Fresh hope for families seeking to stay in homes

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https://issuu.com/voicemedia6/docs/waterford_today_31-07-2019_alt

THERE is fresh hope for Waterford householders disqualified from a Government scheme designed to keep them in their homes.

New figures from the Housing Agency show that 77 households in the county were ruled out of the Mortgage To Rent scheme that aims to keep homeowners with unsustainable debt in their current homes.

However, a leading expert in the field says many of those who had their applications rejected could now find solutions thanks to changes in the scheme which allows householders to remain in their homes as tenants of their local authority, paying an affordable income-based rent.

“There has been a widening of the house value eligibility parameters by the Government, which have risen to €305,000 in Waterford,” said Paul Cunningham, CEO of the only Government-approved private Mortgage To Rent operator, Home For Life.

happy to consider rural dwellings or houses that need money spent on them

“Another reason is Home For Life’s arrival into the scheme. Unlike many other operators, we are happy to consider rural dwellings or houses that need money spent on them to bring them up to a good standard.

“In the past, those two categories were responsible for high numbers of termination decisions.

“Home For Life is happy to assess each case on its merits and we will do everything in our power to ensure that those wanting their mortgage debt resolved can achieve that.

“We do not reject cases because of the location of the property or the level of repairs needed which was a problem in the past.”

According to Central Bank figures, there are over 400 family home loans around the county in arrears for two years or more. Under the Mortgage To Rent scheme, 34 cases have either been completed or are being actively progressed, and this number is expected to increase significantly in the coming 12 months.

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