Menu
08/06/2016
Mortgage To Rent Scheme 'In Need Of Serious Overhaul' - FF
The current Mortgage to Rent scheme is "not working and in need of a serious overhaul", Fianna Fáil TD for Cavan-Monaghan Brendan Smith has said.
Deputy Smith made the comments 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.
"The Mortgage to Rent scheme was meant to provide a safety net for families which could no longer keep up repayments on their home," Deputy Smith said.
"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."
Deputy Smith that families have found the scheme "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," Deputy Smith added.
"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."
(MH/LM)
Deputy Smith made the comments 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.
"The Mortgage to Rent scheme was meant to provide a safety net for families which could no longer keep up repayments on their home," Deputy Smith said.
"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."
Deputy Smith that families have found the scheme "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," Deputy Smith added.
"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."
(MH/LM)
Related Irish News Stories
Click here for the latest headlines.
03 March 2017
Fine Gael Accused Of Neglecting Homeowners In Mortgage Arrears
More measures are needed to ensure the full protection of the 2,000 homeowners that are in arrears but in receipt of the soon to be abolished, Mortgage Interest Supplement, Fianna Fáil TD and Chair of the Housing and Homelessness committee, John Curran.
Fine Gael Accused Of Neglecting Homeowners In Mortgage Arrears
More measures are needed to ensure the full protection of the 2,000 homeowners that are in arrears but in receipt of the soon to be abolished, Mortgage Interest Supplement, Fianna Fáil TD and Chair of the Housing and Homelessness committee, John Curran.
08 June 2017
Mortgage Arrears Fall For 15th Consecutive Quarter - Figures
The number of Irish homes in mortgage arrears for more than 90 days has declined for the 15th consecutive quarter during the first three months of 2017. New figures from the Central Bank today, 08 June, reveals one in 10 family homes are in mortgage arrears, with more than 76,400 householders behind on their home loan repayments.
Mortgage Arrears Fall For 15th Consecutive Quarter - Figures
The number of Irish homes in mortgage arrears for more than 90 days has declined for the 15th consecutive quarter during the first three months of 2017. New figures from the Central Bank today, 08 June, reveals one in 10 family homes are in mortgage arrears, with more than 76,400 householders behind on their home loan repayments.
25 November 2009
Government Brings Forward Payment To Farmers
Farmers' funding calls have been answered as the Government concedes their point, bringing forward payment allocations for the struggling industry.
Government Brings Forward Payment To Farmers
Farmers' funding calls have been answered as the Government concedes their point, bringing forward payment allocations for the struggling industry.
08 February 2017
Housing Minister Announces Mortgage-To-Rent Scheme Changes
A number of changes have been unveiled to the Mortgage-to-Rent Scheme by Minister for Housing, Planning, Community and Local Government, Simon Coveney.
Housing Minister Announces Mortgage-To-Rent Scheme Changes
A number of changes have been unveiled to the Mortgage-to-Rent Scheme by Minister for Housing, Planning, Community and Local Government, Simon Coveney.
19 March 2015
Mortgage-To-Rent Scheme Has 'Effectively Collapsed' - FF
The Government's "mortgage-to-rent" scheme has "effectively collapsed" according to Fianna Fáil finance spokesperson Michael McGrath. Deputy McGrath made the comment following confirmation that just 85 cases have been fully concluded under the scheme since it began in July 2012 – an average of fewer than three a month.
Mortgage-To-Rent Scheme Has 'Effectively Collapsed' - FF
The Government's "mortgage-to-rent" scheme has "effectively collapsed" according to Fianna Fáil finance spokesperson Michael McGrath. Deputy McGrath made the comment following confirmation that just 85 cases have been fully concluded under the scheme since it began in July 2012 – an average of fewer than three a month.
-
Ireland WeatherToday:Heavy rain in the morning will clear south. Drier in the afternoon with a few showers and the odd brighter spell. Quite windy at times but feeling quite mild especially in the east. Maximum temperature 12 °C.Tonight:New Year's eve will mark a change to colder conditions. Dry for many areas but a few showers around the north coast, clear spells developing but breezy at times. Minimum temperature 4 °C.
