Dáil Éireann Debate, Tuesday - 15 October 2013
226. Deputy Gerry Adams asked the Minister for the Environment, Community and Local Government if he will provide an update in respect of mortgage-to-let schemes; the counties in which the pilot scheme is in operation; the future plans for the scheme; and if he will make a statement on the matter. [43242/13]
View answer227. Deputy Gerry Adams asked the Minister for the Environment, Community and Local Government if he will outline the process involved for persons seeking to access the mortgage-to-let scheme who have been deemed as having unsustainable mortgages by their lenders; if he will provide a breakdown of the counties that are currently engaged in this scheme, along with a breakdown of how many persons have applied for the scheme; the number of applications that have been approved or rejected; his views on whether the scheme serves to address the issues being faced by those families facing mortgage arrears; and if he will make a statement on the matter. [43243/13]
View answerI propose to take Questions Nos. 226 and 227 together.
I assume that the question refers to the mortgage to rent scheme. On foot of the recommendations of the Keane Report on mortgage arrears the Government launched a mortgage to rent scheme on a pilot basis in February 2012. This scheme was extended nationally in June 2012, targeting those low income families whose mortgage situation is unsustainable and where there is little or no prospect of a significant change in circumstances in the foreseeable future. The scheme ensures that the family remains in their home, while ownership is transferred to an approved housing body who in turn rent it to the original owners. Eligibility requirements are in line with other forms of social housing support.
To date, over 1,570 cases have been submitted by lenders. Of these, 630 borrowers have been engaged with, or are in the process of being engaged with, by the lender. 20 sales have now been completed with a further 50 sale s agreed. A pilot mortgage to rent scheme for the most acute cases of loc al authority mortgage arrears was launched earlier this year, in Westmeath County and Dublin City Councils , and has now been completed. It is intended to implement this scheme throughout the local authority sector very shortly.
