Núa Money: The new player in the Irish mortgage market

There are now ten lenders in the Irish mortgage market, which is probably more than most people realise. 

While the market saw some high-profile exits around the time of Covid, and before that during the financial crash, several other lenders have quietly entered the market over the past few years offering more choice and more innovative mortgage solutions to Irish home buyers. 

One such entrant is Núa Money, which entered the Irish mortgage market in 2024, and is shaking things up with its tech-driven and flexible approach to mortgage lending. 

But is Núa right for everyone? Here's a look at who might benefit the most from Núa's offering — and who might be better off looking elsewhere.

Who is Núa Money? 

Núa Money is a non-bank lender. This means that it can lend money for things like mortgages but it’s not a deposit-taking institution — so it can’t accept customer deposits and offer savings or current accounts in the same way a fully-licensed bank can.

Non-bank lenders like Núa get the funds for their lending from investors, wholesale markets, or parent companies, whereas banks like AIB and Bank of Ireland also use customer deposits.

Like all non-bank lenders, Núa is still fully authorised and regulated by the Central Bank of Ireland, but just under slightly different rules than banks.

What does Núa Money offer?

Núa offers mortgages to first-time buyers, movers and switchers. 

It also offers a product aimed at so-called "mortgage prisoners" — those who were previously in arrears on their mortgage and saw their loans sold to a vulture fund, which then often charged them a much higher interest rate than what the customer was originally paying. But more on that later…

At the moment Núa only offers the choice of a three or a five-year fixed rate. It doesn’t offer longer-term fixed rates or any variable rates. And none of its mortgage products come with cashback. So the choice of rate options is a bit limited. 

But in many other areas, Núa is setting itself apart from the main Irish banks…

What sets Núa Money apart from other lenders?

• Núa Money has brought a true digital-first mindset to the Irish mortgage market, streamlining the entire process from application to approval. In today’s world, companies are always quick to shout about their digital capabilities and how easy they make life for their customers. But Núa genuinely delivers on that promise. 
• Núa's digital-first mindset means it’s able to make really quick decisions on people’s mortgage applications. In some cases, we’ve seen Núa approve a mortgage in under one hour!  
• Núa offers mortgage terms of up to 40 years (it’s capped at 30/35 with other lenders). It also allows you to borrow up to age 75 in certain circumstances — with most other lenders it’s only up until the age of 70. While some people might be aghast at the thought of taking out a mortgage for 40 years or until the age of 75, with property prices getting higher and higher, and people buying their first home later and later in life, more flexible borrowing rules are needed to help people get on the property ladder.
• Núa classifies 100% of any social welfare payments you receive as income — as long as it’s not means tested e.g. child benefit. It also takes a more favourable attitude towards variable income such as bonus payments. And if you work in the civil service, it will allow you to borrow two points up the salary scale. This means you may be able to get a bigger mortgage with Núa compared to other lenders. 
• Núa accepts applications from those with immigrant visas (class 1, 3, 4 and 6). At the moment, you usually need to be living in Ireland for one or two years before the main banks will give you a mortgage. But with Núa you can apply for a mortgage after you’ve been in the country for just three months, and you can draw down a mortgage after you’ve been here just six months as long as you have passed probation.
• When you apply for a mortgage, most banks will scrutinise your current account statements for the previous three to six months to see how you manage your money. Sometimes people can “fail” this part of the application process if the lender doesn’t like some of the transactions or spending that appear in your accounts. So people have to wait and reapply in another three to six months when their accounts are in better order. But Núa doesn’t do this. It’s more interested in your present circumstances and how it thinks you’ll manage your money going forward. Of course, Núa will still check the Central Credit Register to ensure you haven't defaulted on any loans in the past and you'll still need to show you have the income to afford the mortgage you want to get. But you don't necessarily have to have months and months of pristine bank statements to get approved for a mortgage.  

Núa Money Freedom 

Núa also offers a mortgage product aimed at those whose loans have been sold to vulture funds and are "trapped" paying high rates. This is because they can't usually switch to another provider due to their chequered credit history so are at the mercy of whatever the vulture fund wants to charge them. 

If you're in this situation, and have adhered to your Alternative Repayment Arrangement for the past five years, Núa offers a solution to refinance your mortgage, including any warehoused debt, and reclaim full ownership of your home. 

Núa calls this product its "Freedom" mortgage. The rates on offer are just above 5% — so around one percentage point higher than Núa's other mortgage products — but still well below the 7 to 8% rate that many mortgage prisoners are still paying.   

Who Núa Money might be suitable for

1. Homebuyers looking for a quick decision on their mortgage application and who value speed and efficiency over the best rates
2. Recent immigrants to Ireland who are looking to buy a home
3. People who may not have the best managed current accounts 
4. Older mortgage applicants  
5. Those who may have been refused a mortgage with other providers
   

Who Núa Money might not be suitable for

1. Borrowers who want a variable rate or a fixed rate longer than five years 
2. Those looking for the very best mortgage rates
3. Those with only a 10% deposit — Núa's rates are much more competitive for those with larger deposits
4. Those looking for a mortgage that comes with cashback
5. Borrowers who prefer the personal touch and like face-to-face banking  
6. Those who like to have most of their banking products with the same provider — for now Núa doesn’t offer savings accounts, a current account or personal loans for example, though this could change in the years ahead

As you can see, Núa Money has a mortgage offering that will suit some homeowners far better than others. So it's important to compare all your options so that you get the best mortgage offering for your particular circumstances. 

And that’s where bonkers.ie can help...

Get your mortgage with bonkers.ie

If you’re hoping to get your foot on the property ladder over the coming year, or are looking to save money by switching to a different lender, bonkers.ie can help you. We're more than just a comparison service!  

With our mortgage broker service our team of experienced financial advisors here in Dublin can help you with your entire mortgage journey from application to drawdown.

We work with the country's top lenders, including Núa Money, so can find you the best mortgage rate for your particular circumstances. We can also apply to multiple lenders at the same time on your behalf, increasing your chances of getting approved for a mortgage, and saving you the time and hassle of having to apply to numerous lenders by yourself. We can also help you with getting mortgage protection and home insurance which are requirements for getting a mortgage in Ireland. 

And the best news is that our service is entirely free and fully digital from start to finish, meaning everything can be done online from the comfort of your home! But don't worry, our team is only ever a phone call away if you need help or clarification on anything.