independent

Friday 18 April 2014

Banks appointing rent collectors to bypass landlords not paying mortgage arrears

Rent receivers appointed on over 2,000 properties

THERE has been a surge in the number of potential property buyers approved for a mortgage in February.

IRISH banks have appointed rent collectors to over 2,000 properties owned by landlords who are not paying their mortgage arrears.

So-called rent receivers are appointed in situations where landlords are collecting rent and not passing it onto banks to pay mortgage arrears.

The information arose through a Dáil reply by Finance Minister Michael Noonan to Fianna Fáil's finance spokesman Michael McGrath.

According to the figures, Bank of Ireland has appointed rent receivers to over 1,235 properties and AIB to over 540 with a further 250 expected to be covered by the end of the year.

Permanent TSB said it has appointed rent receivers to cover 144 properties – with a further 10 expected to come on stream.

Mr McGrath said the figures are evidence that some buy-to-let mortgages were in trouble because while landlords are collecting some rents, they are not passing them onto the banks to pay mortgage arrears.

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