Thank you, I'm aware, but due to my home locality and my job there are numerous credit unions I could join should I choose to. Almost none are advertising mortgages though, even though apparently at least 100 are offering them.Exactly as above, credit unions are bound to the rules of common bond. If you can't become a member, they can't lend you money.
It'd be unusual for anyone to meet the common bond requirements for more than 4 credit unions (and that's including community and industrial credit unions). There can't be that many you'd need to call.there are numerous credit unions I could join should I choose to
If you only join a Credit Union today they'll hardly approve you a large loan like a mortgage tomorrow!
It'd be unusual for anyone to meet the common bond requirements for more than 4 credit unions (and that's including community and industrial credit unions). There can't be that many you'd need to call.
When they first announced mortgages, they were relatively competitive, but the market has become a lot more competitive since and the credit unions haven't brought their rates down. The few I'm familiar with have a waiting list - there's only a certain percentage of their total loans that can be long duration, and they've used that up
If you only join a Credit Union today they'll hardly approve you a large loan like a mortgage tomorrow!
Many of the CUs are offering switcher mortgages only and not new loans, with a max lending limit and time frame
e.g. CANA
Loans - CANA Credit Union
CANA Credit Union offers an excellent range of loan products. Our personal approach is aimed to help you – our members.www.canacu.ie
There were a few articles in the last 12 months or so saying the lending limits were being raised for CUs but I've not seen it come through yet
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