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THE FIRST MORTGAGE-to-rent scheme has been announced as part of the Government’s efforts to help homeowners trapped by unsustainable mortgages.
Under the pilot scheme, mortgage payers will avoid losing their home by giving up ownership and becoming tenants.
It is being run by Clúid Housing Association, which has offices in Dublin, Cork and Galway. Its CEO Brian O’Gorman said the programme would initially involve “a small number of households.”
“The aim is to assist vulnerable home-owners who have unsustainable mortgages and are in danger of losing their home,” he said.
Clúid is currently negotiating final details with the Government, the Housing Agency and AIB. However, broadly speaking the scheme will involve mortgage payers giving up their house or apartment to the bank which holds the mortgage.
The home will then be sold on to Clúid at its current market value, rather than the value of the original mortgage. The household will become tenants of the association, and pay rent based on their income rather than repayments on a debt.
Only homeowners whose mortgages have been officially deemed unsustainable in a Mortgage Arrears Resolution Process with the lender will be eligible for the pilot. The home must be worth less than €220,000 and they must qualify for social housing support.
It’s expected the Government – which put mortgage-to-rent schemes forward as part of the Keane report last October – will roll the programme out nationwide if the pilot is a success.
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… and I wonder, if they did, would the Filipinos write belittling letters to their online newspapers about it.
@MurtyMac: not belittling the death at all. Tragic loss of life. Just wondering why Irish media are reporting on this.
Fully expect to see responses like ‘well you don’t have to read articles on a free site…set up your own site’ blah blah blah.
@Onion Knight: oh stop…
@Onion Knight: Was there myself last year so I had an interest. Maybe if you spent less time commenting on articles that dont interest you you’d find more articles that do interest you? Or in your words – “blah blah blah”.
I wonder if the Philippines media reports on tragic losses of life in Ireland.
@Onion Knight: If someone was eaten by a crocodile in Ireland I would imagine that would be big news!
@Coco86: If crocodile’s were common in Ireland I’d doubt it though.
@Onion Knight: what’s your point. You don’t have to read it. I found it interesting
@Onion Knight: so right..pointless news
Imagine being caught in a killer storm and then being eaten by a crocodile poor man.
I ate a crocodile once…tastes like chicken.
@Mary Murphy: the whole thing? Bless your appetite!
@Declan Hegarty: what does crocodile taste like?
@oh i dunno: chicken
One of the most beautiful islands In Asia.
https://www.lonelyplanet.com/philippines/palawan/el-nido
Horrific. The poor man. Hope it was a quick death. Jesus…the thoughts of it.
Many years ago I was driving with a friend in Tanzania. We came to a bridge which was flooded so we started to push the car off the bridge. I happened to glance back and saw a crocodile heading rapidly for his lunch which was me. I jumped on to the roof of the car like an Olympic athlete. The crocodile glanced at me for a while and then he went off to a different lunch. That was the closest to death that I have been so far. Maybe I do have a guardian angel after all.
RIP, I can image very few good ways to bow out but being eaten, alive. Thats fxcked
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