Mr O’Brien is advancing plans to enhance the scheme by widening the eligibility criteria and streamlining its administration.
The property must be in negative equity to participate in the mortgage-to-rent scheme as it stands, meaning its market value should be less than the loan amount. Still, there are openings to consider homes assessed to have positive equity of up to €15,000, and no greater than that amount. The Minister will also increase the valuation caps on houses and apartments eligible for participation in mortgage-to-rent arrangements.
Mr O’Brien will raise the cap on the value of eligible houses in the rest of the State to €345,000 from €305,000 and he will increase the cap on the value of apartments and townhouses in such areas to €230,000 from €220,000.