Thursday, 20 June 2019

Questions (213)

Michael McGrath

Question:

213. Deputy Michael McGrath asked the Minister for Housing, Planning and Local Government the number mortgage to rent agreements put in place in each year since the establishment of the mortgage to rent scheme and each month to date in 2019; and if he will make a statement on the matter. [26040/19]

View answer

Written answers (Question to Housing)

From the introduction of the Mortgage to Rent (MTR) scheme in 2012 to the end of 2018, 445 MTR cases have been completed.

A breakdown of these completed cases by year is detailed in the table below.

Number of MTR transactions completed per year 2012 to 2018

Year

2012

2013

2014

2015

2016

2017

2018

Total

Number of MTR transactions competed

1

21

29

96

70

91

137

445

A further 75 MTR cases were completed in the period January to end May 2019, a monthly breakdown of which is detailed in the table below. At the end of May 2019, there were 1,034 MTR applications being actively progressed by the Housing Agency.

Number of MTR transactions completed per month in 2019

Month

Number of MTR transactions completed

January

4

February

6

March

4

April

38

May

23

Total

75

The Housing Agency who administer the MTR scheme on my Department's behalf publishes, on a quarterly basis, detailed statistical information on the operation of the MTR scheme. This information is available on the Agency's website at the following link: https://www.housingagency.ie/our-services/housing-supply-services/mortgage-to-rent.aspx .

A Review of the MTR scheme, published on 8 February 2017, introduced a range of amendments to the eligibility criteria and administration of the scheme in order to improve its operation. The Review, which is available at http://rebuildingireland.ie/news/changes-in-mortgage-to-rent-scheme/, explored the avenues and impediments to participation in the scheme and recommended a number of actions to make the scheme work better for borrowers. My Department and the Housing Agency are working with all stakeholders to ensure that the actions set out in the Review are being effectively implemented to benefit a greater number of households. The eligibility requirements of the scheme were widened to include a greater number of borrowers and a larger number of property types. Increasing awareness and understanding of the scheme has been a priority and a new website, www.mortgagetorent.ie , dedicated to guiding and advising borrowers has been developed. In addition, new structures and arrangements have been put in place to encourage a greater number of entities to take part in the scheme.

While it will continue to be the case that not all MTR applications will develop into completed transactions for varied reasons, the implementation of the resulting actions from the Review means that MTR is available to provide a long-term solution for more households in mortgage distress, where appropriate.

The Abhaile service is a national mortgage arrears resolution service, provided free of charge to mortgage holders in arrears and its aim is to help these borrowers to find the best solutions and keep them, wherever possible, in their own homes. The unique element of Abhaile is that it brings together, for the first time, the full range of supports and services required by borrowers in home mortgage arrears. A dedicated adviser will work with the borrower and their lender to find the best solution for their particular situation. The Money Advice and Budgeting Service (MABS) acts as the gateway for the service and can be contacted by telephoning (076)1072000 or by accessing their website at: www.mabs.ie/abhaile.