Since the introduction of the Mortgage to Rent (MTR) Scheme for borrowers of private commercial lending institutions in 2012, a total of 3,672 cases have been submitted under the scheme to the end of March 2017. Of the 3,672 cases submitted, 2,816 were ineligible or terminated during the process. Of the remaining cases submitted, 235 have been completed and the remaining 621 are being actively progressed.
The Housing Agency publishes, on a quarterly basis, detailed statistical information on the operation of the MTR scheme, including the number of cases that have been terminated and the reasons for same and a breakdown of cases per County. 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 .
The reasons why a case has not progressed are varied and can depend on the lender, the property, the household and the ability of the AHB sector to increase their involvement in the scheme.
I published a Review of the Mortgage to Rent Scheme for borrowers of commercial private lending institutions on 8 February 2017 which contains a number of actions to make the MTR process quicker, more transparent, easier to navigate for borrowers and ultimately, more accessible to more households in mortgage distress. The Review is available on the Rebuilding Ireland website at the following link: http://rebuildingireland.ie/install/wp-content/uploads/2017/02/Review-of-the-Mortgage-to-Rent-Scheme-February-2017.pdf.
My Department and the Housing Agency have begun implementing each of the actions set out in the Review and I am confident that these changes will make a significant impact to those households who can benefit from access to the scheme.
