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The Minister for Housing, Local Government and Heritage, Darragh O’Brien, has welcomed the latest data showing that Mortgage to Rent (MTR) applications approved across the country have now passed the 2,000 mark milestone since the scheme’s commencement. The Minister urged anybody who is at risk of losing their home to consider the scheme and also engage with the other government supports and advice available.
Mortgage to Rent helps people who are at risk of losing their homes due to mortgage arrears. The 2,000 cases completed to date (since the scheme commenced in 2012) are benefitting 5,910 people (3,249 adults and 2,661 children).
Minister O’Brien said:
“Mortgage to Rent provides a solution to a complex problem by giving a person or family the option of remaining in their own home despite acute mortgage difficulties. As a government we want to keep people in their homes where it is sustainable and the Mortgage to Rent scheme supports that objective.
“While it is welcome news that almost 6,000 people have been assisted to stay in their homes through the Mortgage to Rent scheme, we know that there are more families out there who need our support and we want to help them. The most recent Central Bank figures show that there are almost 25,000 mortgages in arrears for one year or longer. At the beginning of this year I made significant improvements to the scheme, making it easier and simpler to access. I would encourage anyone who is in serious mortgage arrears, to avail of the Abhaile initiative run by the Money Advice and Budgeting Service, where you can get free financial, legal, or insolvency advice.”
The scheme offers households in acute, unsustainable mortgage arrears situations, with little or no prospect of a significant change in circumstances, the chance to surrender a property to a lender and in turn become a social housing tenant whilst staying in their own home and community. As part of the scheme, the home will be brought up to private rental standards. In January 2022, the government improved and expanded the MTR scheme so more people in long-term mortgage arrears could benefit from the scheme. These improvements were made as part of Housing for All, the government’s housing plan to 2030.
For further information on Mortgage to Rent and to see if you qualify visit: https://mortgagetorent.ie/
For free financial, legal, or insolvency advice around your mortgage arrears visit Abhaile at https://mabs.ie/abhaile/ or contact them on 0818 07 2000.