Wednesday, May 13, 2009
Who would've thunk it?
Times: Buy-to-let landlords struggle to repay their loans
Tens of thousands of landlords are struggling to meet their mortgage repayments, as the economic downturn devastates the buy-to-let market, according to a new report.
Moody’s, the ratings agency, released figures yesterday showing that 3.55% of landlords were at least three months behind with mortgage payments in the first quarter of the year — compared with 0.95% in the same period a year ago. Repossessions of buy-to-let loans had also risen marginally.
Posted by little professor @ 03:15 AM (683 views) Add Comment
7 Comments
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1. crunchy said...
One pound of extra weight on a heavy bar makes the load seem double the weight.
Veins will start to pop, and the feeble will begin to drop.
Weightlifting is a dangerous sport, more so when using other people's gear.
2. Simplysam said...
Is any news anylonger trustable?
3. mander said...
3.5 procent only defaulting? Is this a joke? There is insurance against defaulting landlords that can not cover the real procentage of defaults. Is the insurer making or loosing money?
4. uncle tom said...
I do not believe that fewer than one in 25 BTL mortgages is in three month + default.
Either Moody's sample data is not typical of the BTL scene as a whole, or they are not being told the truth by those managing the loans..
5. 51ck-6-51x said...
uncle tom / mander
- Not sure that it is. The article states 3.55% of landlords. Another says British landlords... can't find the Moody's report but my guess is that this is 3.55% of all landlords with a mortgage, but it could be all landlords regardless of debt status. Either way this is not a particularly meaningful figure, better would be what % of BTL mortgaged properties are 3m+ in arrears (or even better still the outstanding of said mortgages as a % of all outstanding mortgages).
6. 51ck-6-51x said...
CML reckons the 3m+ arrears rate in the BTL sector is 2.82%. No doubt this is also by person rather than property and fashioned in such a way as to make the number smaller.
7. 51ck-6-51x said...
^^ is - should be was (at end 2008).