CHL Mortgages has this week revealed a continued fall in arrear levels in its Buy-to-Let mortgage book throughout 2013.
At the end of December 2013, out of more than 40,000 live mortgage accounts, only 0.99% of buy-to-let cases were in three-month arrears, a year-on-year fall of 0.28%, the firm has reported.
According to figures from the Council of Mortgage Lenders (CML), this means CHL’s figures are outperforming the overall buy-to-let market by 21bps as the corresponding figure at the end of 2013 was 1.2%.
CHL’s arrears levels have fallen consistently since 2009 and are now performing at a five and a half year low. The arrear figures at the end of 2013 beat CHL’s own estimates for performance which were set at the start of the year.
Bob Young, Managing Director at CHL Mortgages, commented: “Industry figures for buy-to-let arrears have dropped considerably over the course of the year which makes CHL’s continued outperformance of the rest of the market particularly pleasing. As is customary for CHL we set ourselves challenging targets at the start of each year in terms of our book’s performance and it is great news that we have managed to achieve our aims. One of our targets was to take the percentage of cases down through the 1% level and we were able to do this in the last quarter of the year.”
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