Mortgage to Rent Scheme ready to roll out

Cllr Mark Wall has welcomed the announcement by Jan O’Sullivan T.D., Minister for housing, that the first transaction in the new Mortgage to rent scheme has being completed.

Cllr Wall was speaking at the Athy Area Committee of Kildare County Council today, where he tabled a question, asking if Kildare County Council were availing of the scheme.

The reply from the Council stated that as yet, the scheme had not being rolled out nationally and that they would keep members informed of any progress.

The Mortgage to rent scheme involves the purchase of a family home by a voluntary housing organisation or banking institution, allowing the family to remain as a social tenant by paying an agreed rent from their resources. In essence the family goes from owing their own home to renting it. The plan involves the family voluntary surrendering their own home where they have significant mortgage arrears and then sitting down with the institution to discuss the most reasonable rent that they can afford from their own resources, as the institution agrees to purchase their home.

There are a number of other qualifying criteria including that the value of the home must be under €220,00 and you must make an application for housing to your local authorithy.

Cllr Wall went on to state that the Minister is quoted as stating that “she is keen to assist as many households as is possible”, this is an urgent area , with latest central bank figures ,showing that 9.2% of Mortgage accounts are in arrears of over 3 months, everything must be done to assist families that find themselves in difficulty. We must ensure that families can remain in their family homes, giving them the security they need for their families. I hope that this scheme along with the recently announced personal insolvency legislation will make a difference. There are too many families suffering, doing everything they can to keep a roof over their heads, it is important that families in such difficulties talk to their lender whoever that lender may be, it is equally as important that the Minister and the Government continue to roll out such schemes to assist these families.

 For further details contact Mark Wall on 083 3341488

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