Specialist legal practice OSM Partners is pleased to have advised Home for Life, the first non-publicly funded participant in the new Mortgage to Rent (“MTR”) scheme. Launched today by the Minister of State with Special Responsibility for Housing and Urban Development, Damien English T.D., the new MTR scheme is aimed at keeping distressed mortgage holders in their current homes, mortgage debt free. MTR enables the property to be sold to Home For Life and leased back to the State through the Local Authority, which in turn sublets to the original homeowner.
OSM Partners advised Home For Life on the structuring of the new scheme ensuring flexibility and operational efficiency. OSM Partners will continue to act for Home for Life in the acquisition and leasing of the subject properties which is central to the delivery of the scheme.
Raymond Lambe of OSM Partners comments, “This is a significant development for households in long-term and unsustainable mortgage arrears. It is expected that the new scheme will keep thousands of families, currently at risk of eviction, in their homes. We are pleased to have worked with Home For Life bringing their Mortgage to Rent solution to market which will help in alleviating the current housing crisis.”
The announcement by Minister Damien English T.D. signals the next step in delivering MTR at the scale needed to meet the needs of more households in long-term and unsustainable mortgage arrears. The scheme, in which Home For Life will initially target 500 households, allows a significant number of households to make a fresh, mortgage-free start in their existing home. This solution greatly reduces the cost, stress and risk of homelessness and it is certain to be of interest to thousands of eligible households.
For further information on the Mortgage to Rent scheme, please contact Raymond Lambe, or your usual contact in OSM Partners.