Gormley to publish new house scheme for low paid

Environment Minister John Gormley is due to publish details of a new scheme today aimed at helping people on low incomes buy a home.

The Housing (Miscellaneous Provisions) Bill includes an incremental purchase scheme that would allow a prospective buyer to purchase a portion of a property and take out a mortgage on that portion.

Local authorities would then purchase the rest of the house and charge rent to the occupant.

Over time, the occupant will be able to buy a larger portion of the house on a gradual basis.

A similar shared-ownership scheme is already in operation, but requires a full buy-out of the council share.