MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
  • Mortgages
  • Property Report
MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
    • Mortgage Learning Center
    • Calculators
    • Best Mortgage Table
  • Property Report
    • All Properties
    • Houses For Sale
    • Apartments For Sale
    • Available To View
    • Overseas Holiday Homes
      • Properties For Auction
      • Upcoming Auctions
      • BER Assessors
      • Property Conveyancing Solicitors
      • Pre-Purchase Surveyors
    • Find Agents
    • All Properties
    • Houses To Rent
    • Apartments To Rent
    • Available To View
    • Share
      • Irish Holiday Homes
      • Overseas Holiday Homes
  • New Homes
    • For Sale
    • To Rent
    • Auction
      • Residential Land
      • Commercial Land
      • Farm Land
      • Farms
      • Sites
    • MyHome Living
    • Buyer Advice Hub
    • Property Report
    • Property Price Register
    • Price Changes
  • Mortgages
    • Rental
    • Holiday Homes
    • Commercial
    • Sharing
Advertisement
  • Home
  • Uncategorized
  • €20m fund announced for distressed local authority mortgage holders
Uncategorized
Feb 12, 2014 - 10:36

€20m fund announced for distressed local authority mortgage holders

The MyHome Newsdesk
By The MyHome Newsdesk
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share
€20m fund announced for distressed local authority mortgage holders

Minister for Housing and Planning, Jan O'Sullivan, has announced a new €20m fund to assist the most distressed local authority mortgage holders.

The fund will be used to offer the 'mortgage-to-rent' solution to these local authority mortgage holders across the country.

"The mortgage arrears problem is particularly acute in the local authority sector, with approximately 31% of all loans in arrears for 90 days or more. It is important that these households are given access to the same options available to other mortgage holders. The Mortgage Arrears Resolution Process (MARP) has been implemented across the local authority sector and this announcement will ensure that the 'mortgage to rent' option is available to local authority mortgage holders," stated Minister O'Sullivan.

Mortgage to rent was one of the solutions identified in the Keane Report on mortgage arrears. It enables low to middle income families in an unsustainable mortgage situation to remain in their home. For holders of mortgages from private lenders, the home is bought at current market value and the family becomes a tenant of an approved housing body. To date, 33 mortgage to rent transactions are complete, another 61 are at sale agreed stage, 22 are under offer and 61 are at valuation stage.

Advertisement

"The €20m fund will allow local authorities to offer the mortgage to rent scheme to local authority mortgage holders with unsustainable mortgages. This will enable families to stay in their home and their established community. Surrendering the ownership equity in a home is a very difficult decision for a family; however, the mortgage to rent option does provide families with stability and continuity, after an often long period of financial turmoil. Ownership of the home transfers to the local authority and the family pays a differential rent.

"This is just one of a range of solutions available to local authority mortgage holders in arrears. The most important step any family in arrears can take is to engage early with the Arrears Support Unit of the local authority. Solutions are available and advice should be sought as early as possible."

Subscribe to our weekly MyHome Living eZine today

Processing your request...

You are subscribed now!

<

  • Tags
  • arrears
  • Arrears Support Unit
  • distressed
  • distressed local authority mortgage holders
  • Jan O'Sullivan
  • Keane Report
  • lenders
  • local authority
  • MARP
  • Minister for Housing and Planning
  • mortgage
  • mortgage arrears
  • Mortgage Arrears Resolution Process
  • mortgage holders
  • mortgage-to-rent
The MyHome Newsdesk
By The MyHome Newsdesk
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share

Helpful Links

Find your home on MyHome
Read more Articles
Calculate what you can afford to borrow
Welcome to the Retrofit Hub
Advertisement
Advertisement

Related News

What is a Heat Pump?
Uncategorized

What is a Heat Pump?

Feb 27, 2025
Living Cities Initiative
Uncategorized

Living Cities Initiative

Jan 14, 2025
Digital Services Act
Uncategorized

Digital Services Act

Mar 31, 2024
Avant Money and Finance Ireland announce new rates
Uncategorized

Avant Money and Finance Ireland announce new rates

Dec 09, 2021
Average deposit of first-time buyer was €52,000 in first half of the year
Uncategorized

Average deposit of first-time buyer was €52,000 in first half of the year

Dec 07, 2021
Frequent And Popular Searches
MyHome.ie Blog
Help
Jobs
About
Equality Guidelines
Brand Safety
Contact
Terms & Conditions
Cookie Policy
Privacy Policy
Digital Services Act
Sitemap
© Copyright MyHome.ie 2025
Advertisement