Mortgage To Rent (MTR)
Mortgage to Rent (MTR)
What is Mortgage to Rent?
The Mortgage to Rent (MTR) scheme is a government scheme to help homeowners who are at risk of losing their homes due to mortgage arrears. It lets homeowners in mortgage difficulty switch from owning their home to renting their home as social housing tenants. The scheme is overseen by the Department of Housing, Local Government and Heritage and is administered by the Housing Agency.
Abhaile Meeting with Personal Insolvency Practitioner( P.I.P)
The first step is to meet with the Personal Insolvency Practitioner (PIP) to assess your financial situation and ascertain your suitability for MTR or other solutions.
Under the Abhaile scheme the PIP having considered you financial position will advise you on all options available to you and will provide you with a letter of advices. if Mortgage to Rent is an appropriate solution for you the PIP will explain how it works.
If you wish, to progress your Mortgage to Rent Application with your lender. The PIP can act on your behalf with the lender and will provide you with support and advice throughout the process.
If MTR is an option for you, your lender will give you everything you need to apply for the scheme, including a letter stating that your mortgage is not sustainable. You will need this letter to apply for social housing support. You must apply for social housing support before your mortgage-to-rent application is submitted.
The MTR process is outline in the MTR Step by Step Process Chart. 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. Read more about local authority MTR.