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CML offers guidance on buy-to-let arrears

Thursday 11th June 2009

The Council of Mortgage Lenders (CML) has published a new set of guidelines for lenders in the hope that they will treat buy-to-let mortgage holders more fairly.

According to the CML, lenders recognise there is a need for fair treatment when customers fall behind on their mortgage repayments.

The CML is calling on them to look at each individual case before pressing ahead with repossession proceedings.

It states that the key differences between buy-to-let and other mortgage types is that the former poses no threat of homelessness to the owner and that the impact repossessions can have on tenants is substantial.

"Most buy-to-letmortgages automatically give consent to tenancies. So, a lender seeking vacant possession will usually be bound by the tenancy agreement, as long as its terms and conditions are being complied with," the CML notes.

The government is currently drawing up legislation on tenants rights and is expected to introduce a two-month notice period for tenants facing eviction.

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