Positive news for families in mortgage distress

There has been a positive development for families in mortgage distress across the north west region.

The housing valuation limit for the mortgage-to-rent scheme was has been increased to €305,000.

This allows many homeowners in unsustainable mortgage debt to now qualify as part of the expanded scheme which became operational this week.

It will allow those previously above the upper ceiling limit of €280,000 the opportunity to seek reassessments of their cases.

A total of 1129 households in Donegal, 229 in Sligo and 278 in Leitrim were in mortgage arrears for over two years at the end of 2018.

Spokesperson for mortgage to rent operator Home for Life, Stephen Curtis, says this sends out a message to those in financial trouble that there is a way back.

On the currency markets the euro is trading at $1.12 and at 0.89p sterling