iCare Housing has announced it intends to make the Government's recently reformed Mortgage to Rent scheme work for a large number of households in mortgage arrears around country.

The firm confirmed that it will also work with a number of specific lenders.

Housing Minister Eoghan Murphy welcomed the announcement.

He said: "Changes made following the review of the scheme published in February mean that the scheme is now more accessible to more households who may be at risk of losing their home because of unsustainable mortgage arrears. However, delivering the scheme at scale remains a challenge. The announcement by iCare Housing that, for the first time, there is an official arrangement between a lender and Approved Housing Body that will allow a significant number of borrowers to remain in their home as social housing tenants, without the worry of having to deal with legacy debt, is significant. I would encourage other AHBs and lenders to consider how they can work together to utilise the scheme in order to benefit a greater number of eligible borrowers.

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"It is no small matter to lose ownership of your house. However, where this seems to be the last resort, to have the additional option of remaining in your own home and community is invaluable to many families. The key role of the Abhaile Service, the Insolvency Service and the Money Advice and Budgetary Service in communicating the availability of the MTR scheme and the eligibility criteria to borrowers in arrears is critical to the successful delivery of the scheme and I would encourage borrowers in long-term mortgage arrears to engage with these services."

(CD/LM)