Mortgage to Rent is a system where a person whose mortgage has been deemed unsustainable can continue to live in their home on a permanent basis.
It works like this:
The borrower agrees to surrender their property to the lender who then sells the property to an Approved Housing Body (AHB). The AHB then rents the home to the former owner and the former owner pays an affordable rent.
The former owner has an option to buy back the property should their circumstances change.
Even though so many people are in mortgage arrears there have been very few cases completed under the Mortgage to Rent scheme.
One of the reasons for this is that in many cases the AHB does not want the property or cannot agree a price with the lender.
This is where New Beginning fits in.
Under a new government pilot, New Beginning can offer our own Mortgage to Rent programme to borrowers with unsustainable mortgages.
If you have been deemed eligible for Mortgage to Rent and were refused by the AHB or your case was not processed, why not contact us – we may be able to help you enter the Mortgage to Rent scheme where you have security of tenure in your home with affordable payments every month.