Mortgage to Rent Scheme – If you are having trouble paying your mortgage, the mortgage-to-rent scheme lets you switch from owning your home to renting it as a social housing tenant. Under the scheme, you choose to give up ownership of your home to your lender. This means you will no longer own your home or have any financial interest in it. An approved housing body (AHB) or approved private company then buys your home from your lender and rents it back to you. You become a social housing tenant, which means you pay an affordable rent based on your income. If your income increases the rent increases. If your income falls the rent decreases. If your financial situation improves, you have an option to buy your home back.
We at R Hendy & Co can firstly see if a PIA is the most suitable arrangement for you, if MTR is a better option we can look into MTR with you through a PIA and also deal with your unsecured creditors at the same time.
Contact us today on 0402 29376 ext1.