Credit where credit is due...
Another great option to buy the home of your dreams
WHY consider a mortgage from the Credit Union? Since the financial crash, but mainly within the last two years, a number of banks, namely KBC, Royal Bank of Scotland and Ulster Bank, have stopped providing mortgages to the Irish customer.
For those looking for home loans, the three main banks, Bank of Ireland, PTSB and AIB with subsidiaries Haven and EBS, provide the bulk of new mortgages, with other providers like ICS and Avant mopping up the rest.
Now though, many Irish Credit Unions have made a welcome entrance into this market and are offering mortgages.
Credit Unions, while separate entities from each other, operate under the same principles and ethos of local, community financial services providers.
There are many reasons to consider your local Credit Union when applying for a mortgage:
The community element that Credit Unions embody is reassuring to customers. The individual customer experience is also likely to be better.
Banks have, in recent years, upset customers with branch closures, Marie Celeste type branches with fewer humans inside to talk to and reduced numbers of ATMS.
There is also a general air of “why don’t you do this online?” in the remaining bank branches.
The Credit Unions, in contrast, give one a bit more of that comfortable in-person experience.
Lending decisions are made at a local level and not in some HQ hidden away in the city.
You may have a track record already with savings and are known to the local Credit Union.
They have a reputation for knowing their customers, but strive to treat them a bit more personally.
This reputation is backed up by repeatedly winning best customer experience awards.
Credit Unions don’t generally use the services of mortgage brokers. Instead, they focus on promoting mortgages directly to their members.
While I see a great benefit of mortgage brokers in certain circumstances, equally their absence may sometimes be an advantage.
There will be no vulture funds sniffing around which in itself is reassuring.
Finally and crucially, the best mortgage is the one that suits your individual financial circumstances the best.
Interest rates, overpayment functions, term limits and other elements of the mortgage are important.
Always shop around, take advice and make decisions with all the information to hand.
For more information go to the website www.creditunion.ie.
‘‘ Lending decisions are made at a local level and not in some HQ