Both the Programme for Government and Housing for All commits to strengthening the Mortgage to Rent (MTR) scheme and ensuring that it is helping those who need it. Building on the significant amendments already made to the scheme in 2017, the 2021 Review, which was published on the 24 January 2022, examined the impact of these changes and what further changes would benefit those in need of the scheme. While the scheme is performing well, it was assessed that some further enhancements were needed to enable more households in need of State support with their long-term housing needs to avail of this scheme.
Four broad categories of actions are identified in the review, including:
a) Broadening the eligibility criteria;
b) Improving the scheme process, structure and financing;
c) Increasing communication and awareness raising; and
d) Responding to developments around mortgage arrears solutions.
Progress is being made under all actions within the review. Full details of the review and its recommendations are available on my Department's website at the following link: www.gov.ie/en/publication/ed57b-2021-review-of-the-mortgage-to-rent-scheme-for-borrowers-of-commercial-private-lending-institutions/
One of the actions under "Improving the scheme process, structure and financing" is the establishment of a Cross Sectoral Working Group. The Working Group is made up of representatives from each sector involved in the Mortgage to Rent process including my Department, The Housing Agency, lending institutions, Approved Housing Bodies, private entity participants and local authorities. The group was set up to provide an opportunity for stakeholder representatives to raise issues relating to the Mortgage to Rent scheme and to discuss ways to improve the process, where feasible. The first meeting was held on 5th April 2022 with a second meeting taking place on 17 October 2022 and minutes were taken at both of these meetings. A meeting will take place in Q2 2023 but no date is as yet confirmed. The terms of reference for the group is available at the link.
Mortgage to Rent Scheme
