Banks ready to repossess thousands of homes in debt

Thousands of homes face being repossessed as banks step up efforts to pursue mortgage holders in default.

The charge is being led by Permanent TSB which has become the first of the four main banks to target borrowers who are less than 90 days behind in monthly payments as well as those with long-term arrears.

Borrowers in danger of losing their homes include those in negative equity who opt for so-called assisted voluntary sales where most of the remaining shortfall is either written off or not pursued.