Loan rates as low as 2.95pc are now available from some credit unions, which is far below than anything from the three mainstream banks or the non-bank lenders.
A major analysis of mortgage offerings by the sector carried out by the Irish Independent shows almost half of the State’s 205 active credit unions are now offering mortgages, to both first-time buyers and to switchers.
Did they pass on the rate cut to you?At the time when we took it out the rate was 4%. Its since dropped to 3.5%.
Yes they sent a letter to us confirming the rate would be dropped from x date and that our payments would reduce to that amount. If we wanted to continue with our overpayment we had to inform them.Did they pass on the rate cut to you?
That's kind of what an BoI or AIB mortgage isOne national lender with a range of fixed/variable mortgages, with one set of rates, yet financed by deposits drawn from dozens of CU?
Otherwise AFAIK the legal framework doesn't allow credit unions to pool their resources and grant loans that way.
@Brendan Burgess - I think your suggestion makes sense but I don't think they are allowed to do it.
Mortgage lending has surged by 41pc at the 100 credit unions who offer home loans.
The member-owned lenders have some of the lowest mortgage rates in the country, with some offering rates of just 2.95pc.
This isn’t the case at all.Such a shame as stated in the credit union mortgage rates thread that most credit unions are over subscribed now and have closed the mortgage books
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