Mortgage-to-rent scheme ‘all but unworkable’

The Government’s much vaunted mortgage-to-rent scheme to aid distressed home owners is in crisis as Ireland’s four main lending institutions say it is all but unworkable.

Their response to the scheme comes as banks step up efforts to pursue mortgage holders in default, with up to 30,000 homes already in the process of being repossessed.

Permanent TSB expects to repossess between 2,000 and 4,000 homes while AIB has more than 9,000 customers subject to legal proceedings.