No uptake of €280k State home loan scheme

A GOVERNMENT plan to provide mortgages to people who have been rejected by the banks has cost €280,000 to administer – but as yet no loans have been drawn down under the scheme.

The controversial Home Choice Loan scheme, introduced in last October’s budget, was set up to facilitate first-time buyers who have been turned down by the banks.

The scheme, however, has come under fire from opposition parties and been branded a “bailout” for developers and state-backed subprime lending.