Dáil Éireann Debate, Tuesday - 15 November 2016
305. Deputy John Curran asked the Minister for Housing, Planning, Community and Local Government following the publication of his Action Plan for Housing and Homelessness four months ago the status of the progress made to date on action 1.21; the improvements he intends to make to the mortgage-to-rent scheme; and if he will make a statement on the matter. [35050/16]
View answerUp to the end of Quarter 3 2016, a total of 3,498 cases had been submitted under the Mortgage to Rent (MTR) scheme which was introduced in 2012 for borrowers of private commercial lending institutions. Of the 3,498 cases submitted, 2,642 were ineligible or terminated during the process for a variety of reasons. Of the remaining cases submitted, 669 are being actively progressed and 187 have been completed. The scheme is part of the overall suite of social housing options and an important part of the mortgage arrears resolution process. A number of amendments were made to the scheme in July 2015 to enable more properties to qualify and to make the scheme more flexible and accessible to borrowers.
Notwithstanding the amendments already made to the scheme in 2015, the Government has included a review of the MTR scheme as an action in the Rebuilding Ireland Action Plan for Housing and Homelessness. The review, currently underway, is examining what further amendments can be made to the scheme to make it work better for borrowers and my Department is consulting with key stakeholders in this regard. The review will also explore alternative models for the purchase of units, including long-term leasing arrangements. The review is to be completed by the end of the year.
