Vol. 528 No. 3
158 Mr. Gilmore asked the Minister for the Environment and Local Government the discussions he has had with lending institutions concerning the possibility mortgages with repayment periods up to 35 years, with a fixed interest option for the first five to ten years, for borrowers with lower incomes; and the outcome of discussions in this regard. [30191/00]
On foot of recommendations made in the first Bacon report, I asked mortgage lenders to consider, in the context of low interest rates, offering longer term mortgages of up to 35 years, with five to ten year fixed interest rate options, to lower income borrowers.
A number of lending institutions subsequently introduced longer term mortgages, for example, up to 35 years, which include a fixed interest rate option for periods up to ten years.
