Written answers

Tuesday, 21 July 2020

Department of Housing, Planning, and Local Government

Mortgage Resolution Processes

Photo of Eoin Ó BroinEoin Ó Broin (Dublin Mid West, Sinn Fein)
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313. To ask the Minister for Housing, Planning, and Local Government the changes he is making to the mortgage to rent scheme; and if he will make a statement on the matter. [17002/20]

Photo of Darragh O'BrienDarragh O'Brien (Dublin Fingal, Fianna Fail)
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The Mortgage to Rent (MTR) scheme introduced in 2012 is targeted at those households in mortgage arrears who have had their mortgage position deemed unsustainable by their lender under the Mortgage Arrears Resolution Process (MARP), who agree to the voluntary surrender of their home and who have very limited options, if any, to meet their long-term housing needs themselves. In addition, the household must be deemed eligible for social housing support. From the scheme's introduction in 2012 to the end of June 2020, 691 families have remained in their homes under the scheme and at the end of June 2020 1,342 applications were actively being progressed.

A review of the MTR scheme undertaken in 2017 introduced a range of amendments to the eligibility criteria and administration of the Scheme in order to improve its operation. Increasing awareness and understanding of the scheme has been a priority and a new website, www.mortgagetorent.ie, dedicated to guiding and advising borrowers was developed. In addition, new structures and arrangements were put in place to encourage a greater number of entities to take part in the scheme.

The implementation of the recommendations of the Review means that MTR is available to provide a long-term solution for more households in mortgage distress, where appropriate. Building on that work, and in line with the commitment in the Programme for Government, I am considering how the scheme could be further improved to meet the needs of more borrowers who require long-term support with their housing needs.

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