Apparently they have no connections with New Beginning : New Beginning plans to buy 15,000 distressed mortgages from banks Arizun launches new Mortgage Arrears Resolution Programme New Mortgage to Rent (MTR) scheme gives distressed mortgage holders a chance to have their mortgage debt cancelled while staying in their homes as long-term tenants Homeowners in mortgage arrears are being offered a solution, which will cancel their mortgage debt, allow them to rent their home long term, and buy back their home at a later date if they want. Today the Government announced the extension of the Mortgage to Rent scheme to Independent Providers. Previously the scheme only allowed Approved Housing Bodies to offer MTR. Arizun, an Irish company, is one of the first to launch an independent MTR programme. Arizun will buy non-performing mortgages from financial institutions in Ireland. Arizun will then work closely with the homeowners to find a resolution that works for them and which can include: -100% Mortgage debt write-off in return for title transfer -The mortgage holder continuing to stay in their home, under leases of up to 20 years -Rental Assistance, depending on circumstances -The option to buy-back the house after a 5-year period Individual homeowners who would like to work with Arizun can contact Arizun directly on 061 574000 or through our website www.arizun.ie[CL1]. They should also contact their financial institution and advise of their interest in the Arizun solution. Those who don’t wish to work with Arizun may continue with their original lender. 79,562 Irish mortgages are in arrears. Of those, 34,551 are in arrears of more than two years. More than 20,000 cases are in the courts potentially heading for repossession. Arizun is poised to buy in excess of 5,000 distressed mortgages from financial institutions in Ireland. This equates to an investment of €0.75bn in a long-term solution for the current Mortgage Arrears crisis. “Arizun’s scheme could significantly ease the financial issues of more than 34,000 families whose homes are in serious arrears. Arizun wants to keep families in their homes and prevent a further spiral into homelessness,” said Cathal O’Leary, CEO, Arizun. “This is a long term solution, developed by an Irish company. Should a householder use the Arizun solution, it will mean they can stay in their own homes for at least 20 years if not more. Giving a householder security of tenure in their own home takes a huge stress from their lives,” he added. “After five years, a person may have repaired their credit history, be on their feet again and want to buy back their house. Arizun will sell the property at market value, but to help the buyer, will also give them 40% of the 5-year uplift in the house’s value,” he concluded. About Arizun Arizun is an Irish company, investing long-term in the residential property market in Ireland. Their programme is designed to address a large portion of the mortgage crisis while keeping families in their homes.