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Dublin: 5 °C Sunday 26 January, 2020

'It's a huge success': First sale of mortgage-to-rent home back to original owner

The scheme allows people who are in mortgage arrears to remain in their homes and pay rent to an approved housing body.

One of Clúid Housing's developments, An Móinéar, Murrough in Renmore, Galway
One of Clúid Housing's developments, An Móinéar, Murrough in Renmore, Galway
Image: Corporate Photographers Dublin

IRELAND’S LARGEST APPROVED housing body has completed the country’s first sale of a mortgage-to-rent (MTR) property back to the original owner.

The MTR scheme allows approved housing bodies like Clúid Housing to buy distressed loans so that owners who are in arrears can stay in their homes.

The original owner then pays rent to the housing body with a secure tenancy. Within five years, they have the option of buying back the home.

Clúid has today announced that a family home in Dublin is the first under the scheme to be repurchased by its original owner.

“This is a very satisfying outcome for everyone involved,” said Clúid Housing’s New Business Director Fiona Cormican.

Clúid’s stated vision is an Ireland where everyone has a great place to live. For some people, that means they home they are currently living in.

“For Clúid to be in a position to help this family not just stay in their home, but to regain ownership as well, is a huge success. It is a testament to the work of our staff who handled this case from start to finish.”

To date, Clúid has taken on 220 mortgage-to-rent cases across the country.

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