Written Answers - Mortgage-to-Rent Schemes

Tuesday, 29 November 2011

Dáil Éireann Debate
Vol. 748 No. 1

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  341.  Deputy Stephen S. Donnelly  Information on Stephen Donnelly  Zoom on Stephen Donnelly   asked the Minister for the Environment, Community and Local Government,  Information on Philip Hogan  Zoom on Philip Hogan   with regard to comments made on 12 October 2011 that two pilot mortgage-to-rent schemes were due to be launched the following week, the date on which work started on developing the pilot mortgage-to-rent schemes; the officials or unit of his Department that was tasked with developing these; and the state of the schemes at present, six weeks after that announcement. [37111/11]

  351.  Deputy Robert Dowds  Information on Robert Dowds  Zoom on Robert Dowds   asked the Minister for the Environment, Community and Local Government  Information on Philip Hogan  Zoom on Philip Hogan   the position regarding the proposed pilot scheme of a mortgage-to-rent system; and if he will make a statement on the matter. [37028/11]

Minister for the Environment, Community and Local Government (Deputy Phil Hogan): Information on Philip Hogan  Zoom on Philip Hogan  I propose to take Questions Nos. 341 and 351 together.

The introduction of two mortgage-to-rent schemes, as part of a range of measures to assist households with unsustainable mortgages, was announced in the Report of the Inter-Departmental Group on Mortgage Arrears which was published on 12 October 2011. Work is now under way to implement key elements of the report and I will shortly launch two mortgage-to-rent schemes in line with the report’s recommendations.

These schemes will operate on a pilot basis initially, subject to prompt review ahead of wider implementation. Under each scheme, households in extreme mortgage distress who are eligible for social housing will be able to remain in their homes as social housing tenants with either the lending institution or a housing association taking ownership of the property. My Department’s Housing Division is now well advanced in its preparatory work with a lender and an approved housing body to make the pilot schemes operational as soon as possible.


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