The Journal

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Get financial or legal advice and more. It’s never too late.

Even if your lender has started repossession proceedings, it's not too late

You can still get help.

Have credit card debt as well as mortgage debt? You're not alone

A PIA could help – and here’s an example.

Relationship breakdown plays a huge role in mortgage arrears - here's what you should know

What can I do if my relationship has split up and my ex will not contribute towards the mortgage?

'There is no way I can stay in my home, I owe too much.' Sound familiar?

Here’s how the Mortgage to Rent scheme works.

What you need to know if your mortgage has been sold to a fund

The most important thing is not to ignore the problem.

'There is no way I can stay in my home, I owe too much.' Sound familiar?

Here’s how the Mortgage to Rent scheme works.

The recently expanded Mortgage to Rent (MTR) scheme lets homeowners in mortgage difficulty switch from owning their home to renting their home as a social housing tenant, therefore remaining in their family home. It is a government scheme to help homeowners who are at risk of losing their homes due to mortgage arrears. The scheme is overseen by the Department of Housing, Planning and Local Government and is administered by the Housing Agency.

The MTR scheme is only available if you are in arrears on your home mortgage, you are eligible for social housing support, and your mortgage is deemed unsustainable by your lender. Don’t worry; a dedicated Abhaile adviser can help you to determine this and guide you through the process.

Under the MTR scheme, you voluntarily surrender ownership of your home to your mortgage lender. This means that you give up ownership of the property but stay in your home as a social housing tenant. Under the scheme, an Approved Housing Body or designated private company can buy your home after you voluntarily surrender it to your lender. You pay an affordable rent, which is based on your income. So, if your income increases the rent increases, but if your income falls the rent decreases. This means that your rent is always affordable.

Approved Housing Bodies (AHBs) are independent, not-for-profit organisations. They provide affordable rented housing for people who cannot afford to pay private sector rents or buy their own homes.

You can approach your lender and ask to be considered for MTR, a dedicated adviser from the Abhaile scheme can assist you with this. If your lender does not consider you suitable for MTR, they must inform you of the reason(s) in writing.

What are the next steps?

An adviser from the Abhaile Scheme will assist you in progressing your Mortgage to Rent Application with your lender. They can act on your behalf with the lender, and they will provide you with support and advice throughout the process.

If MTR is an option for you, your lender will provide you with the letter of offer stating that your mortgage is not sustainable. You will require this letter to apply to your local authority for social housing support before your mortgage to rent application is submitted.

If you have your mortgage with a local authority, you voluntarily surrender ownership of your home to your local authority who will then rent it back to you at more affordable rate.

If you are in mortgage arrears or fear you are at risk of losing your home, you may be eligible for assistance under the Abhaile service. For information, click here or call the MABS dedicated helpline on 0761 07 2000.