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Tag Archives: local authority. distressed mortgage

€20m aid for distressed council mortgages

MINISTER for Housing and Planning, Jan O’Sullivan, has this Tuesday announced a €20m fund to assist the most distressed local authority mortgage holders. The fund will be used to offer the ‘mortgage-to-rent’ solution to these local authority mortgage holders across the country. “The mortgage arrears problem is particularly acute in the local authority sector, with approximately 31% of all loans in arrears for 90 days or more. It is important that these households are given access to the same options available to other mortgage holders. The Mortgage Arrears Resolution Process (MARP) has been implemented across the local authority sector and today’s announcement will ensure that the ‘mortgage to rent’ option is available to local authority mortgage holders,” the minister stated. Mortgage to rent was one of the solutions identified in the Keane Report on mortgage arrears. It enables low to middle income families in an unsustainable mortgage situation to remain in their home. For holders of mortgages from private lenders, …

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