Up to 300 Permanent TSB customers could benefit from the bank’s decision to write off buy-to-let mortgages where the borrower is willing to surrender their property.
Permanent TSB is contacting buy-to-let (BTL) mortgage customers whose loans have been non-performing for an extended period of time to explore whether they want to voluntarily surrender their property to the bank.
Customers who accept will have any arrears that remain on the loan after the property is sold written off.
It is understood that the initiative will affect a relatively small number of customers, with between 200 and 300 believed to be eligible. Permanent TSB said that the initiative was restricted to mortgages where the bank believed customers had no means of repaying the loan or the shortfall…