Over 1,100 Donegal householders in mortgage arrears for over 2 years

There are over 1,100 homeowners in Donegal in mortgage arrears.
Latest figures from the Central Bank’s Long-Term Mortgages Arrears in Ireland Report shows that 1,129 households in the county are in mortgage arrears for over two years while over 870 of those have been in arrears for at least 5 years.
A new State-backed finance scheme aims to enable some of the 1,129 mortgage holders in unsustainable debt in Donegal to stay in their current homes debt-free as long-term tenants of their local authority.
The Government-approved mortgage to rent provider, Home For Life is spearheading a drive help those in mortgage arrears.
Under the scheme, a property is sold to HFL, then leased back to the State through the local authority which, in turn, sublets the house or apartment to the homeowner on an affordable income-based rent basis.
As part of the scheme in Donegal, the local authority would then undertake to provide for the ongoing long-term housing needs of the applicant and other eligible residents of the property for as long as their housing need exists.