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Launch of the Mortgage to Rent Scheme

Launch of the Mortgage to Rent Scheme
28 Jun 2012

Minister for Housing and Planning, Jan O'Sullivan, T.D. launched the Mortgage to Rent scheme today.  The scheme is specifically targeted at those low income families whose mortgage situation is unsustainable and where there is little or no prospect of a significant change in circumstances in the foreseeable future.  The scheme ensures that the family remains in the home, paying rent, while ownership is transferred to an approved housing body.


According to Minister O' Sullivan, “Some families have been caught in ‘a perfect storm’ in relation to mortgage repayments.  They purchased when prices were much higher and in many cases the family income that made the repayments possible has dropped significantly, often through the loss of one or more wage packet.  Many of these families now face the trauma of repossession.  The Government, following on from the Keane Report, pledged to take action and today I am announcing the launch of a nationwide mortgage to rent scheme.”
 

The mortgage to rent scheme is an option for families who:

  • Have had their mortgage position deemed unsustainable
  • Are eligible for social housing
  • Agree to the voluntary surrender of the property
  • Are in negative equity


“The main aim of the mortgage to rent scheme is to give security and certainty to families.  It removes the threat of repossession and the consequent upheaval that entails.  Families can continue to live in their family home with security of tenure and certainty over the payments they must meet.”


“The mortgage to rent scheme is targeted at those with a low family income who are facing repossession of a modest family home.  It is not an easy route for families to embark on as it results in the surrender of ownership, but it does provide families with continuity and security.”

Download the full Minister's Statement [PDF 32kb]

Find out more about the Scheme

Download Mortgage to Rent Leaflet [PDF 466kb]