[vc_row][vc_column][dt_fancy_title title=”” title_size=”h1″ title_color=”custom” separator_style=”disabled” custom_title_color=”#000000″][vc_empty_space height=”12px”][dt_fancy_separator separator_color=”accent” alignment=”left” line_thickness=”1″][vc_empty_space height=”12px”][vc_column_text][/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_tta_accordion style=”flat” shape=”square” color=”black” gap=”5″ active_section=”1″ title=”iCare Housing – Keeping you in your family home”][vc_tta_section title=”Who are we?” tab_id=”1506078590368-d1bf4107-97c9″][vc_column_text]

  • We are a non-profit regulated Approved Housing Body, we are here to help homeowners to stay in their family homes.
  • For families, in mortgage arrears who are eligible for social housing and have been deemed unsustainable by their lenders, mortgage to rent through iCare Housing allows you to remain in your family home uninterrupted as our tenant. iCare Housing will purchase your home from your lender to ensure you stay living in your home. We offer you the opportunity to buy your home back from us at the price we paid plus costs for it irrespective of what its value is when you wish to buy it back from us.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Mortgage to Rent (MTR)” tab_id=”1506078590406-8d5a9fc1-80f7″][vc_column_text]What is Mortgage to Rent?

  • Mortgage to Rent (MTR) is a Government Initiative to help homeowners who are at risk of losing their homes due to mortgage arrears.

How does it work?

  • Under the MTR Scheme, you will voluntarily surrender ownership of your home to your lender. iCare Housing will buy your home from your lender and you become a tenant of iCare Housing in your own home. It is important that you give careful consideration to your participation in the scheme, while you will remain in your family home iCare Housing will own the property and you will be our tenant.

How do I qualify?

[/vc_column_text][/vc_tta_section][vc_tta_section title=”What is the difference between not for profit regulated approved housing body and a private fund?” tab_id=”1506079821155-70e48c72-9d40″][vc_column_text]

  • iCare housing is a not for profit regulated approved housing body, which has been established with the sole purpose of keeping you in your family home. We are not here to profit from you. In the event any excess funds arise we are required to re-invest for social housing purposes.
  • We are regulated by the Regulation Office, which operates within the Housing Agency and we adhere to all their Governance Standards.
  • Unlike a private fund (commercial entity) iCare Housing are working with Respond a well-respected approved housing body with decades of experience in housing services and the second largest approved housing body in Ireland. We felt it important as a new approved housing body to partner with Respond who manage thousands of properties and together, we will ensure all our properties are maintained to the highest standards as set out in the Housing (Standards for Rented Houses) Regulations 2017.
  • As a not for profit regulated approved housing body, we will not be selling your home unless you wish buy it back from us. This cannot be said for private funds.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Debt – What will happen to my mortgage debt?” tab_id=”1524743483598-3f6e802f-0581″][vc_column_text]

  • Nearly all banks, apart from Bank of Ireland, have agreed with iCare Housing to write off residual debit, for those eligible for Mortgage to Rent. You need to discuss with your lender how they will be dealing with your residual mortgage debt. You can contact IMHO for a full debt review.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Costs: How much will it cost me to do Mortgage to Rent?” tab_id=”1524743704552-e3835f99-b2ca”][vc_column_text]

  • Nothing, there is no cost to you for participating in the MTR process.
  • Your lender is obliged to pay up to €500 towards your legal advice and €250 towards your financial advice, this is to ensure that you receive independent financial and legal advice during this process. Also, there is a cooling off period allowed for, so that, you will not be rushed into making any decision.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Tenancy: What are the benefits of me being a tenant?” tab_id=”1524743740446-ead0c8aa-07e3″][vc_column_text]

  • The most important benefit is that you continue to live in your family home.
  • Your weekly rent payments will be based on your household income, these rental payments are set by the local authority and are designed to be affordable.
  • If your household income reduces your weekly rental payment may also be reduced.
  • If your household income increases it will not affect your tenancy, your improved circumstances may increase your weekly rental payments, but these payments are capped by the local authority to always ensure affordability.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”How long is my tenancy?” tab_id=”1524743771400-4d3aa140-3247″][vc_column_text]

