Hi Delboy
This is how a Mortgage to Rent works
1) iCare buys the house from the owner
2) the proceeds are paid to the lender who writes off the shortfall
3) iCare rents the house to the Local Authority at market rent - probably about 10% of the property value
4) The local authority rents the house to her on a differential rent - an average of €50 a week.
Her kids will probably buy the house at 60% of the market value.
Brendan
This is how a Mortgage to Rent works
1) iCare buys the house from the owner
2) the proceeds are paid to the lender who writes off the shortfall
3) iCare rents the house to the Local Authority at market rent - probably about 10% of the property value
4) The local authority rents the house to her on a differential rent - an average of €50 a week.
Her kids will probably buy the house at 60% of the market value.
Brendan