Mortgage to rent

Mixed up Mary

Hi all
This is my first post & I'm new to this so forgive me if this has been done before.
We have recently been offered the mortgage to rent scheme & just wondering has anyone here done it or going through the process.
Our repayments are not viable for us anymore & we are hoping that this may be the light at the end of the tunnel but don't want to be naive either.
All angles welcome, thanks

topdost

Don't know much ! but here is what on website


Mortgage to Rent Scheme

The mortgage-to-rent scheme is a government initiative to help homeowners who are at risk of losing their homes.
To qualify for the mortgage-to-rent scheme:

You must be involved in the Mortgage Arrears Resolution Process (MARP) with your lender and agree that you can no longer afford to pay your mortgage loan now or in the future.
You must own the property you live in, with a current market value of less than €220,000 in the Dublin area or less than €180,000 in the rest of the country.
Your property must be in good condition, be in a suitable location and must suit your needs.
You must not own any other property or have assets in excess of €20,000.
Your net household income must not exceed €25,000*, €30,000* or €35,000* a
year, depending on what part of the country you live in (net household income is the
household income after taxes and social insurance (PRSI) have been taken off).
(* Additional allowances for children).
You must have a long-term right to remain in Ireland.

Mixed up Mary

Thanks.
We have some bits & pieces to read, just wondering did anyone know anything they don't tell you etc

EmmaTweety

Hi we have applied for the Mortgage to rent scheme also. At first we were very stressed and nervous about it all however after looking more into it we applied as it suited us financially and gave us great peace of mind knowing we can stay in our home.
Basically the way it works is that a local housingg authority step in and value your home. it must be in negative equity and you must have arrears on your mortgage. then if things go smoothly and you are approved the housing authority then make an offer to your lender for your home. After the sale is complete you then become a council tenant. your weekly rent is based on your income but is no more than 60-70 euro per WEEK. after 5 yrs..you then have the option to buy your home off the housing authority for the market value of that time if your circumstsnces change. The only downside is...the bank WILL chase you for the remainder of the loan (ie; if your mortgage is 300,000 and housing authority buy it for 100,000 the remaining 200,000 will be made paid by YOU"!..BUT...there is a way around this..in our particular situation we have looked into personal bankrupcy. This is a hard decision however...it results in your remaining Debt being cleared. it all sounds very confusing and it does depend on your personal situation.
personally we can see the only way to benefit from this scheme financially is to go bankrupt as you certainly dont need to pay a bank for a home you actually no longer own.
but everyone is different. also your neighbours are none the wiser to your circumstances. We are in the final stages of this scheme and hopefully will be done and dusted soon.
At the end of the day... its a personal and not an easy decision however..it does have its great benefits. Does it matter who you pay for your home ? council? bank? we can safely say we will prob never actually own it in the end. a
hope this helps.

Tinkerbell4484

Hi we have reciently started the process,we are just at the stage of the eho assessing the house but she has said it is not suitable for our needs,just waiting to see what the next step will be