Dáil Éireann Debate, Tuesday - 10 December 2013
328. Deputy Patrick Nulty asked the Minister for the Environment, Community and Local Government if a family (details supplied) in Dublin 15 will be facilitated in concluding a mortgage to rent agreement with their lender; if he will confirm the role his Department will play regarding same; and if he will make a statement on the matter. [52685/13]
View answerWhile I cannot comment on an individual case, m y Department estimates that the overall timeframe per case from start to completed transaction will be up to eight months. This compares favourably to the timeframes in other jurisdictions operating similar schemes. It is also important to bear in mind that the transition from being a homeowner to a social housing tenant is a major one for families. Mortgage to rent or other such interventions cannot be rushed for any party. For example, the process provides for a 60 day decision period and a 28 day cooling off period within the timeframe of the scheme. My Department initially provides approval in principle allowing negotiations to progress. Subsequently if negotiations are successful and following a financial assessment and review of the proposal, full funding approval is provided setting out the details of the funding that will be provided for each proposal.
Limits on household income, property value and applicant’s assets apply. Borrowers availing of or wishing to avail of this scheme may access further information on the Housing Agency website, www.housing.ie.
