25 September 2014

A buy-to-let lender says that its arrears have fallen back to the same level as they were before the credit crunch.

Specialist lender CHL Mortgages said that its figures for quarter one of this year reveal that only 1.95% of all its mortgages were over 90 days in arrears.

This is a 45% drop on the same period 12 months ago. CHL's levels for mortgages over 30 days in arrears have also fallen significantly.

The lender also revealed positive arrears news with regard to the £295m buy-to-let portfolio it manages on behalf of Irish Permanent International. From the time it took on the management of the book in December to the end of quarter one this year, CHL achieved a 50% reduction of the arrears levels within the book.

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