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
  • Only eight families get mortgage to rent deal
Uncategorized
Apr 8, 2013 - 12:30

Only eight families get mortgage to rent deal

The MyHome Newsdesk
By The MyHome Newsdesk
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share
Only eight families get mortgage to rent deal

Just eight families have benefited from a Government “mortgage to rent” initiative launched a year ago, aimed at helping houseowners in serious mortage distress.

The scheme allows mortgage-holders to surrender their homesto a housing agency, who in turn rent it to the original owners.

It was billed by the Government at its launch as a way of providing “certainty and security for families who face the imminent prospection of repossession of their family home”.

Latest figures published in today's Irish Times show that sales have been agreed on 20 properties and eight of these sales have been completed.

Advertisement

In the meantime, the number of people falling behind on their mortgages continues to grow. The Central Bank estimates that about 94,000 householders are three months or more behind on their repayments.

The Government insists, however, that the number of people who will benefit from the scheme will grow over the remainder of the year.

“Mortgage to rent or other such interventions cannot be rushed for any party,” a spokesman for Minister for Housing Jan O’Sullivan said.

“For example, the process provides a 60-day decision period and a 28-day cooling off period within the timeframe of the scheme.”

The Department has budgeted for 250 homes taking part in the mortgage to rent scheme during 2013, though it is unlikely this figure will be reached based on current trends.

Advertisement

It now forecasts that in excess of 25 cases will be completed by the end of the first quarter of this year.

The department estimates it will take up to eight months to complete a transaction. It said this compared favourably to other jurisdictions operating similar schemes.

Source: Carl O'Brien/The Irish Times

Subscribe to our weekly MyHome Living eZine today

Processing your request...

You are subscribed now!

<

  • Tags
  • Central Bank
  • government
  • homeowners
  • Irish Times
  • Jan O'Sullivan
  • Minister for Housing
  • mortgage
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