  • Your initial tenancy agreement with iCare Housing will be for 25 years, this period is set by your local authority. If you are still eligible for social housing after the initial 25 year lease with tenancy and are a tenant in good standing with iCare Housing, we undertake to ensure that your home is available to you for a follow on lease for a further 25 years. We undertake not to sell your home after the initial 25-year tenancy agreement. Your tenancy is subject to the provisions of the Residential Tenancies Acts and your tenancy will be registered with the Residential Tenancies Board..
  • iCare Housing will not sell your home. Not everyone can give you this assurance as private funds can sell your home at any time, while stating that your tenancy is protected.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”What are my responsibilities as a tenant?” tab_id=”1524743800966-6d2e5677-c80e”][vc_column_text]

  • Your weekly rent payments need to be made on time and in full (these have been set at an affordable level in line with social housing rents set by local authorities , to ensure you can maintain your required payments)
  • You will need to keep the property in a clean and proper state of repair
  • Anti-social behaviour is not acceptable
  • Your iCare Housing tenancy agreement sets out your responsibilities in full and it is important that you read this document to make yourself aware of your responsibilities.
  • As a general rule, you as Tenant are responsible for internal repairs and garden maintenance. iCare Housing are responsible for structural repairs.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”What happens to the house if we die?” tab_id=”1524743836944-dbc7f564-102c”][vc_column_text]

  • If there are no surviving tenants, the property would revert to iCare Housing and would be offered for social housing needs in your area.
  • If there are surviving tenants they will remain in their family home, there will be a reassessment of household income to ensure their rent is affordable.
  • In certain circumstances the following family members can take over the tenancy in the event of the tenant’s death: a spouse or civil partner, a cohabitee who has occupied the dwelling for a least 6 months ending on the tenant’s death, a child, stepchild, foster or adopted child of the tenant, or a parent of the tenant. These circumstances are: (1) they are included in the list of family members above, (2) they have lived in the property for at least 6 months ending at the tenant’s death, (3) are over 18 and (4) they qualify for social housing in their own right.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Who can buy back my property?” tab_id=”1524743863611-fb496cd2-f08d”][vc_column_text]

  • A tenant of the property can buy back the property. All other household members are defined as occupants. An occupant of the property can become a tenant if the circumstances outlined in the section above apply. Children under 18 are occupants and cannot be tenants.
  • The property can be bought back for the price iCare Housing paid including our costs at any time during the lease with tenancy.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Qualification Criteria for Mortgage to Rent” tab_id=”1524743894569-f86368ec-5c15″][vc_column_text]To qualify for the Mortgage to Rent Scheme, your mortgage, property and household must meet the criteria below.

Mortgage

  • You have completed the Mortgage Arrears Resolution Process with your lender.
  • You are unable to make the full repayments on your Mortgage Loan.
  • Your lender has deemed your mortgage to be unsustainable.
  • Your lender is agreeable to your participation in the Mortgage to Rent scheme.

Property

  • Your property must be in negative equity; however, if your property is in positive equity, it may be considered on a case-by-case basis.
  • You do not own or have shared ownership of any other property.
  • Your property is eligible for participation in the Mortgage to Rent scheme.
  • Your property value is within the limits as per the table below, if you are above these limits we have agreements with some of the lenders for discounts which may still allow you to avail of MTR as an option.
Type of Property Location Maximum Value
House Dublin, Kildare, Meath, Wicklow, Louth, Cork & Galway €395,000
Apartment Dublin, Kildare, Meath, Wicklow, Louth, Cork & Galway €310,000
House Elsewhere in the State €305,000
Apartment Elsewhere in the State €220,000

Properties in excess of these values may be assessed on a case by case basis.

Household

  • You must be eligible for Social Housing Support in the local authority in whose area the house is located.
City & County Councils Maximum Net Income Threshold
Bands Single Person Family

(3 Adults & 4 Children)

Band 1

Cork City, Dublin City, Dun Laoghaire Rathdown, Fingal, Galway City, Meath, South Dublin, Kildare, Wicklow

€35,000

€42,000

Band 2

Cork County, Kerry, Kilkenny, Limerick City & County, Louth, Wexford, Waterford City & County

€30,000

€36,000

Band 3

Carlow, Cavan, Clare, Donegal, Gaway County, Laois, Leitrim, Longford, Mayo, Monaghan, Offaly, Roscommon, Sligo, Tipperary & Westmeath

€25,000

€30,000

These income bands are expressed in terms of a maximum net income threshold for a single-person household with an allowance of;

  • 5% for each additional adult household member, subject to a maximum allowance under this category of 10% and
  • 2.5% for each child, subject to a maximum allowance under this category of 10%.

