Fianna Fáil TD for Cavan-Monaghan Brendan Smith says the Mortgage to Rent scheme is not working and is in need of a serious overhaul. His comments come following confirmation that only 162 cases have been approved since the scheme was set up in July 2012. The programme was expected to complete 500 cases a year.
Deputy Smith explained, “The Mortgage to Rent scheme was meant to provide a safety net for families which could no longer keep up repayments on their home. The idea was that those in mortgage arrears would ultimately lose ownership of their home, but would be able to continue to live in it by making a rental payment to an approved housing body. However, according to figures provided to Fianna Fáil in the Dáil, only 162 Mortgage to Rent transactions involving approved housing bodies since it was established in July 2012.
“No transactions have been completed at all in Co. Monaghan, while only 3 have been approved in Co. Cavan. This makes no sense, considering the number of repossession cases before the courts at the moment. It is deeply worrying that there are so many families at risk of losing their home, and a scheme, which should be able to provide some respite, is simply not working.
“Many families say the Mortgage to Rent scheme can be extremely complex and confusing. It is very bureaucratic, and this is undoubtedly putting some people off applying for it. If the Government is serious about addressing the housing crisis, it must review this scheme to make it more accessible.
“The Government made a series of promises about how it would help struggling homeowners but we’re still waiting to see real action. I am urging Ministers to revisit the Mortgage to Rent scheme to make it fit for purpose so that families across Cavan, Monaghan and the rest of the country can stay in their homes”.