Wednesday, February 13, 2008
Hurry up Darling and rescue them, there’s a good chap
Bad debts up threefold, profit halved, mortgage arrears nearly double at buy to let specialist Bradford & Bingley
Bradford & Bingley, the UK's biggest buy-to-let lender, has seen its mortgage arrears leap by a huge 42 per cent in 2007. Their bad debts trebled as more homeowners struggle to keep up with repayments. Pressure on borrowers contributed to a threefold increase in bad debt charges to £22.5 million, from £7.4 million in 2006. Writedowns have reduced the lender's statutory pre-tax profit by 49 per cent to £126 million in the full year to 31 December...