Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

129. To ask the Minister for Housing, Planning, Community and Local Government the total number of mortgage to rent transactions that have been fully completed at this stage; if he will provide a breakdown of that number by local authority and by lender; if he will confirm the authoritative source of information on the scheme for distressed borrowers; and if he will make a statement on the matter. [31350/16]

Simon Coveney (Cork South Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Up to the end of Quarter 3 2016, a total of 3,498 cases had been submitted under the Mortgage to Rent Scheme which was introduced in 2012 for borrowers of private commercial lending institutions. Of the 3,498 cases submitted, 2,642 were ineligible or terminated during the process, for a variety of reasons. Of the remaining cases submitted, 669 are being actively progressed and 187 have been completed. Further statistical information relating to the Mortgage to Rent Scheme since its inception, including a breakdown of MTR cases by local authority and by lender, is available on the Housing Agency’s website at the following weblink:.

Information in relation to the MTR Scheme is available in the first instance from the lender concerned and also from a number of other sources including but not limited to the following primary sources of information-

- the Housing Agency who administer the scheme on behalf of my Department: , and

-the Money Advice and Budgeting Service (MABS) and the Citizens Information Board: .

The Government is committed to supporting households in long-term mortgage arrears to remain in their homes and has included a review of the MTR Scheme for borrowers of private commercial lending institutions as an action in the Rebuilding Ireland Action Plan for Housing and Homelessness. The review will examine what amendments can be made to the scheme to make it work better for borrowers. My Department has commenced work on scoping the review and in this regard has begun early consultations with key stakeholders. The review is to be complete by the end of the year.

In addition, the Government has established a new scheme to help people who are insolvent and in serious mortgage arrears on their home to access free, independent, expert advice. The Scheme of Aid and Advice for People in Mortgage Arrears provides financial and/or legal advice and assistance to people in this situation. The aim of the Scheme is to help mortgage holders in arrears to find the best solutions and keep them wherever possible, in their own homes.