Ahern criticises 'irresponsible' 100% mortgage schemes
25/07/2005 - 12:32:19The Government has criticised "irresponsible" new lending schemes that offer 100% mortgages to first-time buyers.
First Active and Ulster Bank announced the introduction of such products last week, while Permanent TSB is set to create a similar package.
Speaking about the matter this morning, Junior Minister Noel Ahern, who has responsibility for housing, said he feared the move could reverse the recent slowdown in house price increases.
"That is bordering on the irresponsible and I'm very concerned that this trend might start where financial institutions are basically being reckless in handing out money," he said.
