Friday 23 August 2019

Relief for families in mortgage distress

Maria Pepper

Families in mortgage distress in Wexford have been given fresh hope after the county's upper housing valuation limit for the mortgage-to-rent scheme was increased to €305,000.

The latest €25,000 rise from the previous level will allow more homeowners in unsustainable mortgage debt to qualify as part of an expanded scheme which became operational last week.

Those previously above the upper ceiling limit of €280,000 will now have the opportunity to seek reassessments of their cases.

Apartments in the county will also have their upper valuation ceiling increased by €5,000 to €220,000, the Department of Housing, Planning and Local Government announced.

A total of 920 households in Wexford were in mortgage arrears for over two years at the end of 2018, according to the Central Bank, while over 700 of those had been in arrears for at least five years.

New Ross Standard