Deferred home payment scheme to get underway next month

Deferred home payment scheme to get underway next month

NAMA have proposed the deferred payment scheme

A new scheme which offers house buyers protection against a future fall in the value of their property is expected to get underway next month.

The deferred payment scheme, proposed by NAMA, allows a property to fall in value by up to 20%, without the buyer having to cover the negative equity in their mortgage repayment. 150 properties will be put on the market initially under the plan.

NAMA chairman Frank Daly said the scheme was awaiting the go-ahead from Brussels before it could be implemented.

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