herald

Sunday 17 December 2017

property

NAMA mortgage bid to bring buyers back

BAD bank NAMA plans to launch its "negative equity protected" mortgages as soon as April this year.

This new type of mortgage will include a clause that will automatically cancel a portion of the home loan if the property drops in value over the next five years.

It aims to encourage buyers who are skittish about falling house prices and bring them back into the market.

The organisation also hopes to create a new €500m investment fund to offload properties to investors by the summer.

In addition, NAMA chairman Frank Daly (above) said that it has secured claims of an additional €318m of developers' assets, by reversing the transfer of properties to developers' wives.

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