50,000 Irish BTL Mortgages in Arrears

The Irish BTL boom continues to count the cost of crazed and non sensical investment. New figures from the Irish Central Bank estimate that nearly 50,000 buy-to-let mortgage accounts are three months or more behind on their repayments.

This figure is twice that of home owners and puts it at 22 percent of all the BTL mortgages which are estimated to total 200,000.

The question is how much longer can Irelands Government keep this bubble afloat, currently banks are resisting repossession on many of these failed investment properties because of pressure from Government. Currently many banks are appointing rent receivers to collect rents directly from tenants of the failed BTL landlords to help secure control of their repayments.

But surely at some point somethings got to give and someone will have to start paying for the shambles, is this just the calm before the storm?