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Delvin Banks in the Naul is one of the developments currently open to buyers under the NAMA 80:20 scheme. Google Maps

NAMA may extend pilot mortgage scheme to another 630 homes

NAMA says 32 of the 115 properties made available under its ’80:20′ scheme two weeks ago have been taken already.

NAMA IS TO CONSIDER extending its experimental ’80:20′ mortgage scheme – which aims to insulate home-buyers from the possibility of negative equity – to over 600 further properties, after positive public demand for an original pilot offering.

The scheme, announced by the State-owned ‘bad bank’ two weeks ago, saw NAMA make 115 homes in selected developments in Dublin, Meath and Cork available to buyers under a scheme that split their mortgage into two traunches.

Under the scheme, buyers who provide 10 per cent of the purchase price themselves have a 90 per cent mortgage split into two loans, with the first 70 per cent released at the time of purchase.

The property is then independently valued five years after its purchase – with the second tranche of the mortgage covering only the outstanding value of the home. If the property’s price has risen, only the remaining part of the purchase price is borrowed.

The scheme means that homeowners can experience a drop of up to 20 per cent in their property, within five years of their purchase, without falling into negative equity where the value of their loan is greater than the value of the property.

Of the 115 properties originally earmarked for the scheme, 16 have already been sold outright, with a further 16 reserved for other buyers – bringing in a total of €8.4 million for the agency within the scheme’s first fortnight.

A NAMA spokesman this morning said the agency was “very pleased with the huge interest in the initiative and the very steady level of enquiries so far”.

The agency will now consider expanding the programme to 750 properties with a greater geographical spread, though the agency is not thought to have finalised its list of units which will be considered for sale.

Read: NAMA pilot mortgage programme to insulate buyers from negative equity

More: 10 per cent of Irish mortgages are in arrears says Central Bank

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    Mute Big Beats
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    Nov 25th 2023, 4:16 PM

    People are terrified to upset the landlords that they won’t apply for credit for fear of non-tax complient landlords kicking them out.

    151
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    Mute Paddy C
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    Nov 25th 2023, 4:21 PM

    Have to find a house to rent that might be somehow affordable first,like a needle in a haystack,still though government keep increasing population with nowhere for people to live, homelessness higher than ever at the moment, brilliant

    83
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    Mute Kevin Kerr
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    Nov 25th 2023, 4:38 PM

    @Paddy C: There are an estimated 400k existing renters that are eligible for this tax credit.

    23
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    Mute Paddy C
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    Nov 25th 2023, 6:17 PM

    @SYaxJ2Ts: marvellous

    7
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    Mute BigEd
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    Nov 25th 2023, 3:53 PM

    If you do not pay tax you will not get it…. Most of the renters are on the doll or pay little to no tax… Or landlord is not simply registered and they are victims of the system..you pick one….

    Ps: i got the full credit

    53
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    Mute Paul Somers
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    Nov 25th 2023, 5:20 PM

    @BigEd: I rent, paye, actually I lease a room in a house share, so can we apply for this on the basis of leasing a room as opposed to renting

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    Mute Caoimín Ó Muircheartaigh
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    Nov 25th 2023, 4:03 PM

    No surprise to see FFG support FFG. There was never anything between these parties and Golfgate showed us the irrelevance of political screamers in a fancy building in Kildare Street. At least the rioters showed us the cosy narrative of Martin and his ilk, who thought their pontificating was, and remains, their own illusion. McEnteen wants to bring in tougher minimum sentences which will do little to zero on the real issues which is the haves looking down their noses on the rest of Ireland, thinking a woke administration will keep the sheep at bay. Now we all know from Martin’s support for a hand-me-down politician from Mearh that we live in a left dictatorship where “democracy” is the weapon of choice. Control the narrative and you control the sheep. Goebbels learnt it easily enough.

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    Mute Jack Dermody
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    Nov 25th 2023, 10:08 PM

    @Caoimín Ó Muircheartaigh: Nice rant. You said nothing about the topic..

