asked the Minister for the Environment the regulations which apply to persons who received an income-related house purchase loan prior to July 1986 and who now wish to transfer to a convertible loan at a fixed interest.
Written Answers. - Convertible Loan.
47.
The option of a convertible loan is only available in respect of loans approved on or after 1 July 1986. There is no provision for borrowers to switch from an income-related loan to a convertible loan once the loan has been made. A person who obtains an income-related loan approved on or after 1 July 1986 may opt for an annuity repayment but at a variable rate of interest.