Just one family has so far successfully availed of the government’s mortgage-to-rent scheme, which was launched last June.
The scheme aims at helping those in mortgage arrears to shed the burden of a mortgage while still allowing them to remain in their home.
However, five months on from its launch almost half of those who have applied for the scheme have been turned down while hundreds more are still awaiting a reply on if their application has been successful or not.
According to the Department of the Environment, 517 people have applied for the scheme thus far but 48 of those were turned down by one lender and another 180 were considered ineligible. Almost 300 other people are still waiting for their application to be processed.
Cluid Housing Association’s head of policy Simon Brooke told The Sunday Independent at the weekend that “some lenders seem to be not full square behind the scheme.”
Meanwhile, FLAC’s Paul Joyce described the scheme as a “failure”.