More Kilkenny households eligible for Government mortgage scheme
By COLIN BARTLEY
MORE Kilkenny households are set to benefit from a Government initiative aimed at helping people in mortgage distress or arrears.
The Department of Housing, Planning and Local Government initiative was established to help homeowners at risk of losing their homes due to unsustainable mortgage debt. And now the department has increased its housing valuation limits for the mortgage-to-rent scheme to €305,000.
The timely €25,000 extension of the upper limit will see thousands more mortgage holders become eligible for the scheme.
Owners of apartments in Kilkenny also saw the upper valuation ceiling increased by €5,000 to €220,000.
The new limits mean homeowners who were outside the upper limit of €280,000 and did not qualify for relief under the old limits can have their cases reassessed.
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 as many of the estimated 25,000 families in serious mortgage arrears in Ireland.
“This sends a message out to those in financial trouble that there is a way back and by increasing the threshold, the Government is showing it believes mortgage-to-rent is a scheme that can work for all sides,” said Mr Cunningham.