[Newaglish]

Has anyone seen the details of this?

http://www.thejournal.ie/nama-pilot-...43639-May2012/

NAMA HAS TODAY unveiled a pilot programme aimed at encouraging first-time buyers to enter the housing market by insulating them from the possibility of negative equity by up to 20 per cent.

Under the scheme, potential buyers will be asked to pay 80 per cent of the value of the home up front, including at least 10 per cent provided by means of the purchaser’s own deposit.

The remaining 20 per cent will then be due in five years’ time, but will be discounted depending on if the value of the property falls in the meantime.

Seems like an interesting idea although I have to look at it in detail. Instinctively I would imagine the distorting impact of this scheme could end up being reflected in the sale price to begin with.

[Zamboni]

The properties available on the scheme in Dublin are not remotely appealing.
Don't know about Cork.

Development Units
Delvin Banks, Naul Village, Co Dublin
Loughmore Square, Killeens Castle, Dunshaughlin, Co Meath
Browns Barn Wood, Dublin 22
Carrickmines Manor, Glenamuck Road Dublin 18
Cul Ard, Carrigtwohill, Co Cork
Old Quarter, Ballincollig, Cork
Drakes Point, Crosshaven, Co Cork
Brightwater, Crosshaven, Co Cork
Rowan Hill, Mount Oval, Rochestown, Cork
Inis Alainn, Carrignafoy, Cobh, Co Cork
Highfield Park Development, Ballincollig, Co Cork
Ardfield, Grange, Douglas, Co Cork

[Zamboni]

Interesting rate from PTSB

Permanent TSB confirms role

Permanent TSB confirmed that it will be taking part in the scheme, offering a variable rate of 3.69%. The bank says that it has constructed the product to ensure that even if prices don't fall after five years, the customer will not face increased repayments at that time.

The bank has set up a dedicated hotline for queries related to the initiative - 1890 500 143.

http://www.rte.ie/news/2012/0508/nam...omebuyers.html

[Dannyboy1987]

Originally Posted by Zamboni

The properties available on the scheme in Dublin are not remotely appealing.
Don't know about Cork.

Development Units
Delvin Banks, Naul Village, Co Dublin
Loughmore Square, Killeens Castle, Dunshaughlin, Co Meath
Browns Barn Wood, Dublin 22
Carrickmines Manor, Glenamuck Road Dublin 18
Cul Ard, Carrigtwohill, Co Cork
Old Quarter, Ballincollig, Cork
Drakes Point, Crosshaven, Co Cork
Brightwater, Crosshaven, Co Cork
Rowan Hill, Mount Oval, Rochestown, Cork
Inis Alainn, Carrignafoy, Cobh, Co Cork
Highfield Park Development, Ballincollig, Co Cork
Ardfield, Grange, Douglas, Co Cork

Must be for first time buyers with a lot of money

[seamus]

Originally Posted by Dannyboy1987

Must be for first time buyers with a lot of money

It would vary.

An FTB would probably go for a two or three-bed, which in most of these places you're looking at a max. of €200k. Which basically means that the buyer needs €20k deposit and €140k mortgage.

€20k deposit isn't huge if you've been saving for five or six years, especially if you've been living in the family home.

I think the status of FTBs is somewhat unknown at the moment. People who came out of college in 2007 are now five years into their careers, probably on reasonable money (€30k+) and have seen lower rents than anyone else in the last 20 years. And practically none of them have bought anything.

The proportion of 20-somethings who bother saving money though is another question. I knew very few people who bothered saving much money when they left college.

[Idbatterim]

The properties available on the scheme in Dublin are not remotely appealing.

Carrickmines manor isnt bad on the luas line and M50, only a few minutes from dundrum and sandyford industrial estate by car with no traffic...

[ionapaul]

It's also only a short walk from Ballyogan Wood, a pretty rough council estate - that Luas stop is always fun when going home, wondering what the wild youngsters who get on there will get up to on the way into town! Personally, I'd give Carrickmines Manor a miss, wait for Nama to release some nicer properties further up the line or in Sandyford itself...

[washman3]

Its a scam.! plain and simple. hope people can see through it for what it is. The houses in question are overvalued now by at least 30%.
Forget about this "5 years time" nonsense.
Have any lessons been learned.??

[indiewindy]

Why doesnt nama simply put its a lot stock on the open market rather than continue to try to manipulate the market. They have been sitting on thousands of properties for 2 years now.

[alb]

How are they going to know if you're in negative equity unless you try to sell? No one knows exactly what their property is worth until someone else buys it from them.

[gurramok]

Crazy prices! Aimed at the upper end of the FTB market(if they bother looking)
http://www.irishtimes.com/newspaper/...reaking42.html

Originally Posted by Irish Times

Mr McDonagh said the pilot scheme was targeted at a potential shortage of family homes at an average price of €300,000 and that no apartments were being offered initially.

There are 62 houses in Co Cork eligible for the initiative in the pilot scheme and 53 in Dublin and Meath. All the properties are on estates where the majority of the houses have already been sold.

Among the properties are two houses remaining in the Browns Barn Wood development on the Naas Road in Dublin which are priced from €335,000. There are 18 houses for sale in a development on the Killeen Castle estate near Dunshaughlin in Co Meath which are priced from €270,000 to €410,000.

There are a further 29 properties in the Devlin Banks development in Naul, Co Dublin priced from €175,000.

[washman3]

Originally Posted by seamus

The proportion of 20-somethings who bother saving money though is another question. I knew very few people who bothered saving much money when they left college.

To be honest seamus,a huge number of 20-somethings are now in Australia,Canada,UK and USA. And being joined daily by more and more of the same.

[Zamboni]

Good man Brendan.

Chief executive of Nama Brendan McDonagh said the State agency would not haggle with buyers as the 115 houses were already priced at a “fair value”.

http://news.ie.msn.com/nama-houses-i...ent-price-drop

[who_ru]

Proper scam innit.

[Snakeblood]

Originally Posted by Zamboni

Good man Brendan.



http://news.ie.msn.com/nama-houses-i...ent-price-drop

If they're fair value with a 20% price drop guarantee, I'm surprised he's not snapping them up himself up. Safe as houses, they seem.