Mortgage turns into rental deal
THE Government has concluded the first transaction under a new mortgage-to-rent scheme aimed at helping families facing repossession.
The family will now rent the home from the approved housing body Cluid.
As part of the deal, the lender has written off a significant portion of the debt associated with the original loan.
The bank has provided a new loan to the housing body Cluid to buy the home in West Dublin which allows the occupiers to remain in the property. The family has surrendered the home and become social housing tenants. The deal has been negotiated with the New Beginning group and the Department of the Environment.
Housing Minister Jan O'Sullivan, above, said there could be up to 100 distressed borrowers who may be in a position to avail of the scheme.