The Government’s mortgage to rent scheme has been extended to include more expensive homes. The scheme allows households that cannot pay their mortgage to rent their home as a social housing tenant.
The changes will come into effect from November 1st. Households in mortgage arrears with little change in circumstances are given the chance to surrender ownership of their home and become a social housing tenant and continue to stay living there.
From Friday, homes worth €515,000, up from €450,000, will now be eligible for the initiative, as well as apartments or town houses worth €385,000, up from €335,000, in the counties of Dublin, Kildare, Meath, Wicklow, Louth, Cork and Galway.
In the rest of the country, houses worth €395,000, up from €345,000, will be included, as well as apartments or town houses worth €265,000, up from €230,000.
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Since the scheme began in 2012, a total of 2,503 households have availed of it which included 7,271 people.
Minister for Housing Darragh O’Brien said the changes would “ease the burden for many households experiencing mortgage distress”.
“The prospect of losing your home is extremely worrying and stressful. The mortgage to rent scheme offers a practical solution and gives individuals and families peace of mind by allowing them to remain living in their home despite facing severe mortgage difficulties,” he said.
“It’s clear that there is a continued demand for the scheme, as since its launch, it has helped over 7,000 people remain living in their homes avoiding the upheaval of having to move out of their house and leave their community.
“I would encourage anyone dealing with mortgage arrears to contact the Money Advice and Budgeting Service or Abhaile, the mortgage arrears support service, for free advice and support.”
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