Monday 18 June 2018

Participants sought for mortgage to rent scheme

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Breda Heffernan

Breda Heffernan

The Housing Agency is seeking expressions of interest in the Government's mortgage to rent scheme.

The scheme will see families who are in deep arrears given the chance to stay in their homes as renters.

The initiative follows mortgage campaigner David Hall doing a deal with AIB to buy out hundreds of homes where the mortgage holders are in arrears.

It is estimated that up to 10,000 homeowners could ultimately benefit from the scheme.

The Housing Agency is now seeking expressions of interest from "suitably qualified participants interested in entering into long-term lease arrangements with local authorities for the provision of accommodation to eligible households".

Participants could include housing associations.

Under the scheme, an eligible borrower surrenders the property to their lender which then sells the property to the participant. They, in turn, lease the property on a long-term basis to the local authority and the borrower remains in the house as a social housing tenant.

However, the participant provides ancillary management and maintenance services for the property.

Eligible properties must be valued between €280,000 and €365,000, depending on the location, with the higher values for Dublin.

Irish Independent

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