Specialist lender CHL Mortgages has revealed a further quarterly improvement in the arrears levels of its buy-to-let mortgage book.
After announcing at the end of quarter one that its arrears were back to the same levels as 2008, pre-credit crunch, it says there was a further improvement in quarter two.
Figures for quarter two show that only 1.77% of all CHL’s buy-to-let mortgage accounts were over 90 days in arrears. This is a 0.18% improvement on the figures for quarter one which were 1.94%.
The figures compare favourably to buy-to-let market data recently published by the Council of Mortgage Lenders, which put 90-day arrears levels for all lenders in quarter two at 2.29%.
CHL said it anticipates further improvement in its arrears levels across its mortgage book.
Bob Young, CHL managing director, said: “To be able to announce earlier this year that our arrears levels were back to pre-credit crunch levels was a significant moment for the business, given the economic backdrop of the last few years.
“However, our complete focus on managing the CHL mortgage book to ensure that arrears and possessions are kept to an absolute minimum continues to work, particularly when we compare ourselves to the industry-wide figures released by the CML.
“CHL continues to out-perform the market in this sense; indeed, we are widening the gap and believe that our in-house focused approach to our borrowers is one of the key reasons for this.
“We work with those borrowers who may be having some form of payment difficulty to ensure we come up with an individually-tailored plan and process which works for all.
“It is this flexible approach which is responsible for our results. We focus on human interaction with our borrowers.”
Comments