Monday 20 October 2025: In good news for home buyers and those looking to switch mortgage providers Drogheda credit union will be introducing a new standard mortgage product in the coming months. With a competitive variable rate of 3.85%, and an interest rate capped at 4.4% for the first three years, the innovative new product provides borrowers with a certainty of repayment, while also delivering the benefits of a variable offering.
Minister of State with responsibility for Financial Services, Credit Unions, and Insurance, Robert Troy, TD said: “As a trusted, community-based organisation Credit Unions have a unique place in Irish life. The recent decision of the Central Bank to increase lending limits for credit unions is welcome as it supports more competition in the market. The introduction of innovative credit union mortgage products will be welcomed both by those looking to purchase a first home, and by those looking to switch lenders. I warmly congratulate those credit unions involved in today’s launch.
“This Government is prioritising significant capital investment in housing, to increase viability and supply. Broader mortgage infrastructure and competition will be important in the years ahead, ensuring first time buyers and those trading up or down have access to competitive financing.”
“Our new mortgage product will be competitive, but more importantly, it will provide our members with a certainty of repayment that is normally only seen in a fixed-rate product while delivering all the flexibility usually associated with a variable rate. Decisions will be made locally, ensuring a quick and considered decision will be made. We know buying a house can be stressful and switching can be a hassle so we are planning carefully to make sure the application process is as easy as possible.”
Drogheda credit Union expect to be open for new mortgage applications in the coming months.