Net income is defined Your net household income must not exceed certain thresholds. Please contact us to discuss in more detail.

  • You cannot have capital assets worth in excess of €20,000.
  • You have a long-term right to remain in the Republic of Ireland.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”How much rent will I pay to iCare?” tab_id=”1524743928319-b8ee6cfb-db46″][vc_column_text]

  1. The rent that you pay as a Tenant is an income-based affordable rent, called a ‘Differential Rent’. It is worked out according to your household income and is always aimed at being affordable. The rent is assessed every year to take account of changes in your income. If your income reduces, your rent may be reduced. Similarly, if your income increases, your rent may be increased.
  2. The differential rent is based on the Differential Rent Scheme in your Local Authority. iCare will calculate this rent based on the Local Authority Scheme. You will pay your rent to iCare, not the Local Authority.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”How will the rent be paid?” tab_id=”1524743951439-74011fa0-8b02″][vc_column_text]Rent can be paid by the following methods:

  1. Standing Order or Direct Debit (set up from your bank account)
  2. Household Budget (if you receive Social Welfare Benefits)
  3. Electronic transfer (using banking online)
  4. Post Office Swipe card, known as Billpay (this can be used at the post office or any shop with a PostPoint facility)

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Is there a maximum rent that can be charged?” tab_id=”1524743990826-c2178676-8f8a”][vc_column_text]Most Local Authorities have a maximum and a minimum rent which can be charged by a Housing Body. Check with your Local Authority.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Could I be moved if the property is deemed too large for me?” tab_id=”1524744022454-ddffdc19-a12e”][vc_column_text]No.[/vc_column_text][/vc_tta_section][vc_tta_section title=”If I die what happens to the house if my son or daughter are living in the property?” tab_id=”1524744054408-601be986-77e4″][vc_column_text]There are certain circumstances under which the following family members can take over the tenancy in the event of the tenant’s death: a spouse or civil partner, a cohabitee who has occupied the dwelling for a least 6 months ending on the tenant’s death, a child, stepchild, foster or adopted child of the tenant, or a parent of the tenant. These circumstances are: (1) they are included in the list of family members above, (2) they have lived in the property for at least 6 months ending at the tenant’s death, (3) are over 18 and (4) they qualify for social housing in their own right.[/vc_column_text][/vc_tta_section][vc_tta_section title=”If the above circumstances do not apply, what happens if I die?” tab_id=”1524744078059-0f284236-adcf”][vc_column_text]If the tenancy cannot be taken over as outlined in the previous question, the property would revert to iCare, and would be used for other social housing need in the area.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Can a family member purchase the property?” tab_id=”1524744116275-02f177f6-3208″][vc_column_text]No, only the tenant can buy back the property.[/vc_column_text][/vc_tta_section][vc_tta_section title=”What is the difference between a tenant and an occupant?” tab_id=”1524744148390-61638931-4ab2″][vc_column_text]The homeowner on the title who has surrendered the property under the MTR Scheme becomes the tenant. In cases of joint ownership, both homeowners become the tenants of the property. All other household members are defined as occupants. An occupant of the property can become a tenant if the circumstances outlined in Question 17 apply. Children under 18 are occupants and cannot be tenants.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Who is responsible for repairs to the property?” tab_id=”1524744170547-cc0ee239-226d”][vc_column_text]As a general rule, you as Tenant are responsible for internal repairs and garden maintenance. iCare is responsible for structural repairs.[/vc_column_text][/vc_tta_section][vc_tta_section title=”What if I want to put up an extension or alter the interior of the property?” tab_id=”1524744196317-802a530a-fda3″][vc_column_text]For internal decoration such as painting or putting up shelves, tenants do not require prior approval from iCare but do have to make good any alterations if they leave the property. iCare must give permission if a tenant wishes to carry out any internal/external structural changes to the property including any electrical/plumbing/heating changes that alter the fabric of the property. With this a tenant will need to produce the full specification of any works they wish to carry out including the Insurance/Health & Safety statements of the contractor carrying out the work.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Can I be accepted for MTR if the joint borrower is not cooperating?” tab_id=”1524744254282-0c5f14e3-792d”][vc_column_text]Not currently, however this issue affects a lot of borrowers, and we are working to resolve this matter currently. Please talk to us if this affects you.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Reference” tab_id=”1551442185312-094b024c-adcf”][vc_column_text]

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