Mr. Philip Nugent:

The scheme was announced by the Minister in June. However, it is worth bearing in mind that there are more than 500 applications or cases in the works. An overall timeline from the initiation of the process to the end is involved. In other words, there must be a green light from the lender, the local authority must have deemed the person eligible, the lender must agree that mortgage-to-rent is the appropriate solution, and the borrower must agree to progress down the mortgage-to-rent route. From inception to finalising the transaction we believe the process will take between six and eight months.