Call to reform Home Choice Loan scheme

THE Government must abandon or reform the €500 million Home Choice Loan scheme as it is unrealistic, according to brokers.

The Professional Insurance Brokers Association (PIBA) said the controversial scheme which aims to help first-time buyers purchase a house has had “less than a handful of successful applicants”.

The Home Choice Loan scheme came into effect on January 1, 2009, but has been heavily criticised as being a bail-out for builders and a programme of subprime mortgages.