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08/02/2017
Housing Minister Announces Mortgage-To-Rent Scheme Changes
A number of changes have been unveiled to the Mortgage-to-Rent Scheme by Minister for Housing, Planning, Community and Local Government, Simon Coveney.
Revealing the alterations today, 08 February, the Minister said the review will make Mortgage to Rent (MtR) "quicker, more transparent, easier to navigate for borrowers and more accessible to more households in mortgage distress".
Key features include; a more formal communication protocol between the lenders and borrowers is being proposed; several changes to the eligibility criteria of the scheme are being made which will mean more households in rural areas, in particular, will be eligible; conveyancing, valuation and repairs process are all being refined; and a significant borrower, lender and local authority awareness raising and training programme are being initiated.
In addition, the key role of the Abhaile Service, the Insolvency Service and the Money Advice and Budgetary Service (MABS) are all being harnessed as critical to the successful delivery of the scheme.
Minister Coveney said: "I am pleased to be able to publish the Review and set out a serious of actions and amendments that will make Mortgage to Rent (MTR) quicker, more transparent, easier to navigate for borrowers and ultimately, more accessible to more households in mortgage distress. Crucially, the changes will also dramatically increase the numbers of households availing of the scheme."
(LM)
Revealing the alterations today, 08 February, the Minister said the review will make Mortgage to Rent (MtR) "quicker, more transparent, easier to navigate for borrowers and more accessible to more households in mortgage distress".
Key features include; a more formal communication protocol between the lenders and borrowers is being proposed; several changes to the eligibility criteria of the scheme are being made which will mean more households in rural areas, in particular, will be eligible; conveyancing, valuation and repairs process are all being refined; and a significant borrower, lender and local authority awareness raising and training programme are being initiated.
In addition, the key role of the Abhaile Service, the Insolvency Service and the Money Advice and Budgetary Service (MABS) are all being harnessed as critical to the successful delivery of the scheme.
Minister Coveney said: "I am pleased to be able to publish the Review and set out a serious of actions and amendments that will make Mortgage to Rent (MTR) quicker, more transparent, easier to navigate for borrowers and ultimately, more accessible to more households in mortgage distress. Crucially, the changes will also dramatically increase the numbers of households availing of the scheme."
(LM)
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