9 February 2005

Environment

Interest Rates To Purchase Home From The State

Ciarán Cuffe asked the Minister for the Environment, Heritage and Local Government the breakdown of the different interest rates being charged to local authority tenants who are buying out their home from the State; the total value of, and the number of loans at each interest rate; and if he will make a statement on the matter.

Minister for Environment, Heritage & Local Government: The most recent information on the total number of tenant purchase loans was contained in the 2002 Census of Population. The Census indicated that overall there were 44,783 homes being purchased from local authorities. Information on the total value of such loans or a breakdown by interest rate is not available in my Department.

Tenant purchasers are not obliged by the terms of the scheme to take out a mortgage from local authorities. Furthermore, those with fixed rate local authority loans are free to redeem without penalty and refinance in the private sector. My Department does not have full information on the value or number of these private sector loans and consequently is not in a position to supply the detailed information sought in the Question.