NAMA announces new deferred payment mortgage
NAMA has launched its first residential mortgage scheme with its 80:20 Deferred Payment Initiative.
Under the scheme, buyers are protected from a drop in value of the property of up to 20%.
The scheme will see 80% of the agreed sale price of the property paid upfront, 10% from the buyer and 70% from the lender.
Bank of Ireland and AIB, through its subsidiary EBS and Permanent TSB, will be providing the mortgages.
The remaining 20% is only due in five years' time and how much, if any of that sum, is due will depend on an independent assessment of the property's value.
The scheme will apply on a pilot basis to 115 properties in Cork and the greater Dublin area which are not owned by NAMA.
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