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    Mute Áine G
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    Nov 25th 2023, 5:38 PM

    I can’t claim it as my landlord hasn’t registered with the RTB. Nothing I can do.

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    Mute Paul
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    Nov 25th 2023, 5:46 PM

    @Áine G: report your landlord to the RTB and stop whining

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    Mute P.J. Nolan
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    Nov 25th 2023, 6:15 PM

    @Paul:
    And then the landlord decides to sell……

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    Mute Lydia Mcloughlin
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    Nov 25th 2023, 7:50 PM

    @P.J. Nolan: I hear though it’ll be years before it can gets to be sold! Three years a cpl have been living at a friends house down the country, not paid rent since 2019. Can’t evict them to sell the house as they have nowhere to go, too expensive!

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    Mute P.J. Nolan
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    Nov 25th 2023, 9:25 PM

    @Lydia Mcloughlin:
    I work in the sector.
    3 years would be extremely unusual, in fact I have never heard of it.
    9 months would average, sometimes a year or so and often €5,000 plus in legal fees plus loss of rental income

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    Mute Mary M
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    Nov 26th 2023, 7:22 AM

    @Áine G: plenty you can do … report said landlord! Bosh!

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    Mute Paul
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    Nov 26th 2023, 8:58 AM

    @P.J. Nolan: Landlord has to issue a notice along with a statutory declaration of intent to sell.
    Once notice expires he has to open a case with the RTB to end the tenancy. This will take a year at current processing rates.
    The tenant can appeal without grounds, which will add about 6 months waiting for a full second hearing with a 3 person panel of RTB adjudicators.
    Of the RTB rules in his favour, then he will still have to apply to a District Court for an eviction order if the tenant refuses to leave. This will add approx 10 more months.

    So, you don’t know the procedure and how the decks are stacked against law abiding landlords.
    You’re content to spoutthe SF IRA propaganda!

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    Mute Margret Walsh
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    Nov 26th 2023, 6:10 PM

    @Áine G: plenty you can do actually. Report him to RTB thats what they are there for and stop whinging !

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    Mute Lydia Mcloughlin
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    Dec 2nd 2023, 11:39 AM

    @P.J. Nolan: Well it is fact that this is the case here. Those in situ known to guards (if you are in the business you could look it up). Has been to court excuses such as can’t move out and can’t afford it accepted.

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    Mute Magnificent Mongoose
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    Nov 25th 2023, 7:24 PM

    They probably can’t navigate the absolutely awful revenue website.

    26
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    Mute P.J. Nolan
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    Nov 25th 2023, 9:27 PM

    @Magnificent Mongoose:
    If you think the Revenue one is bad, you should try the RTB website l.
    It’s so bad they have put an apology on the front page

    27
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    Mute Allo Allo
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    Nov 25th 2023, 7:32 PM

    There are a lot of renters tax evading in different ways, they do not claim any tax back for fear of bringing attention from tax man

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    Mute Graham Dunne
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    Nov 25th 2023, 8:03 PM

    My rent was increased on the basis I’d be getting it, thereby nullifying it. Pity they don’t just hand it out as an actual rent supplement and weren’t so busy hiding it from us instead…shrugs…

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    Mute P.J. Nolan
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    Nov 25th 2023, 9:28 PM

    @Graham Dunne:
    Do you think your landlord wouldn’t have increased the rent either way?

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    Mute Graham Dunne
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    Nov 26th 2023, 11:53 PM

    @Peter Murray: Rightfully so? It’s supposed to be a dig out in tough times for tenants- not landlords. But fair play to you. I’m sure you could do with the few bob.

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    Mute Paul
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    Nov 25th 2023, 5:47 PM

    Any tenant that hasn’t registered is a dope.

    Stop blaming everyone else for your problems.

    18
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    Mute Temp Stuff
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    Nov 25th 2023, 3:30 PM

    How?

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