Credit union new mortgage lending rises 53%

Cuda forecasted total new credit union mortgage lending could reach €1bn per year by 2027

By the end of last September, loans issued by credit unions rose to €3bn, surpassing pre-pandemic levels and bringing total outstanding stock to €6.3bn, up from €5.6bn in the previous year, according to the regulator.

Credit unions have significantly increased their new mortgage lending to households, but still account for a small part of the €12bn market in new home loans last year, Central Bank figures show.

New house loans provided by credit unions jumped 53% to €484m from €317m in 2022. The average loan size increased from around €86,000 to €105,000. By the end of last September, credit unions loans rose to €3bn, surpassing pre-pandemic levels and bringing outstanding stock to €6.3bn, up from €5.6bn in the previous year, according to the regulator.