Fianna Fáil Spokesperson on Finance, Michael McGrath has said that the Government has failed to support mortgage holders in arrears by not making better use of the existing Mortgage to Rent (MTR) scheme.
Deputy McGrath was commenting after receiving a parliamentary reply from the Minster for Finance, Paschal Donohoe which shows that nearly eight in 10 applications for the MTR scheme were either deemed ineligible or were terminated before the application process was concluded.
By the end of June 2017, 2879 of the 3,694 applications ended with no support for the mortgage holder.
Just 265 applications have been completed with a further 550 being processed at present.
This is wholly inadequate, and one would have thought that the Government would have moved to implement the recommendations made in February 2017 as part of the Review of the Mortgage to Rent Scheme for borrowers of commercial private lending institutions by now.
“It has been over five months since this review was published and the Government has been incredible slow at making progress.
“Government inaction is heaping further pressure on mortgage holders who are struggling to keep their homes.
“The Mortgage to Rent Scheme could have been very useful in supporting unsustainable mortgage loans, but the delays in revising it has led to thousands of people, with unsustainable mortgage loans, being left with limited options,” concluded McGrath.