The Government is examining plans to widen access to a key State scheme to keep those in negative equity in their homes. Minister for Housing Darragh O’Brien told The Irish Times he was looking at plans to raise limits on the value of a home which can participate in the mortgage-to-rent scheme. The scheme involves those with unsustainable mortgage debt surrendering their home but remaining in the property and becoming social housing tenants. Negative equityUnder the scheme, the owner relinquishes the home, which is either taken over by a local authority or an approved housing body. A version of the mortgage-to-rent scheme has been used by debtor rights advocate David Hall’s iCare housing group in recent years, using finance from AIB to purchase some of the bank’s non-performing loan stock.

Source: The Irish Times July 15, 2020 01:18 UTC