Do I qualify for MTR?
To take part in the scheme you must be able to answer Yes to the following questions
- Are you unable to make the repayments on your Mortgage Loan and is this situation unlikely to change in the future?
- Are you engaging with your lender to try to find a solution to the situation?
- Have you completed the Mortgage Arrears Resolution Process (MARP) with your lender? MARP is a system that requires lenders to adhere to a process for borrowers who fall into arrears with their mortgage.
- Is your property in negative equity or within the limits of positive equity allowed under the scheme? (i.e. equity is no more than 10% of the Open Market Value to a maximum of €15,000).
- Is your family home the only property you own?
- Are you living in a property that suits your needs i.e. not be over or under-accommodated, in accordance with Local Authority guidelines plus two bedrooms?
- Is the value of your property no more than €395,000 for a house and €310,000 for an apartment or townhouse in the areas of Dublin, Kildare, Meath, Wicklow, Louth, Cork and Galway and €305,000 for a house and €220,000 for an apartment or townhouse in the rest of the country?
- Are you eligible for Social Housing Support in the local authority in whose area the house is located?
- Is your income below €25,000*, €30,000* or €35,000* a year, depending on what part of the country you live in? (net household income is the household income after taxes and social insurance (PRSI) have been taken off). (*Additional allowances for children, you can obtain more information from your local authority on this).
- Are your capital assets worth less than €20,000?
- Do you have a long-term right to remain in the Republic of Ireland?