Surge in landlords facing significant mortgage arrears
Written by Adam Cadle
The number of landlords who are lagging behind with their mortgage payments has jumped by 20%, according to UK Finance.
According to latest figures, there were 1,200 buy-to-let mortgages in "significant arrears" in the last quarter of 2017, a fifth higher than in the same quarter in 2016.
There were 5,100 buy-to-let mortgages in less serious arrears of 2.5%. This was a 2% rise on 2016, UK Finance said.
UK Finance figures also show that 600 buy-to-let properties were re-possessed by banks in the last quarter of 2017,the same number as in 2016.
By contrast the number of homeowners with significant arrears fell by 1% over the period, as mortgage rates remained at low levels.
The number of homeowners with arrears of more than 2.5% fell by 7%.