Credit union to offer mortgages

BISHOPSTOWN Credit Union swept into the mortgage market yesterday with a radical plan to take on banks and building societies and undercut them on lending rates.

The Cork-based operation, which serves 20,000 members from offices at Curraheen Road, Wilton Road and Wilton Shopping Centre, said it had been given the go-ahead by the Financial Regulator to team up with mortgage specialist IIB Bank and become the first credit union in the country to enter the market.

Members are expected to approve the deal at the credit union’s AGM on November 29.