There’s good news for those struggling with their mortgage repayments this morning.
A new scheme allowing AIB, EBS and Haven customers in arrears to stay in their homes has been launched.
It will mean that rather than being evicted from the property, people will be allowed to rent the home.
AIB, the Irish Mortgage Holders Organisation (IMHO) and iCare Housing made the announcement today.
Under the ‘Mortgage to Rent’ scheme, AIB, EBS and Haven customers will be able to get free financial advice from the IMHO.
If a customer qualifies for the scheme and is eligible for social housing, they can sell their homes to iCare and then rent the property.
Any mortgage debt will be written off and they’ll be a tenant of iCare.
As part of the scheme, tenants will have the chance to buy back the property at the price that its was sold for.
Today is a “hugely significant day for those who have been struggling with unsustainable mortgage debt for the last number of years,” said David Hall, CEO of the IMHO and iCare.
Having advocated for families struggling with their mortgages over the past few years, Mr Hall said that this was the “most significant” solution to the housing crisis that he had seen.
“The big issue now is housing and not debt,” he told The Irish Independent.
“People need somewhere to live, so it is about ensuring they do not end up with their homes repossessed.
“This will be the golden ticket for these people. It is a game-changer.”
