Common use of Loan Availability Clause in Contracts

Loan Availability. 1.1 This product is available to existing members of Member First Credit Union Ltd. from the age of 18 years up to 70 years. 1.2 The home loan is available for the purchase, refinance or equity release of an existing principal private residence (owner occupied) within the Republic of Ireland. 1.3 Security will be required by means of a first legal charge on the property and the title to the property must be satisfactory with good marketable title. The Credit Union has the right to possession of the documents of title to any property over which it has first legal mortgage or charge for so long as any amount or liability secured by the mortgage or charge remains outstanding. 1.4 Additionally, a legal assignment of a mortgage protection policy will be required for the term of the Loan, which will repay the whole of the loan if you die before the loan is repaid. 1.5 The minimum loan amount is €100,000 and the maximum loan amount is €500,000. 1.6 The maximum Loan to Value (LTV) is 90% for the First Time Buyers, and 80% for the Second Time Buyers. 1.7 The market value of the property must be evidenced by an independent valuation; The valuation must be provided by a valuer acceptable to the Credit Union and the valuation report remains the property of the Credit Union. The cost of valuation will be borne by the member.

Loan Availability. 1.1 This product is available to new and existing members of Member First Credit Union Ltd. from the age of aged between 18 years up to 70 – 80 years. 1.2 The home loan is available for the purchase, refinance refinance, or equity release of an existing principal private residence (owner occupied) within the Republic of Ireland. 1.3 Security will be required by means of a first legal charge on the property and the title to the property must be satisfactory with good marketable title. The Credit Union has the right to possession of the documents of title to any property over which it has first legal mortgage or charge for so long as any amount or liability secured by the mortgage or charge remains outstanding. 1.4 Additionally, a legal assignment of a mortgage protection policy will be required for the term of the Loan, which will repay the whole of the loan if you die before the loan is repaid. 1.5 The minimum loan amount is €100,000 and the maximum loan amount is €500,000. 1.6 The maximum Loan to Value (LTV) is 90% for the First Time Buyers, and 80% for the Second Time Buyers. 1.7 The market value of the property must be evidenced by an independent valuation; The valuation must be provided by a valuer acceptable to the Credit Union and the valuation report remains the property of the Credit Union. The cost of valuation will be borne by the member.