NAMA considering entering Northern Irish market

NAMA considering entering Northern Irish market

NAMA is considering entering the mortgage market in Northern Ireland, according to reports.

The agency currently controls more than £3bn worth of property loans in the North.

It is piloting a scheme in the Republic which guarantees that buyers will not lose out if the value of the house that they buy falls. NAMA chairman Frank Daly said if the scheme proved successful he would consider extending it to Northern Ireland.

“We’re looking at options, particularly in the residential market because we are very conscious of the fact that one of the real barriers there at the moment – obviously finance is a barrier – but even where people who might have finance, they have this fear that the day after they buy, they will be in negative equity if the price begins to fall,” said Mr Daly.

“So we’re trying to trial a product that actually gives them some guarantee there.”

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