Dáil Éireann Debate, Wednesday - 24 February 2021
305. Deputy Bernard J. Durkan asked the Minister for Housing, Local Government and Heritage the property value thresholds for the mortgage-to-rent scheme; when these thresholds were introduced; when his Department will be reviewing these thresholds; the consultation with stakeholders that has taken place in respect of the review and updating of the scheme; and if he will make a statement on the matter. [9749/21]
View answerThe Mortgage to Rent (MTR) scheme introduced in 2012 is targeted at supporting households in mortgage arrears who have had their mortgage position deemed unsustainable by their lender under the Mortgage Arrears Resolution Process (MARP), agree to the voluntary surrender of their home and are deemed eligible for social housing support. The property in question must also meet certain eligibility criteria.
Up to the end of December 2020, 1,004 households with unsustainable private mortgages have completed the MTR scheme since its introduction nationally in 2013. The 1,004 households in the scheme represent 1,688 adults and 1,522 children who have remained living in their homes and communities. There are currently 1,212 active cases being progressed under the scheme.
The purchase price threshold for properties under the Mortgage to Rent scheme is aligned to my Department's acquisition thresholds for social housing generally. The current thresholds, detailed in the table below, were last reviewed and updated in July 2019.
|
Property Type |
Higher Threshold Area (Cork, Dublin, Galway, Kildare, Louth, Meath, Wicklow) |
Normal Threshold Area (Rest of Country) |
|
House |
€395k |
€305k |
|
Apartment / Townhouse |
€310k |
€220k |
The Programme for Government includes a commitment to strengthen the MTR scheme and ensure that it is helping those who need it. Building on the significant improvements already made to the scheme since 2017, my Department is currently working closely with the Housing Agency and key stakeholders to identify any further improvements required to the scheme. My Department is currently analysing submissions that have been received to date and the review will examine all aspects of the operation of the scheme and the eligibility criteria applying to the scheme. It is intended that the review will be completed by the end of Q1.
