Q&A: Housing initiative is expanded version of mortgage-to-rent scheme

Q. How does the scheme work?

A. It is an enhanced version of the existing mortgage-to-rent scheme. It is a joint initiative, between AIB, EBS, Haven, the Irish Mortgage Holders’ Organisation (IMHO) and new not-for-profit social housing organisation, iCare.

Under the deal, AIB will sell hundreds of distressed mortgages to iCare. AIB is understood to have provided in the region of €100m in funding to the social-housing organisation to buy the properties.