A major expansion of the Mortgage to Rent Scheme is hopefully on the way and will be extended to allow the distressed borrowers who don’t qualify for social housing to apply for this relief.
Reforms of the scheme include increased valuation thresholds, flexibility and faster application processes.
If the Borrower and their property are eligible, investors will buy the distressed loans and the occupiers/householders will be on a guaranteed tenancy for 20 to 30 years, paying a rent of typically 15% of their net income to the Local Authority.
If all goes to plan, this process should be a major help to distressed borrowers and others eligible.
John Gaynor & Co.
42-46 Thomas Street