Big changes are coming to Ireland’s mortgage landscape in 2025, opening up more options for homebuyers across the country. Here’s what you need to know about getting a mortgage through credit unions:
Major Expansion in Credit Union Mortgage Services
In a landmark development, all credit unions in Ireland will now be able to offer mortgages to customers, thanks to new regulatory changes coming into effect in 2025 1. This represents a significant shift in the Irish mortgage market, providing consumers with more choices beyond traditional banks.
Increased Lending Capacity
The sector’s lending capacity is set to see a dramatic increase:
- Total lending capacity will rise from €2.9 billion to €8.6 billion 1
- Individual credit unions can now lend up to 30% of their total assets for housing 1
- The current mortgage loan book has already reached over €700 million 6
New Features for Smaller Credit Unions
Even smaller credit unions will be able to participate in mortgage lending through:
- Partnerships with other credit unions
- Credit union shared organizations
- Formal arrangements allowing credit unions to offer mortgages to members of other credit unions 2
What This Means for Borrowers
This expansion is expected to:
- Bring more competition to the mortgage market
- Provide alternative options following the exit of Ulster Bank and KBC
- Make mortgages more accessible through local credit unions 1
Current Market Position
Credit unions are already making their mark in the mortgage sector:
- Mortgages now represent more than 10% of the total credit union loan book
- The sector is positioned to triple its current mortgage loan books to over €2 billion in coming years 1
For potential homebuyers, these changes mean more choices and potentially better deals when shopping for a mortgage. Whether you’re a first-time buyer or looking to switch your mortgage, credit unions are becoming an increasingly viable option for home financing in Ireland.
Note: This article reflects regulatory changes announced for 2025. Contact your local credit union for specific details about their mortgage offerings and eligibility criteria.
