Ireland still has over 30,000 families and citizens trapped in long term mortgage arrears. They have become the disappeared of our housing crisis.
Our clients are people caught in a terrible trap who having purchased houses during the boom have lost control of their mortgages and their lives.
There is no conventional way out for those experiencing long term Mortgage arrears.
This is a scheme for those who are eligible for social housing who become tenants of iCare.
Those who are renting their former home can, at any point during their lease, re-purchase the property from iCare at the price that iCare purchased the property for.
Hugely, over 32,000 of our citizens and their families have been living without a future. When their families are included that is over 100,000 of our citizens.
Outside of divorce and death mortgage arrears is the most socially destructive life events a family can experience.
We are providing our citizens with the opportunity to live again.
Critically, we are also taking a huge potential pinch point out of the social housing market.
Homes that are in Mortgage arrears are off the market. They are a source of inevitable future trouble. We are defusing that time-bomb
Because, it isn’t easy; this has been an enormously complex process. It has taken us an apprenticeship of several years with the IMHO to get to this point. Similarly in this process we have benefited from the assistance and experience of a range of stakeholders to develop the offering.
Others have found how difficult a process this is to set up. It’s a bit like a car. When you are driving it everything appears simple but when you have to open up the bonnet when the car stops it’s a very different situation.