Thursday 8 December 2016

Permanent TSB are unable to appoint receivers to troubled buy-to-let properties: report

Published 09/12/2015 | 10:15

Permanent TSB
Permanent TSB

Permanent TSB cannot appoint receivers to troubled buy-to-let properties due to an issue with mortgage contracts.

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According to a report from RTÉ News, Permanent TSB (PTSB) will have to go through a lengthy courts process in order to repossess investment properties.

The report also says that PTSB customers will face delays in ridding their properties due to a review of mortgage contracts which the bank is currently carrying out.

In order for PTSB to appoint a receiver to one of its 3,500 torubled properties it may have to go through a legal process that could take several years.

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