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.
