Under the existing Mortgage to Rent (MTR) scheme for borrowers of commercial private lending institutions that was introduced in 2012, an eligible household with an unsustainable mortgage voluntarily surrenders their property to their lender who in turns sells it to an Approved Housing Body (AHB). The AHB becomes the landlord and the household gets to remain in the family home as social housing tenants. The MTR scheme is solely concerned with eligible borrowers with unsustainable mortgages who voluntarily surrender their homes to an AHB. Repossessed properties do not fall within the remit of the scheme. In all MTR cases, the decision whether or not to take up the scheme rests with the borrower.
The MTR scheme is an established part of the overall suite of social housing options and an important part of the mortgage arrears resolution process.