THE NATIONAL ASSET Management Agency has extended its experimental mortgage scheme – which aims to insulate home-buyers from negative equity – to an additional 180 houses located in 12 counties across Ireland.

Set up in the hope that it would instil confidence in prospective purchasers so they could buy a home without the immediate worry of falling prices, the 80:20 Deferred Payment Initiative’s pilot phase received a “positive response”.

Launched in May, it included 115 houses in three counties but the expansion boasts a greater geographical spread.

This round includes 180 properties, ranging in size from two-bedroom to five-bedroom homes, in 12 counties. Prices begin from €100,000.

“We have established that concerns over potential falls in house prices remain an issue for buyers. The extension of this initiative will help adddress these concerns for buyers in nine more counties, in addition to the three included in the pilot phase,” explained chief executive Brendan McDonagh.

The properties, located in Carlow, Clare, Cork, Dublin, Galway, Kerry, Kildare, Kilkenny, Limerick, Meath, Sligo and Wexford, are not NAMA-owned. The 80:20 scheme protects buyers from decreases of up to 20 per cent in the value of the property over the next five years.

Eighty per cent of the agreed sale price will be paid up front by any person entering the scheme. The remaining 20 per cent will only be due in five years’ time. How much, if any, of that 20 per cent then due will be calculated on the basis of an independent assessment of the property’s value.

Further information on the properties included can be viewed on www.nama.ie, www.daft.ie and www.myhome.ie