Michael McGrath (Cork South Central, Fianna Fail)
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278. To ask the Minister for Housing, Planning, Community and Local Government if he will address a matter (details supplied) raised in correspondence regarding the terms of the mortgage to rent scheme; and if he will make a statement on the matter. [5745/17]

Simon Coveney (Cork South Central, Fine Gael)
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The Mortgage to Rent (MTR) scheme for borrowers of private commercial lending institutions introduced in 2012 is targeted at those households in arrears who are eligible for social housing support whose mortgage is unsustainable. An important aspect to the MTR scheme is that it targets only the most acute arrears cases where a mortgage is clearly unsustainable and the household has very limited options – if any – to provide for itself.

To be eligible for the scheme a household must have had their mortgage position deemed unsustainable by their lender under the Mortgage Arrears Resolution Process (MARP) and agree to the voluntary surrender of their home. In addition, the household must be deemed eligible for social housing support.

I am not in a position to comment on any particular case nor would it be appropriate for me to do so. Where MTR is not an option, it will be a matter for the borrower to discuss with their lender if there are other options available to resolve their mortgage arrears situation.

The Government has established a new Mortgage Arrears Resolution Service, known as Abhaile, and operated by the Money Advice and Budgeting Service (MABS) in conjunction with the Insolvency Service of Ireland (ISI), the Legal Aid Board and the Citizens Information Board. The objective of the Abhaile Scheme is to ensure that a person who is at risk of losing their home due to their mortgage arrears can access independent expert financial and legal advice, which will help them identify their best options for returning to solvency – with priority to remain in their home, where that is a sustainable option. The website www.keepingyourhome.ie contains comprehensive details of the supports available under the Scheme.

A review of the Mortgage to Rent scheme is now being finalised and I expect it will recommend a number of changes to the current scheme to make it work better for eligible borrowers.