Developers to help buyers get on property ladder 04/09/2008 - 07:23:46
New initiatives will be unveiled today to help house buyers to get a mortgage.
Two of the country's biggest property developers are announcing details of special interest free loans to attract buyers to their developments.
As banks continue to tighten their rules on lending, it is not just buyers that are feeling the pinch, developers are finding it increasingly difficult to sell their properties.
In a bid to attract buyers to his new apartments at Elm Park in Dublin 4, developer Bernard McNamara is offering interest-free loans of up to 30% of the asking price.
Buyers do not have to put down a deposit, and the loan does not have to be paid for five years.
Ray Grehan is offering a similar deal on his upmarket Grange development in Stillorgan in Dublin - buyers will have to pay a 5% deposit and can get an interest free loan of 15% of the asking price.
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New initiatives will be unveiled today to help house buyers to get a mortgage.
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