Mortgage-to-rent rise needed to help those in debt – McVerry

Fr Peter McVerry. Photo: Damien Eagers

Homelessness campaigner Fr Peter McVerry has called on the Government to raise the income limits on the State’s mortgage-to-rent scheme to include most unsustainable mortgage debt.

His call comes as the Government announced a significant increase in the new upper valuation level to €395,000 for houses eligible for the scheme, which comes into effect immediately.

A €30,000 rise from the previous mark applies to Dublin, Cork, Galway, Wicklow, Kildare, Meath and Louth. In the rest of the country, house valuation thresholds will go up by €25,000 – bringing the new upper limit to €305,000.

Fr McVerry welcomed the threshold expansion on house valuations as a small step, but called for a follow-up rise in income limits for the scheme.

“I would like to see the Government go much further,” he said. “There should be a rise in the income limits which apply to mortgage-to-rent.”

The CEO of mortgage-to-rent operator Home For Life, Paul Cunningham, said the decision to introduce a more realistic upper threshold showed a commitment to finding solutions for many of the estimated 25,000 families in serious mortgage arrears.

Mortgage-to-rent aims to keep owners with unsustainable debt in their current homes debt-free as long-term tenants of their local authority.

Irish Independent 8 July 2019

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