Mortgage to Rent Scheme Data

Dáil Éireann Debate, Thursday - 21 July 2016

Thursday, 21 July 2016

Questions (243)

Michael McGrath

Question:

243. Deputy Michael McGrath asked the Minister for the Environment, Community and Local Government the number of mortgage-to-rent transactions that have been fully completed to date by lender, local authority and approved housing body; and if he will make a statement on the matter. [23857/16]

Written answers

Minister for the Environment, Community and Local Government

There are currently two Mortgage to Rent (MTR) schemes funded by my Department. A scheme exists whereby a local authority (LA) can acquire ownership of properties with unsustainable local authority mortgages, thus enabling the household to remain in their home as a social housing tenant (LAMTR ). The other scheme provides for an Approved Housing Body (AHB) to acquire ownership of a property with an unsustainable private mortgage, which also enables the household to remain in their home as a social housing tenant (AHB MTR ).

The LAMTR scheme commenced as a pilot in 2013 in Westmeath County and Dublin City Councils and was rolled out nationally in February 2014. The AHB MTR scheme was launched in June 2012.

To date, 200 LAMTR transactions have been completed. Details of the LAMTR transactions broken down by local authority during period 2013 to 2015 are available on my Department’s website at: http://www.environ.ie/housing/statistics/house-prices-loans-and-profile-borrowers/local-authority-loan-activity by clicking the ‘LAMTR transactions’ link. To date in 2016, 7 LAMTR transactions have been completed: 3 in Dublin City, 2 in Cavan and 1 in both Kilkenny and Longford. The deadline for the next tranche of LAMTR funding claims from local authorities is 31 July 2016 and my Department expects to receive further claims. As of 21 July, a further 16 LAMTR claims from Dublin City Council are on hand in my Department for processing to completion in the coming days.

While the AHB MTR scheme is the responsibility of my Department, the Housing Agency coordinates its day-to- day functioning on behalf of my Department. In this regard, the Housing Agency has developed panels of both AHBs and financial institutions that have an interest in participating in the scheme.

As at the end of May 2016, 164 cases had been completed, 16 were with the lenders seeking the consent of borrowers to share information and for the carrying out of an independent valuation, and 675 cases were actively being progressed.

The following tables illustrate the breakdown of the completed AHB MTR cases by lender, local authority and AHB.

Table 1 - Breakdown by Financial Institution/Lender

Financial Institution	Complete
AIB	1
BOI	26
EBS	5
KBCI	7
Pepper	94
PTSB	10
Shoreline	5
Start Mortgages	12
Stepstone	3
Tanagers	1
Total	164

Table 2 - Breakdown by Local Authority

Local Authority	Complete
Carlow County Council	5
Cavan County Council	3
Clare County Council	3
Cork City Council	6
Cork County Council	5
Donegal County Council	0
Dublin City Council	25
Dun Laoghaire/Rathdown County Council	1
Fingal County Council	13
Galway City Council	1
Galway County Council	2
Kerry County Council	2
Kildare County Council	8
Kilkenny County Council	6
Laois County Council	3
Leitrim County Council	1
Limerick City and County Council	7
Longford County Council	1
Louth County Council	16
Mayo County Council	0
Meath County Council	15
Monaghan County Council	0
Offaly County Council	5
Roscommon County Council	0
Sligo County Council	0
South Dublin County Council	11
Tipperary County Council	7
Waterford City and County Council	10
Westmeath County Council	2
Wexford County Council	2
Wicklow County Council	4
Total	164

Table 3- Breakdown by Approved Housing Body

Approved Housing Body	Complete
Carbery Housing Association	1
Clúid Housing Association	107
North & East Housing Association	4
Oaklee Housing Trust	36
Respond! Housing Association	1
Tinteán	1
Túath Housing Association	14
Total	164