Daft Property - Irish Property News

HOME buyers get mortgage approval from either Bank of Ireland, Permanent TSB or EBS. The buyers then find a property they want that is part of the NAMA scheme. They will need a deposit of at least 10pc of the value of the property. If they are buying a €200,000 house, this means the buyer will need a deposit of €20,000. So the house hunter borrows €180,000 from the bank and repays the mortgage based on this amount for five years. The scheme works by NAMA deferring 20pc of the value of the property, which works out at €40,000 in this case. But for the first five years the homeowner makes payments on the full €180,000 they have borrowed. If, after five years, when the property is revalued under the scheme, the property value has fallen, then the homeowner will end up not having to pay the full amount of the mortgage. This is because NAMA has deferred up to 20pc of the property purchase price. If the property falls in value by 20pc, then the €40,000 will be written off by NAMA. If it fal

Record 70,000 now behind on mortgage payments... MORE borrowers will be pushed into arrears on their mortgage payments because of rising unemployment, a ratings agency predicted yesterday as new figures show the number in trouble surged to 68,248 in July. That figure represents an increase of 12,485 in the numbers who are behind by three months or more on their mortgage payments when compared with last April. Overall, almost 9pc of homeowners are now in arrears. Ratings agency Moody's said it expected more borrowers to be pushed into arrears as jobless numbers increase. Moody's figures tend to be more up to date that those of the Central Bank which last month said arrears had risen to 7.2pc in June, leaving 55,763 homeowners three months or more in arrears. The Moody's figures imply that 22,231 have not paid their mortgage for a year or more, calculations based on their statistics show. These homeowners are at serious risk of losing their homes, home-loan experts