In good news for home buyers and those looking to switch mortgage providers a new standard mortgage product will be available in selected Credit Unions across the country from this October. With a competitive variable rate of 3.85%, and an interest rate capped at 4.4% for the first three years, the innovative new product provides borrowers with a certainty of repayment, while also delivering the benefits of a variable offering.
Designed exclusively for Credit Unions, it will be available to new home buyers and those looking to switch lenders, in approximately 30 Credit Unions nationwide this month and in a further 40 in 2026. To find a participating Credit Union check out www.creditunionmortgages.com.
Minister of State with responsibility for Financial Services, Credit Unions, and Insurance, Robert Troy, TD said: “As a trusted, community-based organisation Credit Unions have a unique place in Irish life. The recent decision of the Central Bank to increase lending limits for credit unions is welcome as it supports more competition in the market. The introduction of innovative credit union mortgage products will be welcomed both by those looking to purchase a first home, and by those looking to switch lenders. I warmly congratulate those credit unions involved in today’s launch.
“This Government is prioritising significant capital investment in housing, to increase viability and supply. Broader mortgage infrastructure and competition will be important in the years ahead, ensuring first time buyers and those trading up or down have access to competitive financing.”
The new mortgage product was developed by CU Mortgage Services. Established in 2024 to develop standardised mortgage products and related processes together with branding / marketing campaigns for Credit Unions, CU Mortgage Services are also providing centralised support services to its member credit unions. Its dedicated relationship management team works with credit unions to enhance their mortgage lending expertise through training, coaching and on-site support.
Mr. Seamus Beirne, Head of CU Mortgage Services said: “Credit Unions have a long track record in lending and their members are crying out for more choice in the mortgage market. Starting today there really is a new way home, with a mortgage from Ireland’s most trusted financial services institution.
“We are pleased to support the ambitions of Credit Unions to become serious players in the mortgage market with plans to introduce new products and to increase their availability through more credit unions, in the months ahead”.
