Credit unions compete with banks by offering some of the lowest mortgage rates in the Irish market

In an article published today in the Irish Independent, credit unions in Ireland provide some of the lowest mortgage rates. This includes Member First Credit Union, which rated high on the list of credit unions with the best mortgage rates.

So, why can credit unions prove better rates? Credit union mortgages are supported by member funds, and each credit union sets its own rates in order to provide an acceptable return rather than to earn a profit. Interest rates at credit unions are likewise unaffected by variations in the European Central Bank’s (ECB) interest rates.

Overall, the study indicated that the mortgage market has increased dramatically, up 27% from last year, with the three biggest banks holding 90% of the market. It could be time for a change. If you are in need a change or want to apply for a mortgage visit the link below.