3rd
Aug 2016
The good news is that the number of landlords who are three months or more behind with their buy-to-let mortgages has dropped from 9,300, in the first three months of this year, down to 8,500 in the second quarter.
Brexit will not stop the fall of landlords in arrears as a finance company predicts that numbers could drop as low as 7,000 by the end of the year. The Managing Director of the finance company, David Whitaker, is basing the prediction on the Council of Mortgage Lenders official figures.
David Whitaker said: “The referendum result was unexpected, the precise impact is unknown, and it is still rather early to tell what will happen.
“But we have seen no let-up in demand for buy to let mortgages and we don’t expect to see any change in the downward trend in buy to let arrears as a result.
“Landlords are confident – and lenders have no reason to feel any differently.”
At the end of first three months of 2015, buy to let mortgage arrears fell by 25 per cent from 11,300, largely due to low interest rates.
David Whittaker concludes: “There are many landlords out there who still need finance, particularly professionals who are in the process of remortgaging to secure a solid five year fixed rate or selling their personally-owned portfolios to their limited companies.”
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