Minister of State with responsibility for Housing, Willie Penrose TD, is to introduce two mortgage-to-rent schemes “as soon as possible.”
The schemes are aimed at assisting households with unsustainable mortgages and are expected to be rolled out in the coming months.
Responding to a question from Deputy Terence Flanagan in the Dáil this week, Minister Penrose said: “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 launched on 12 October 2011.
“Work is now underway 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 roll-out. 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 is now well-advanced in its work with a lender and an approved housing body to make the pilot schemes operational as soon as possible,” he said.
