The Housing Minister said this in the Dáil this week in response to a question about shared ownership mortgage protection insurance:
Does this mean we going to have pay even higher mortgage protection insurance premiums to cover the local authority's share of the property?
The local authority mortgage protection insurance scheme is overseen by the Mortgage Protection Committee which is a sub-committee of the County and City Managers association (CCMA) and is representative of the CCMA, local authorities, the Housing Finance Agency and my Department.
The Committee recently held a tender competition with a view to putting a new scheme in place from 1 January 2009. A final decision on the winning tender is due shortly. It is also intended that the rental portion of shared ownership will be incorporated into the new scheme.
Does this mean we going to have pay even higher mortgage protection insurance premiums to cover the local authority's share of the property?