Banks to use rent receivers to collect buy-to-let mortgages

It is reported that AIB and EBS are to use rent receivers to collect money owed to them by landlords on buy-to-let mortgages.

The rent receiver will ask tenants in the houses to pay the bank directly, rather than the landlord.

Former CEO of Bank of Ireland Mike Soden has said many of the people who took out buy-to-let mortgages used the money to fund lavish lifestyles.

Mr Soden said: "Those people, whether it is through greed or selfishness or just fear and insecurity, they took large risks.

"At the end of the day, it's like any of the big cases like we are looking at, at the moment. Who would have made the money, had the market not collapsed? The individual would have."