Galway Bay fm newsroom - New changes to the Government's mortgage-to-rent scheme will see a significant rise in price thresholds for qualifying homes across Galway.
It follows the revelation that just five mortgage-to-rent transactions have been completed across the county since 2012.
The Mortgage to Rent Scheme involves a series of transactions resulting in the householder changing their status from house-owner to tenant – and moving from paying a mortgage to paying rent.
A key element of the scheme is that a defaulting borrower can remain in their home.
However, it was revealed this week that just five mortgage-to-rent transactions have been completed in Galway over the past 5 years - with just 3 cases currently active in the city, and a further 11 active in the county.
New changes announced by Housing Minister Simon Coveney will now raise the price threshold for qualifying homes in Galway.
The price threshold for homes will be increased from 310 to 365 thousand euro, while the figure for an apartment or townhouse will get a smaller bump, from 300 to 310 thousand.
According to the Irish Times, Government sources suggest that the changes will result in a significant uptake of the scheme - boosting numbers from the current level of just over 200 to several thousand nationwide.
