Buy-to-let arrears levels have continued to fall, according to the latest data from CHL Mortgages’ mortgage book.
As at the end of quarter one 2014, out of more than 40,000 live mortgage accounts, only 0.93% of buy-to-let cases were in three-month arrears, a quarter-on-quarter fall of 6 basis points (bps) from the levels registered at the end of 2013.
CHL’s arrears levels have fallen consistently since 2009 and are now performing at a six-year low. The arrears figures continue to beat CHL’s own estimates for performance which were set at the start of this year.
Bob Young, Managing Director at CHL Mortgages, commented: “The latest CML industry figures continue to show falls in arrears levels across both owner-occupier and buy-to-let mortgage business which is a strong sign of the improvement in borrowers’ ability to afford their mortgage finance and perhaps a signal of growing improvement in the wider economy.”
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