Thirty-three Cavan house holders in Mortgage to Rent Scheme
There have been 33 Mortgage to Rent (MTR) applications approved over the last decade in County Cavan, according to the latest figures.
That equates to a little over three approvals a year in the county. A further 14 applications are currently active under the scheme, which commenced in 2012.
Minister for Housing Darragh O’Brien "welcomed" the figures. He urged anybody who is at risk of losing their home in County Cavan to consider the scheme and also engage with the other Government supports and advice available.
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 benefiting 5,910 people (3,249 adults and 2,661 children).
“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," said Minister O’Brien. "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 33 applications have been completed in Cavan 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,” he concluded.