The Department of Housing, Planning and Local Government in partnership with the Housing Agency with input from MABS, the Abhaile Service and ISI has developed a website https://mortgagetorent.ie that serves as a national portal for Mortgage to Rent (MTR) and provide clear, concise and understandable information in order to increase awareness and understanding of the scheme.

What is Mortgage to Rent?

The Mortgage to Rent (MTR) scheme is a government scheme to help homeowners who are at risk of losing their homes due to mortgage arrears. It lets homeowners in mortgage difficulty switch from owning their home to renting their home as social housing tenants. The scheme is overseen by the Department of Housing, Planning and Local Government and is administered by the Housing Agency.

The MTR scheme is a social housing option only available if you are eligible for social housing support and your mortgage is unsustainable.Under the scheme, you voluntarily surrender ownership of your home to your mortgage lender. This means that you give up ownership of the property. Under the MTR scheme an Approved Housing Body or private company can buy your home after you voluntarily surrender it to your lender. Approved Housing Bodies (AHBs) are independent, not-for-profit organisations, also known as housing associations or voluntary housing associations. They provide affordable rented housing for people who cannot afford to pay private sector rents or buy their own homes. Private companies are approved by the Department of Housing Planning and Local Government for the delivery of the MTR scheme and have been set up for this specific purpose and are registered with the Companies Registration Office.

You no longer own your home or have any financial interest in it, but you can continue to live there as a tenant of the local authority or approved housing body. You pay an affordable rent, which is based on your income. So, if your income increases the rent increases, but if your income falls the rent decreases. This means that your rent is always affordable.

Under the scheme, you become a social housing tenant with a right to have your housing needs met by the local authority indefinitely. This means that if your needs change, the local authority will provide alternative accommodation that meets your changed needs. Any change to your housing circumstance will be made in consultation with you. If your financial situation improves, you have an option to buy your home back. Please click on the link here for more detailed information.

Posted: February 2019