Credit unions are experiencing a massive demand for mortgages, with a 50pc rise in lending among members last year to €500m, new figures show.

The member-owned lenders have seen a strong interest from first-time buyers and switchers in their mortgage offering because they have some of the lowest rates in the market.

Some are offering home loans on rates as low as 2.95pc – far lower than banks.

Many credit unions only started to enter the mortgage market recently, meaning they have hit €500m in mortgage lending virtually from a standing start, according to figures from the Irish League of Credit Unions.

There are just over 200 credit unions in the State, with half of them now offering mortgages.

Legislative changes on the way will mean smaller credit unions that do not offer mortgages will be able to refer members on to a larger neighbouring credit union for one.

How we help

We can help take the effort out of this for you by demonstrating how this would work for you and your family and providing you with one cohesive Holistic Lifestyle Financial Plan.

You can arrange a meeting by clicking here to access my diary, email or call 087 8144 104.