Thursday, 18 July 2013
Department of Environment, Community and Local Government
Mortgage to Rent Scheme Application Numbers
449. To ask the Minister for Environment, Community and Local Government the number of mortgage-to-rent transactions that have been fully completed to date; and if he will make a statement on the matter. [36687/13]
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, over 1,200 cases have been submitted by lenders. Of these, 415 borrowers have been engaged with or are in the process of being engaged with by the lender. 47 sales have now been agreed or completed.
A pilot mortgage to rent scheme for the most acute cases of local authority mortgage arrears is currently being operated by Westmeath County and Dublin City Councils ahead of national roll-out later this year.