Mortgage-to-rent rise needed to help those in debt - McVerry
Homelessness campaigner Fr Peter McVerry has called on the Government to raise the income limits on the State's mortgage-to-rent scheme to include most unsustainable mortgage debt.
His call comes as the Government announced a significant increase in the new upper valuation level to €395,000 for houses eligible for the scheme, which comes into effect immediately.
A €30,000 rise from the previous mark applies to Dublin, Cork, Galway, Wicklow, Kildare, Meath and Louth. In the rest of the country, house valuation thresholds will go up by €25,000 - bringing the new upper limit to €305,000.
Fr McVerry welcomed the threshold expansion on house valuations as a small step, but called for a follow-up rise in income limits for the scheme.
"I would like to see the Government go much further," he said. "There should be a rise in the income limits which apply to mortgage-to-rent."
The CEO of mortgage-to-rent operator Home For Life, Paul Cunningham, said the decision to introduce a more realistic upper threshold showed a commitment to finding solutions for many of the estimated 25,000 families in serious mortgage arrears.
Mortgage-to-rent aims to keep owners with unsustainable debt in their current homes debt-free as long-term tenants of their local authority.