Irish banks are reportedly preparing for a crackdown on thousands of distressed buy-to-let mortgage-holders in the New Year. 

According to the Sunday Business Post, four lenders - including Ulster Bank and Bank of Ireland - are putting together panels to act as fixed-charge receivers over affected properties.

The banks will target borrowers who they believe are not handing over their full rental income to service their debt.

The move comes ahead of the introduction of new personal insolvency rules in February - which could see many buy-to-let borrowers forced to surrender control of their properties.