Saturday 21 April 2018

A welcome new player in the mortgage market

Credit unions may be in a better position than banks to make sensible decisions on lending, writes Thomas Molloy

Credit Union
Credit Union
Thomas Molloy

Thomas Molloy

There is very little that's new under the sun. And news that credit unions could soon begin selling mortgages is a reminder that people have been buying houses for generations with the help of volunteer-led financing.

A decision by our credit unions to sell mortgages harks back to the period stretching roughly from the 1880s to the 1990s, when building societies helped millions of people to buy their homes without banks.

The independent building society has almost disappeared from our streets thanks to repeated acts of short-sightedness, which saw organisations such as Irish Permanent, First Active, EBS and the ICS building society sold by members tempted by a quick profit.

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