asked the Minister for the Environment if he will reconsider the procedures for Housing Finance Agency loans in order that bonus payments and overtime would be excluded when assessing monthly repayment rates and that payments would be reduced in line with income in the event of unemployment or illness; and if he will make a statement on the matter.
Written Answers. - Housing Finance Agency Loans.
36.
I have no proposals at present to alter the current method of calculating a borrower's income and repayment schedule for income related loans. Any borrower of an income related loan has the option of converting to annuity based repayments if he considers it more suitable to his circumstances for reasons such as those referred to by the Deputy. A borrower who experiences a drop in income due, for example, to illness or unemployment can have his annual repayments reduced, but repayments in any one year may not fall below 90 per cent of the amount payable in the previous year and may not subsequently fall below that amount.