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Gníomhaireacht Tithíochta

promoting sustainable communities

Mortgage to Rent Scheme

The mortgage-to-rent scheme is a government initiative to help homeowners who are at risk of losing their homes.

To qualify for the mortgage-to-rent scheme:

  • You must be involved in the Mortgage Arrears Resolution Process (MARP) with your lender and agree that you can no longer afford to pay your mortgage loan now or in the future.
  • You must own the property you live in, with a current market value no more than €350,000 for a house and €300,000 for an apartment or townhouse  in the areas of Dublin, Kildare, Meath, Wicklow, Louth, Cork and Galway and €250,000 for a house and €190,000 for an apartment or townhouse  in the rest of the country.
  • Your property must be in good condition, be in a suitable location and must suit your needs.
  • You must not own any other property or have assets in excess of €20,000.
  • Your net household income must not exceed €25,000*, €30,000* or €35,000* a
    year, depending on what part of the country you live in (net household income is the
    household income after taxes and social insurance (PRSI) have been taken off).
    (* Additional allowances for children).
  • You must have a long-term right to remain in Ireland.


 

How does it work?

  • You must be approved for the Mortgage to Rent Scheme by your lender.
  • Your home must be approved by the Housing Association as suitable.
  • You must be approved for Social Housing Support by your local authority.
  • You voluntarily surrender possession of your home to your mortgage lender who immediately sells it to a housing association who will then rent it to you.
  • You will no longer own your property but you can continue living in your home as a social housing tenant and have a tenancy agreement with the housing association.

 

Benefits of the Scheme

  • Peace of mind for you and your family to remain living in your home without disruption to your family life in line with the terms of your tenancy agreement.
  • You pay an income based affordable rent.
  • The proceeds from the sale of your home to the Housing Association will go towards your mortgage debt and you come to an arrangement with your lender for remaining debt, if any.
  • Potential option to buy back your home after a period of 5 years if your situation improves.
  • The Housing Association will look after property maintenance issues as set out in your tenancy agreement.

How to Apply

  • Where appropriate your lender will offer you the opportunity to apply for the scheme and give you an application form for Mortgage to Rent.
  • You agree to surrender ownership of your home in exchange for a tenancy agreement with a housing association.
  • Complete your Mortgage to Rent application form a Social Housing Support Application form and give it to your local authority.
  • You must get independent legal and debt advice about your situation. Your lender will pay up to €500 for legal advice. The Money Advice and Budgeting Service (MABS) can provide independent debt advice.
  • You must get independent legal and debt advice about your situation. Your lender will pay approximately €500 for legal advice. The Money Advice and Budgeting Service (MABS) can provide independent debt advice or you can obtain the name of an approved Financial Advisor on www.keepingyourhome.ie. Your lender will pay this advisor €250 directly on confirmation of receipt of the advice .

 

Contact Citizens Information

www.keepingyourhome.ie


Mortgage Arrears Information Helpline

Tel: 076 107 4050 (Mon to Fri, 9.30am to 5pm)

 

Contact Money Advice and Budgeting Service (MABS)

Tel: 076 107 2000 (Mon-Fri, 9am-8pm)

www.mabs.ie

 

A Guide to the Mortgage to Rent Scheme August 2015