Credit union mortgage lending rules may be loosened

Any thoughts on this: https://www.irishtimes.com/business...tgage-lending-rules-may-be-loosened-1.3628519 ?

(As I am not a CU member) I was not aware until today that credit unions were in the mortgage market at all.

Is it possible to get better rates with a CU? Is this new development likely to add additional pressure on interest rates if approved?

Should I pick a CU and start saving now, just so I'm able to switch my mortgage to them down the line? Is there a ranking of good/bad CUs?

You can't choose to join any CU.

You must have a common bond.

You can join your local CU, not any other one.

Few CU offer mortgages.

I don't think the rates are particularly low.

There are a very small number of credit unions currently offering mortgages, as they do so individually, and only a few are big enough. The only way they'll ever be able to offer anything of scale is if they can pool their resources, and offer centrally, which would require legislative changes, and move away from the common bond ethos of the CU movement which might backfire.

Any pricing I've seen isn't cheaper than what's available for those that can switch, but less than some SVR rates. Mid 3% range.

There is however big demand for them. I'm aware of 1 CU that has a waiting list.

also discussed here

https://www.askaboutmoney.com/threa...les-on-credit-unions-giving-mortgages.206471/

I enquired at my local credit union and their rates are 5%!!!!

In the UK the APR on some of the pay day loans was 1000%.