Seán Fleming (Laois, Fianna Fail) | Oireachtas source

On the new mortgage-to-rent scheme that has been promised, some years ago the Government introduced a mortgage-to-rent scheme in respect of which the Government bowed to pressure and gave the banks a veto such that a bank could go after a customer for the negative equity even when that person gave up the title to his or her property, . A new scheme is now being introduced. The old scheme was a failure, with only a few hundred people out of tens of thousands, or possibly 1% of intended recipients, benefiting from it. We are now moving to a new scheme and the banks have given a commitment that they will not follow people for the negative equity, although there is probably less negative equity in the market in view of rising house prices.

Having had a similar scheme for years, the Government is now talking about introducing a very limited pilot scheme. Private investors and approved housing bodies want to get involved in the scheme, funding is available and the banks are willing to co-operate. What is stopping the Government from allowing the scheme this progress to full implementation? The proposed pilot scheme will run for the rest of the year and it is possible that only a couple of dozen people will benefit during 2018, following which there is a commitment to review the pilot scheme. The scheme will not be fully implemented for years to come.

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