ICare, the second-biggest provider, had put through 477 cases. Home for Life, the only private sector participant, which is led by chief executive Paul Cunningham and funded by UK investment firm LCM Partners and AIB, had completed 1,024 cases by the end of March, according to Housing Agency figures. A tweaking of the scheme in 2017 gave rise to the pilot programme that had been operating until last month. Some 2,130 mortgage-to-rent deals have been completed since an initial scheme was launched in 2012 on foot of a recommendation in a government-commission report on the mortgage-arrears crisis at the time. A subsequent plan to issue a call in early July also passed. The department officially terminated the pilot scheme on May 25th but missed its own deadline for starting a new expression of interest process in a successor scheme at that stage. The delays have had a very significant negative impact on the advancement of cases.” “Everyone has been hesitant to move since late last year, including lenders and hundreds of borrowers in distress. Only 16 mortgage-to-rent deals were completed in the first quarter of this year, down sharply from 98 and 175 for the corresponding periods in 20 respectively, according to Housing Agency data.ĭavid Hall, chief executive of iCare, the leading approved housing body participant in the pilot scheme, said the decline in cases going through so far this year was also down to “massive uncertainty” since late 2022 about the future of the scheme. Those that meet minimum eligibility requirements will be given a further five weeks to submit necessary documents. Interested parties will have about two weeks to respond to the call, according to the notification seen by The Irish Times. Officials from the Department of Housing have informed lenders and organisations involved in a previous pilot mortgage-to-rent scheme that the agency will this week launch a call for expressions of interest from private and approved housing body sector entities interested in becoming mortgage-to-rent providers, capable of delivering “at scale”. The Housing Agency is set to unveil a reboot of the mortgage-to-rent scheme following months of heightened uncertainty over the future of the programme, which had left distressed borrowers, lenders and players in the sector in limbo.
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