The Mortgage to Rent scheme, which was initiated by Clúid, aims to help some people who have serious difficulties with their mortgage and who are unlikely ever to make full repayments on their mortgage in the future. Under the scheme, the home is bought by a housing association such as Clúid and the family stays in their home as a tenant, paying an affordable rent to the housing association, rather than as an owner occupier with a mortgage.
Clúid has been involved in the design and piloting of the scheme and continues to be strongly committed to Mortgage to Rent. For those who are eligible, Mortgage to Rent offers an opportunity for them to continue living in their home, maintaining community and family connections as well as links to schools and work; and to be free from an unsustainable debt.
If you are interested and think you might qualify for Mortgage to Rent, you must first contact your lender who will decide whether or not your mortgage is unsustainable. If your mortgage is considered unsustainable then your lender will help you with the next steps.
It is anticipated that there will be a very significant increase in the number of Mortgage to Rent cases processed in 2013. A target of 250 households has been set in 2013 to reach those who need the scheme most.
The Citizens Information Board is operating a Mortgage Arrears Information Helpline for potential applicants to the Scheme. The service is available between the hours of 9.30am to 5pm on 076 107 4050 and provides general information to potential applicants. You can also obtain information on their website www.keepingyourhome.ie.
For more information download the Department of Environment, Community and Local Government's information leaflet here.
To read about the advantages and disadvantages of Mortgage to Rent click here.