Government concludes first mortgage-to-rent scheme
Published 07/02/2012 | 17:39
THE Government has concluded its first new mortgage-to-rent scheme deal through which a housing association will take over a home owned by a family facing repossession by a bank.
The family will now rent the home from the approved housing body Cluid.
It is understood the bank involved is GE.
As part of the deal, the lender has written off a significant portion of the debt associated with the original loan.
In addition, GE has provided a new loan to the housing body Cluid to buy the home in West Dublin which allows the original occupiers to remain in the property.
The family have surrendered the home and have become social housing tenants.
Housing Minister Jan O'Sullivan told RTÉ News that there could be up to 100 distressed borrowers who may be in a position to avail of the scheme.