Bradford & Bingley report 'unrepresentative'
Bradford & Bingley's (B&B) recent report that buy-to-let mortgage arrears are rising has little bearing on the overall health of the sector, industry experts said today.
The Council of Mortgage Lenders (CML) insisted that the number of landlords unable to meet their mortgage repayments remains relatively low when compared with the other mortgage sectors.
Its positive assessment follows a press release by B&B which warned that the number of investment landlords who have fallen at least three months behind their repayments has jumped by 52 per cent.
The UK's second largest buy-to-let lender said that during the four months to the end of April some 3,037 of its customers were struggling to keep up with payments.
Nonetheless, Sue Anderson of the CML noted that more than 99 per cent of landlords do not have arrears of three months or over, attributing the negative development to the cyclical nature of the market.
"There has been some worsening in defaults," she acknowledged. "But we still see buy-to-let performing pretty well, and we are not seeing any evidence that that is not the case."
Published 2nd June, 2008
© 2008 Estates IT Limited
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Bradford & Bingley's (B&B) recent report that buy-to-let mortgage arrears are rising has little bearing on the overall health of the sector, industry experts said today.