Tuesday, September 30, 2008
Hhhmmmmmmmm??
Buy-to-let arrears below market average.
Statistical data released by the CML shows that the percentage of buy-to-let mortgages more than three months in arrears stands at 1.1% of all buy-to-let mortgages outstanding. This compares with a total mortgage market figure of 1.33% in arrears of three months or more. There are currently 1,103,000 buy-to-let mortgages outstanding out of a total market of 11,741,000. Source here - http://www.cml.org.uk/cml/filegrab/AP5.xls?ref=5217
Posted by renting2 @ 12:29 PM (2012 views)
10 thoughts on “Hhhmmmmmmmm??”
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pelethar says:
What? This has to be wrong. Otherwise, someone tell Bradford & Bingley that being overexposed to BTL mortgages isn’t a problem after all and their 150-year-old company didn’t need to collapse at all.
beartil2010 says:
ooh, ooh, me, me! This one’s easy!
People who have taken out one extremely high mortgage are already unable to pay.
BTLers have capital available from multiple properties. This means they have a backstop of funds available to cover shortfall. As the prices continue to drop the total loss will then outstrip that cushion, causing large volumes of bankruptcies and properties to come to market. It is the second-wave.
Expect that figure to go higher!
night says:
Hang on a sec. So there are 1.1% 3 months in arrears. But 1,103,000 (9.39%) outstanding? So in 3 months, there will be 9.39% 3 months in arrears (unless they catch up with payments again somehow). Correct me if I’m wrong with that math…
pelethar says:
I still don’t believe the figure. I am sure I’ve seen other reports showing BTL arrears 2 or 3 times higher than the national average.
Mrwoo says:
B&B problems stem from the terrible mortgage books they purchased from GMAC more than anything to do with buy to let. They have to pay £12b over the next 3 years on the ‘deal’, these mortgages are all either sub prime or 90% self cert, they bought these mortgages in Oct/Nov last year and it has to be the most stupid purchase in banking history.
maddison says:
Sorry to disappoint you guys but BTL arrears are lower than the industry average. This is mainly because the average BTLer is richer than the average house buyer. couple just bought first house, unexpected pregnancy, one partner loses job, didnt realise that doing a house up always costs more than you think. I could go on…..
techieman says:
a ce moment peut etre mon ami.
uncle tom says:
Le déluge viendra plus tard
beartil2010 says:
C’est vrai – ce n’est pas un probleme, on ne peut pas l’avoider
hash browne says:
Je ne comprende pas.