State scheme offers hope to homeowners

A leading finance expert has offered hope to Galway’s distressed mortgage holders by insisting that those who are eligible for the Government’s mortgage-to-rent scheme should never lose their home.

Changes to the original schemes eligibility criteria now means that an estimated 14,000 home-dwellers in mortgage arrears nationwide qualify for inclusion under the scheme, according to mortgage debt expert, Paul Cunningham.

Recent figures from the Central Bank’s Long-Term Mortgage Arrears in Ireland Report state that 1,124 households in Galway are in mortgage arrears for over two years while over 860 of those have been in arrears for at least five years.

“Thousands of people in serious arrears have suffered years of anxiety and isolation, but there is a new reality which now concentrates on finding a solution in almost every case,” said the CEO of Government-sanctioned company, Home For Life (HFL).

“We have encountered widespread distress among homeowners, many of whom believe they have failed their families because they couldn’t keep up payments.

“Unfortunately, many cases involve people in extreme stress simply because no-one had told them there was another way out of what seemed to be an impossible malaise.

For more, read this week’s Connacht Tribune.

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