Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)
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To ask the Minister for Environment, Community and Local Government the number of persons that have so far availed of the mortgage to rent scheme; if he will provide a breakdown on a local authority basis; the number currently seeking to avail of this process; and his plans to widen the parameters to enable more person avail of the scheme. [5554/13]

Jan O'Sullivan (Limerick City, Labour)
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On foot of the recommendations of the Keane Report on mortgage arrears the Government launched a mortgage to rent scheme on a pilot basis in February 2012. This scheme was extended nationally in June 2012, targeting those low income families whose mortgage situation is unsustainable and where there is little or no prospect of a significant change in circumstances in the foreseeable future. The scheme ensures that the family remains in their home, while ownership is transferred to an approved housing body who in turn rent it to the original owners. Eligibility requirements are in line with other forms of social housing support. To date, 671 cases have been submitted by lenders. Of these, 332 are currently being processed, and 181 borrowers have been engaged with or are in the process of being engaged with by the lender. Sales have been agreed on 16 properties, and 8 of these have now been completed. A breakdown of these completed transactions by local authority area is set out in the table I am circulating with the official report.

The numbers of completed transactions is low but significant progress has been made. All of the main lenders and so called sub-prime lenders are fully engaged and have instituted the necessary internal processes. It is also important to bear in mind that the transition from being a homeowner to a social housing tenant is a major one for families. Mortgage to rent or other such interventions cannot be rushed for any party. For example, the process provides a 60 day decision period and a 28 day cooling off period within the timeframe of the scheme. My Department estimates that the overall timeframe per case from start to completed transaction will be up to eight months. This compares favourably to the timeframes in other jurisdictions operating similar schemes.