No Increase: Altura Credit Union Keeps Variable Mortgage Rates Unchanged

Altura Credit Union has confirmed that there will be no increase to the rates on its Variable Rate Mortgages following the European Central Bank's recent interest rate announcement.

Unlike many lenders, Altura Credit Union funds its mortgages through the savings entrusted to it by its members. This member-funded approach, which underpins all of the credit union's lending, provides greater flexibility and allows the organisation to take a longer-term view when making decisions on lending rates.

As a member-owned financial co-operative, Altura Credit Union's focus is on delivering value and stability for members rather than maximising shareholder returns. This enables the credit union to continue offering competitive mortgage solutions and a strong alternative for those looking to purchase a home.

Commenting on the decision, CEO Barry Monaghan said: "We are acutely aware of the financial pressures facing households across our communities as the cost of living continues to impact family budgets. That is why Altura Credit Union has taken the decision to maintain the current rates on its Variable Rate Mortgages. By keeping repayments unchanged, we are providing our members with greater certainty and helping to ease some of the financial strain many families continue to experience."

Mr Monaghan added: "Because our mortgages are funded through our members' savings, we are not as dependent on external funding sources as many lenders. This allows us to focus on long-term value and make decisions that are in the best interests of our members and the communities we serve."

He said Altura Credit Union remains committed to providing mortgages that combine competitive rates, local decision-making and personal service, helping more people across Carlow, Kildare, Wexford and Wicklow achieve their home ownership goals with confidence.