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Legal Briefing
Cyclists and the Law
 

 

NAMA 80/20 DEFFERED PAYMENT INITIATIVE

 

May 11, 2012

 


The 80:20 deal, NAMA's latest offering to tackle the motgage crisis.

The National Asset Management Agency has announced the pilot phase of the 80/20 Deferred Payment Initiative.  The 80/20 Deferred Payment Scheme is focused on developments in Cork and the Greater Dublin area.  The scheme is aimed at owner-occupiers and first time buyers.

The Cork area developments and the sales agents to contact are:

Development

Sales Agent

Contact Name

Contact

Details

 

Brightwater, Crosshaven, Co. Cork

 

Sherry Fitzgerald

6 Lapp's Quay, Cork

Ann O’Mahony

021 427 3041

Drakes Point, Crosshaven, Co. Cork

 

Sherry Fitzgerald

6 Lapp's Quay, Cork

Ann O’Mahony

021 427 3041

Rowen Hill, Mount Oval, Rochestown, Cork

 

Sherry Fitzgerald

6 Lapp's Quay, Cork

Ann O’Mahony

021 427 3041

Old Quarter, Ballincollig, Co. Cork

Sherry Fitzgerald

6 Lapp's Quay, Cork

Johnny O’Flynn

021 427 3041

 

 

Ardfield, Grange, Douglas, Co. Cork

 

Savills

11 South Mall, Cork

Catherine McAuliffe

021 490 6117

Inis Alainn, Carrignafoy, Cobh, Co. Cork

English Auctioneers

2 East Beach, Cobh, Co. Cork

 

Elizabeth Hannon

021 481 1494

086 243 6916

 

Cul Ard, Carrigtwohill, Co. Cork

Ahern Auctioneers

55 Main Street,

Midleton, Co. Cork

 

Burton & Associates

40 South Mall, Cork

 

Maurice Ahern

 

 

 

Tom Burton

021 463 4022

 

 

 

021 427 4333

 

Highfield Park, Ballincollig, Co. Cork

Burton & Associates

40 South Mall, Cork

Tom Burton

021 427 4333

 

 

FINANCE

NAMA are not providing the mortgage finance in respect of the NAMA 80/20 Deferred Payment Initiative. Prospective homebuyers should contact their local branch of Bank of Ireland, EBS or Permanent TSB who are providing the mortgages for the Scheme.

 

DEPOSIT

Home buyers will be required to part fund the purchase with a deposit of at least 10% of the purchase price.


 

MORTGAGE STRUCTURE

The Mortgage will be provided in two instalments.  The first instalment, together with the homebuyer’s deposit, equating to 80% of the purchase price, will be paid at the date of purchase. 

The second instalment equating to a maximum of 20% of the purchase price, will be paid in five years by the mortgage provider, subject to the value of the property at that time.

 

FURTHER INFORMATION

A Deferred Payment Initiative Brochure is available on the NAMA website, www.nama.ie, which also has an excellent Question and Answer section with examples of how the scheme will work.

 

Ahern Roberts O’Rourke Williams Solicitors will be happy to provide homebuyers with the necessary legal advice and deal with the purchase of your new home.

 
 
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