With many landlords in Ireland coming to the end of their 10-year interest-only mortgage period, buy-to-let arrears look set to escalate in the near term, the Institute of Professional Auctioneers and Valuers (IPAV) has warned.
In a submission to the Department of Housing, the group’s chief executive, Pat Davitt, said that it is unlikely that many buy-to-let landlords will be unable to cope with substantially higher mortgage repayments - capital repayments in addition to interest - once their interest-only arrangements end.
He said: “For many of these landlords the unsustainability of their position will become evident and many will be forced out of the market with the loss of such properties to the rental market, unless a solution is found.
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