Banking

Credit union mortgage lending set to surpass €150m this year

Approvals are on course to exceed €150 million for the full year, up from €8.1 million in 2018

Kevin Johnson, the chief executive officer of CUDA, said that customers “want an alternative to the banks” and that credit unions were stepping up

Mortgage lending by credit unions has increased eighteenfold since 2018, according to new figures from the Credit Union Development Association (CUDA).

Credit unions using CUDA’s System for Application Management (SAM), which handle the majority of mortgage approvals in the credit union sector, have provided over €70 million in the first half of the financial year, which began in October.

SAM approvals are on course to surpass €150 million for the full year, up from €8.1 ...