Tuesday, 08 May 2012. permanent tsb bank has confirmed that it will support NAMA’s 80:20 Deferred Payment Initiative. NAMA launched a pilot for the new initiative this morning. permanent tsb will advance mortgages under the initiative with a variable rate of just 3.69%.
Speaking today, Niall O’Grady, Head of Marketing with permanent tsb said the bank was delighted to support the new initiative;
This is a very constructive initiative which will address the concerns of some borrowers that they might be at a loss if prices fall further. By protecting those buyers from falls of up to 20%, NAMA is tackling one of the key reasons people cite for putting off their purchase decision.
The bank has constructed the product to ensure that even if prices don’t fall after 5 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.