EBS's €150m affordable home scheme oversubscribed
Published 05/01/2010 | 05:00
BUILDING society EBS said yesterday a fund of €150m it had set up for those who want to buy an affordable house had been oversubscribed.
The fund was launched by the building society in January last year to ensure that finance is accessible and available for buyers seeking to purchase their first homes through the Affordable Housing Scheme.
EBS committed €150m to the fund and has lent in excess of that to borrowers over the past 12 months.
The society said the oversubscription of the fund meant the EBS has grown its market share to 46pc of the affordable housing market, up from 40pc at the start of the year.
The drawing down of the fund equated to 1,100 loans provided to first-time buyers participating in the Affordable Housing Scheme.
Dara Deering, director of membership business at EBS, said: "While affordability of homes continues to improve, there are still large numbers of people who are taking advantage of the opportunity that the Affordable Housing Scheme presents. We are committed to maintaining a dedicated source of funding for this sector in the year ahead."