Mortgage to Rent a possibility for Hard Pressed Families – Wall

Cllr Mark Wall has welcomed the news that the recently piloted, Mortgage to rent scheme could be an option for hard pressed homeowners within the county who have a Shared ownership loan or any other Local Authority housing loan.

Speaking following the response to his motion on the scheme at the Athy Area Committee , Cllr Wall was informed that 17 pilots projects had being completed , 10 in Dublin city council and 7 in Westmeath county council.
This has resulted in the possibility of the scheme being rolled out nationally by the end of the year.

To qualify for the scheme homeowners must have engaged in the MARP, Mortgage Arrears Resolution Process, with the local Authority, the house involved must be suitable for the needs of the family and the house must be in negative equity.

Cllr Wall commented, “The news that this scheme could be extended to those hard pressed families in Shared ownerships, who for whatever reason find themselves in severe difficulty is to be welcomed. It is very important that anybody having problems with their mortgage repayments engage with their lender at the earliest opportunity and this is equally as important for those with local Authority loans. This scheme offers the opportunity for families to remain in their family home, paying a rent instead of a mortgage. The family involved will have to engage professional advice before they enter this scheme, for which they will receive assistance with the cost. The Mortgage to rent scheme could offer a viable alternative to those who are seeking answers to their present difficulties and I look forward to this scheme assisting those in most of need within county Kildare in the very near future ”

For more contact Mark on 083 3341488

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