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04/12/2013
BoI Signs Up To The 'Help To Buy' Scheme
SDLP MLA and chair of the Assembly Enterprise committee, Patsy McGlone has welcomed news the Bank of Ireland has signed up to the 'Help to Buy' scheme, but says other measures to assist first time home owners must be developed.
Under 'Help to Buy', buyers need to provide a small deposit, with the government offering a guarantee of 15% of the loan to the lender - for a fee. That fee, charged to the lender, is up to 0.9% of the original loan level. Borrowers who apply will face checks to make sure that they can afford the mortgage payments.
The Mid Ulster MLA said: "Hopefully this scheme will encourage aspiring house buyers to invest in a home, and get a foot on the property ladder, which has proved very difficult, if not near impossible, for many first time homeowners in recent years.
"This type of scheme would also give a boost to the construction sector, and sub-contractors. For example, first time buyers may invest in properties in need of renovation, therefore, any type of boost to the sector is welcomed. There are tangible signs at the moment that house prices are starting to bottom out so, for anyone with access to the finance, my opinion is that now is the time to buy.
"However, this scheme must not be the only measure to help first time buyers. Potential house owners believe government should have incentivised banks to introduce high interests savings accounts. This would allow them to save a sizeable deposit. Nonetheless, hopefully the other banks will sign up to the scheme, sooner than later."
(CD/JP)
Under 'Help to Buy', buyers need to provide a small deposit, with the government offering a guarantee of 15% of the loan to the lender - for a fee. That fee, charged to the lender, is up to 0.9% of the original loan level. Borrowers who apply will face checks to make sure that they can afford the mortgage payments.
The Mid Ulster MLA said: "Hopefully this scheme will encourage aspiring house buyers to invest in a home, and get a foot on the property ladder, which has proved very difficult, if not near impossible, for many first time homeowners in recent years.
"This type of scheme would also give a boost to the construction sector, and sub-contractors. For example, first time buyers may invest in properties in need of renovation, therefore, any type of boost to the sector is welcomed. There are tangible signs at the moment that house prices are starting to bottom out so, for anyone with access to the finance, my opinion is that now is the time to buy.
"However, this scheme must not be the only measure to help first time buyers. Potential house owners believe government should have incentivised banks to introduce high interests savings accounts. This would allow them to save a sizeable deposit. Nonetheless, hopefully the other banks will sign up to the scheme, sooner than later."
(CD/JP)
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Student Rate Relief Scheme Halted
Those in full time education are to have an existing rate relief scheme stopped. The initiative has been ruled 'bottom of the class' by the former school teacher, now Stormont Finance Minister, Sammy Wilson. He has announced that he intends to close the existing scheme for students and divert the savings to other forms of support.
Student Rate Relief Scheme Halted
Those in full time education are to have an existing rate relief scheme stopped. The initiative has been ruled 'bottom of the class' by the former school teacher, now Stormont Finance Minister, Sammy Wilson. He has announced that he intends to close the existing scheme for students and divert the savings to other forms of support.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
