Over 50 Carlow homeowners in mortgage arrears approved for Mortgage-to-Rent scheme

Fifty one Mortgage-to-Rent (MTR) applications in Carlow have been approved since the scheme's commencement. 

That's according to the Minister of State for Heritage and Electoral Reform Planning at the Department of Housing, Local Government and Heritage, Malcolm Noonan, who today (December 8) welcomed the news. 

Over 2,000 applications have been completed country-wide, with a further 8 applications currently active in Carlow. 

Mortgage-to-Rent helps people who are at risk of losing their homes due to mortgage arrears. The 2,030 cases completed nationwide to date (since the scheme commenced in 2012) are benefitting 5,910 people (3,249 adults and 2,661 children). 

The Minister urged anybody at risk in Carlow to consider the scheme and also engage with the other Government supports and advice available. 

Minister Noonan said, "Mortgage to Rent provides a solution to a complex problem by giving a person or family the option of remaining in their own home despite acute mortgage difficulties. As a Government we want to keep as many people in their homes where it is sustainable and the Mortgage to Rent scheme supports that objective.

"While it is welcome news that 51 applications have been completed in Carlow and nationally almost 6,000 people have been assisted to stay in their homes through the Mortgage to Rent scheme, we know that there are more families out there who need our support and we want to help them. The most recent Central Bank figures show that there are almost 25,000 mortgages in arrears for one year or longer.

"At the beginning of this year I made significant improvements to the scheme, making it easier and simpler to access. I would encourage anyone who is in serious mortgage arrears, to avail of the Abhaile initiative run by the Money Advice and Budgeting Service, where you can get free financial, legal, or insolvency advice." 

The scheme offers the chance to people in acute mortgage arrears to surrender property to a lender in exchange for becoming a social housing tenant in their own home and community. 

As part of the scheme, the home will be brought up to private rental standards. 

In January 2022, the Government improved and expanded the MTR scheme as part of Housing for All so more people in long-term mortgage arrears could benefit. 

Those interested in the scheme can check eligibility here. 

For free financial, legal, or insolvency advice around your mortgage arrears visit Abhaile or contact them via 0818 07 2000.