Credit unions in new mortgage push

Credit unions have moved a step closer to adding mortgage lending to their suite of services.

As expected, members of the movement’s main representative body — the Irish League of Credit Unions (ILCU) — voted in favour of the move at its annual meeting at the weekend in CityWest in Dublin.

Members have voted to make funding available for a centralised support structure, which would take the administrative burden associated with mortgage lending. The ILCU has been working on a mortgage lending model that meets Central Bank approval for some time and the new support structure is expected to be in place by the end of this year.