# Any Credit Unions offering mortgages?



## TheJackal (13 Apr 2017)

I've seen a few Credit Unions now offering switcher mortgages

e.g. CANA do 2.9% for anyone with 10 years or less left on the mortgage with under 50% LTV  and under 150K left.
http://www.canacu.ie/switcher-mortgage/

But I've not seen any new mortgage loans by a CU. Anyone know of any?


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## 24601 (13 Apr 2017)

There's a thread on that over here.


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## Going forward (16 Aug 2017)

Could anyone enlightened me as to the change in terms of an asset loan offered by some credit unions. They were offering a maximum repayment tern of 15 years and have now reduced it down to 10 years.  

Thanking anyone in advance with knowledge of this.


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## 24601 (17 Aug 2017)

Going forward said:


> Could anyone enlightened me as to the change in terms of an asset loan offered by some credit unions. They were offering a maximum repayment tern of 15 years and have now reduced it down to 10 years.
> 
> Thanking anyone in advance with knowledge of this.



It's hard to make sense of what you're asking but each credit union is free to alter the terms and conditions of loan products offered within the constraints of regulatory requirements.


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## RedOnion (17 Aug 2017)

Going forward said:


> Could anyone enlightened me as to the change in terms of an asset loan offered by some credit unions. They were offering a maximum repayment tern of 15 years and have now reduced it down to 10 years.
> 
> Thanking anyone in advance with knowledge of this.


Legislation.  They've probably reached the limit of lending they are allowed to provide for periods greater than 10 years.

From CREDIT UNION ACT 1997 (REGULATORY REQUIREMENTS) REGULATIONS 2016

*Maturity Limits *
14. (1) A credit union shall not make a loan to a member:-
.....
(b) for a period exceeding 10 years if, were the loan to be made, the total gross amount outstanding in relation to all loans with more than 10 years to the final repayment date would exceed— 
(i) 10 per cent of the total gross loan book balance outstanding at that time in relation to all loans made by the credit union, or 
(ii) if the Bank so approves in writing, 15 per cent of the total gross loan book balance outstanding at that time in relation to all loans made by the credit union.


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