Tuesday, June 3, 2008
Long overdue, BTL misery has hit the press!!
The buy-to-let boom goes bust
BTL is the UK subprime! "B&B, which represents 20 per cent of lending across the British buy-to-let sector, said the number of landlords who were three or more months behind on their mortgage payments had leapt by more than 52 per cent between January and the end of April, to more than 1.5 per cent of its total buy-to-let customer base"
Posted by confused76 @ 06:19 PM (692 views)
5 thoughts on “Long overdue, BTL misery has hit the press!!”
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confused76 says:
another very bearish piece but with a bullish title…. go figure…
Buy-to-let landlords tipped to survive downturn
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/03/ccbuytolet103.xml
paul says:
The interesting thing (which the mainstream press might well not pick up on) is that its taken the major restructuring of a top lender to unearth the fact that buy to let is going down the tubes.
Why was there no previous disclosure that their buy-to-let business was in trouble? Why has it only just come to light now?
Jayk says:
1.5%?
Wow. Three in every 200 BTL landlords is behind on their payments. Talk about overblown……..
Ash4781 says:
It’s the % increase in arrears in such a short space of time that’s the issue.
paul says:
Jayk, perhaps you didn’t look closely enough at the figures. Do you know what proportion of the US mortgage market was subprime?
3-4%.
That was all. Now B&B represents only a fifth of the buy to let market, and we are in very very early stages.
Think about it … okay we’ll wait a bit longer … more time okay …..
Do you get it now? Yes, that’s right! This is the tip of the buy-to-let iceberg that the mortgage market ship is careening towards.