But Cremeegg,
Obviously, from the PTSB POV - this 'write down' solution is financially more preferable for them - then to 'force' bankruptcy upon BTL owners.
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Agree. Scandalous what bankers and regulators got away with for reckless lending during the boom.
Given that they cannot appoint a "normal" type of receiver, they have to apply to the Courts for re-possession which is timely and costl
PTSB should be able to evict the tenant and sell the house. That would allow the house be occupied by new occupiers on a sustainable basis. And everyone could get on with their lives.
What do people mean that PTSB cannot appoint a receiver or something?
PTSB have the ability to appoint 'Rent Receivers' - private firms - that can legally collect rent from BTL's and disburse same after taking their cut - to PTSB. This is allowed as it's written into the BTL mortgage agreement.
They can't appoint a 'Repossession Receiver to 'easily' repossess BTL's as this particular process was not allowed for within the same BTL mortgage agreement.
They have to go to court separately - and seek repossession - but this is a costly and timely route. Here's a newspaper article from 2015 giving some info..
Should I contact ptsb and see if I qualify or just wait for a week or two and see if they write to me?
It will apply only to people in negative equity and heavy arrears.
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