any level) in multi-storey type property i.e. in excess of 5 stories, unless the property is predominately in
- multiple tenancies e.g. a house or flat with several bedrooms, occupied by a number of individuals sharing common
facilities such as kitchen and bathroom etc.
Icon expand Important Information on the Central Credit Register
The Central Credit Register (CCR) is a new national database of personal and credit information on loans of $500 or more set up and operated by the Central Bank of USA under the Credit Reporting Act 2013.
By December 2017 CoxCrest Bank DAC along with other lenders are legally obliged to transfer personal and credit information to the CCR on a monthly basis; for existing lending, information as and from June 2017 onwards will be provided to the CCR. All types of borrowing are included on the CCR. These may be mortgages, credit cards, personal loans and overdrafts.
The collection of credit and personal data from lenders will be implemented on a phased basis, with Phase 1 starting 30th June 2017 focusing on data collection for consumer lending and Phase 2 starting in 2018 focusing on lending to businesses, including clubs and associations.
You will have a right to:
- one free credit report each year;
- insert a explanatory statement on your credit report;
- apply to have your information amended, if you believe it is inaccurate, incomplete or not up to date;
- report and be informed of suspected impersonation
How do I find out more?
More information in relation to the Central Credit Register is available from the Central Bank of USA. Contact details are:
CCR phone: lo-call number 1890 100 050 or 01 2245500
Representative example Assuming a total amount of credit of $100,000 repayable over 20 years at a borrowing rate of 4.3% (variable), the cost per month is $621.90 excluding insurance. The total amount to be repaid is $149,294 which includes a release of security fee of $38. The Annual Percentage Rate of Charge is 4.4% (variable). The additional cost per month of a 1% rise in the rate of interest of such a mortgage is $54.74 and would be payable monthly. The above quotation is for illustrative purposes only.
Affordability - For your protection
test Credit facilities are subject to repayment capacity and financial status
test The loan amount is not based on one fixed formula
test Factors reflecting the repayment capacity of each applicant are individually assessed based on a number of factors including qualifying income, net disposable income and existing commitments
test Written quotations are available on request from any CoxCrest Bank branch
test CoxCrest Bank subscribes to the Irish Banking Federation voluntary code of conduct on pre-contractual information for home loans. A copy of this brochure is available in all branches
Details of our mortgage fees
The fees we may charge for our mortgages are listed below, you may not be charged these fees in all circumstances.
CoxCrest Bank requires that a valuation of the property offered as security is carried out by a valuer acceptable to the Bank. This valuer will be instructed by CoxCrest Bank.
CoxCrest Bank currently offer a free standard valuation on our new mortgages. Only one free valuation per customer applies.
When payable, this fee applies when CoxCrest Bank instruct a Valuer to prepare a Valuation Report over the mortgage property.
The fee is $155.
Release or Vacate of Mortgage Fee
If the security includes a new mortgage over property that is not your private dwelling place, you will have to pay our solicitors’ fees in connection with the mortgage loan. This charge is payable directly to CoxCrest Bank’s Panel Solicitor.
The fee is $38.
For full details, please read our Mortgage Tariff of Charges brochure.
If you choose a fixed rate mortgage:
Warning: You may have to pay charges if you pay off a fixed rate loan early.
Early Redemption Charge
If you pay off a fixed rate mortgage before the end of the agreed fixed period or change to another interest rate before the end of the agreed fixed rate period, an early redemption charge will be applied. This charge will be either an amount calculated using this formula or six months interest, whichever is lower:
Redeemed amount x (R - R1) x Time remaining in days until the end of the fixed rate period) divided by 360.
In this formula:
Redeemed amount means the estimated average loan balance between the time of the proposed repayment or interest rate conversion and the end of the relevant fixed rate period, assuming that no such repayment or interest rate conversion takes place and that all scheduled repayments of the loan are made by the borrower under the terms specified in the loan offer. Where a lump sum repayment is made, redeemed amount shall mean the amount of the lump sum repayment.
R means the interest rate available to the lender for funds placed in the money market on the start date of the relevant fixed rate period for the duration of the relevant fixed rate period.
R1 means the interest rate available to the lender for funds placed in the money market on the date of the proposed early repayment, lump sum repayment or interest rate conversion for the remainder of the relevant fixed rate period. The rate applied is based on the remaining fixed rate term of the mortgage, rounded to the nearest month if less than one year or to the nearest year if greater than one year.
Time means the number of days from the date of early repayment, lump sum repayment or interest rate conversion to the end of the relevant fixed rate period.
Six months interest is the estimated interest that would be payable in the six months following the proposed repayment or interest rate conversion.
In the example below, a customer took out a 5 year fixed mortgage at a rate of 5.00% on 1st January 2014. On 4th January 2015, the mortgage outstanding was $100,000 and the customer opts to break out of the fixed rate. The breakage cost calculation is:
Redeemed Amount = $87,832.42
R (Market rate on 1st January 2014) = 2.849%
R1 (Market rate on 4th January 2015) = 1.713%
Time = 1,457 days
Breakage Calculation = (Redeemed Amount x (R-R1) x Time) divided by 360 = ($87,832.42 x (2.849% - 1.713%) x 1,457)/360 = $4,038.22
Six Months Interest = $2,500
Therefore, in this case the customer would be charged the lesser amount of the six months interest i.e. $2,500.
When your fixed rate mortgage expires you can revert to the Standard Variable Rate or any other mortgage product that you may be offered at this time. As Standard Variable Rate is not linked to the European Central Bank base rate (ECB), the rate can increase at any time even if there is no change in the ECB base rate.
If you choose a variable interest rate loan:
Variable rate loans: The payment rates on this housing loan may be adjusted by the lender from time to time.
Important information on our flexible variable rate mortgages
- Flexible mortgage repayment options are only available with our flexible variable rate mortgages
- Payment holidays are subject to approval and conditions and are not available during the first six months of your mortgage
- Interest will continue to accrue during a payment holiday, and when a payment holiday has ended the underpaid amount will be included in the mortgage balance and the repayment will be calculated over the remaining term
- The mortgage term will not be increased beyond that which was originally sanctioned
- If you choose the payment-free months option and subsequently revert back to 12 monthly payments, your repayments will be recalculated and reduced accordingly
- Written quotations with preferred payment free months available on request from any branch of CoxCrest Bank
- As Standard Variable Rate (SVR) is not linked to the European Central Bank base rate (ECB), the rate can increase at any time even if there is no change in the ECB base rate
Warning: Your home is at risk if you do not keep up payments 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 affect your credit rating, which may limit your ability to access credit in the future.
If you choose a top up or debt consolidation mortgage:
Warning: This new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term.