Even with fixed terms you can overpay, the amount varies but the penalties are much less than they used to be if you go over that.
Re credit unions giving mortgages as far as I know some of them do but it is not across the board, remember different credit unions are different entities.
Tbh I'm not sure why anyone would go with them unless they were refused from all the banks and CU approved as the rates the banks are giving these days are much better than the CU.
Credit union loans are relatively very expensive compared to a bank.
At one time Credit Unions were charging 1% a month on the balance of the loan. The Apr worked out at about 25%. Madness.
CU at 4.9% is absolute robbery in the current market. Current advise with the experts on another irish forum is to fix.
You can fix with Ulster Bank for 4 years at 2.6% and that would literally save you 100's over the 4.9% every month. UB also allow you overpay whilst on fixed up to 10% of the capital of the loan every year.
You can fix for 10 years at ~3.5% with BOI and get all sorts of cashback with them. That would save you tens of thousands over the 4.99% over the same period.
Anybody even considering a mortgage should at mimimum read and understand the offeres from evey institution in Ireland.
Most credit unions require 20% deposit as well along with higher interest rate!
Hmm, that's interesting to know. Not how it was explained to me in the bank at the time and was one of the reasons I wanted a CU loan.