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.
This article is for information purposes only and does not constitute financial or mortgage advice. Mortgage Bible is not regulated by the Central Bank of Ireland. Always speak to a qualified mortgage broker or lender before making any financial decision.
