AIB Group, the Irish Mortgage Holders Organisation(Irish Mortgage Holders Organisation) and iCare Housing has announced a joint initiative aimed at keeping customers in difficulty with their mortgage, and who qualify for social housing, in their own homes. iCare Housing, a not-for-profit Approved Housing Body was set up for the purpose of providing and managing social rented housing for customers who are eligible for Mortgage To Rent.

Under the enhanced Mortgage To Rent solution:

  • AIB, EBS and Haven customers can contact their lender or avail of free financial advisory services from the IMHO.
  • If a customer’s mortgage debt is deemed unsustainable following an affordability assessment completed by the Bank, the Mortgage to Rent solution may be suitable.

If a customer is eligible for, and completes, the Mortgage to Rent process:

  • Ownership of the customer’s home transfers to iCare Housing
  • The customer becomes a long-term tenant of iCare Housing
  • Any remaining residual mortgage debt, following property sale, is fully written off
  • The customer has the option to buy back their home, at any time, at the price that iCare Housing paid for the property, including any discounts negotiated between iCare Housing and the Bank

Jim O’Keeffe, AIB’s Head of Financial Solutions Group said “This initiative is primarily about keeping our mortgage customers who are in difficulty in their homes wherever possible. We have made good progress in reducing our non-performing loans from c.€29 billion three years ago to c.€7.8 billion at half year 2017, including c40,000 mortgage customers with solutions in place. We remain very aware that there are still customers who have very limited ability to meet their mortgage payments, and this enhanced Mortgage to Rent initiative is being provided to extend our range of solutions to support customers in this position. As always, I would encourage any customer who is in difficulty with their mortgage to engage with us to find a suitable way forward.”

David Hall, CEO of the IMHO and iCare said “Today is a hugely significant day for those who have been struggling with unsustainable mortgage debt for the last number of years. For AIB, EBS & Haven customers, an option now exists, for those who qualify for mortgage to rent , to remain in their homes, have their residual mortgage debt written off and have the option to buy their home back in the future for a price that is discounted from today’s market value. Having been involved in advocating and helping people in mortgage arrears for the last seven years, this is the most significant solution I have been involved in. For people who are in trouble with their mortgage I would encourage them to contact us – solutions exist that allow families get their lives back and allow them stay in their home”. As an Approved Housing Body, iCare will be funded via the Housing Agency, rent roll from the local authority, and commercial lending. iCare Housing will be supported with commercial funding from AIB Corporate Banking. AIB Corporate Banking has significant experience in iCare Housing will be supported with commercial funding from AIB Corporate Banking. AIB Corporate Banking has significant experience in

As an Approved Housing Body, iCare will be funded via the Housing Agency, rent roll from the local authority, and commercial lending. iCare Housing will be supported with commercial funding from AIB Corporate Banking. AIB Corporate Banking has significant experience in iCare Housing will be supported with commercial funding from AIB Corporate Banking. AIB Corporate Banking has significant experience in financing of the Social Housing Sector. It is working with a number of other approved housing bodies on funding for acquiring social housing.