First approvals given for 'Mortgage-to-Rent' scheme applications

A-Officer Ioanna Markidou of the Finance Ministry informs that about 20 applications have been approved by the government to participate in the Mortgage-to-rent scheme, a program created to assist families in need. After a review of the almost 2,500 applications that were submitted, with two weeks left until the deadline, this approval has been given.

Approximately two thirds of the 2,500 applicants have so far met the necessary requirements, according to Markidou. She stressed that these applications are being processed carefully. Notifications of application rejection are being distributed to those whose applications were rejected.

Markidou made it clear that applicants must meet three to four requirements in order to move on with the selection process. Approximately 1,700 applicants have met the first necessary requirement so far. The next set of requirements is valuing the property, making sure its price doesn't surpass €250,000, and confirming that it possesses all the permits, which requires speaking with the new local government.

Out of the reviewed applications, nearly 20 have been fully approved since June. However, Markidou noted that it will take a few more weeks to finalize the relevant actions with the Land Registry.

In answer to a question, Markidou mentioned that non-viable borrowers from the Hestia project filed around half of all applications, many of whom were eventually disqualified for the RTP Scheme. She restated that 2,500 households might potentially receive assistance, according to official estimates. A media campaign and a special call centre were set up to help interested parties learn about the scheme.

Additionally, Markidou emphasised that the deadline for applications is on Friday, September 6. Paper applications are accepted at any KEDIPES office.

By completely paying off the credit facilities secured by these properties, the Mortgage-to-rent scheme aims to protect the primary residences of low-income families with properties valued up to €250,000. Social assistance recipients with non-performing debts and applicants from the Home and Dormitory Schemes who were previously viewed eligible but unfeasible are among those who are qualified.