Derry Credit Union to offer mortgages from September in ‘significant’ development

Joan Gallagher, Derry Credit Union’s CEO, explained: “For many years now, our members have been asking when we will provide mortgages because they see us as a trusted community based financial organisation.

"The process of applying for approval, which began two and a half years ago, was member-driven. Thanks to the dedicated teamwork of our staff and directors, we are pleased to announce that our application was successful and we are the first credit union in the north of Ireland to receive such approval.”

Ms. Gallagher described the approval as ‘significant’.

"First, it provides local homeowners and first-time buyers with an additional option when it comes to choosing a mortgage. A mortgage with Derry Credit Union will not only be an investment for the homeowner but also an investment in their community.

"Second, our product will be unique and provide eligible first-time buyers with the opportunity to get on the housing ladder that they might otherwise be denied.

"Third, it represents leadership from the northwest. Derry Credit Union was the first credit union in the north back in 1960 and now we are the first credit union in the north to offer mortgages.”

She said Credit Unions and other organisations do not have to wait for ‘big ideas to come out of Belfast’.

"We have the vision, talent and ability to develop and deliver services and products ourselves. The significance of this cannot be overstated,” she said.

The offering will be launched in September when rates, terms and eligibility will be explained.