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Buy to let arrears problem worsens

Thursday, April 10 12:15:50

While the numbers of households in arrears and those who have made permanent agreements with their lenders rose, the buy to let arrears problem is getting worse.

Agreements between householders in arrears with home loans and lenders led to 59,668 permanent mortgage restructures by the end of February, latest dept of finance figures show today.

That's an increase of 8,480 accounts on Q4 2013 and 5,699 accounts since the end of January 2014.

The number of mortgage accounts in arrears of greater than 90 days has fallen from 79,427 to 78,210, a drop of 1,217 accounts when compared to the end of January.

Total mortgage accounts in arrears (all arrears 1 day past due) have fallen since Q4 2013 by 3,173 accounts and by 3,883 accounts when compared with the end of January.

Total temporary restructures continue to fall, indicating a move towards a greater utilisation of total restructures.

The number of split mortgages also continues to increase. At the end of February there were 8,723 split mortgages, an increase of 2,484 when compared to end Q4 2013 and 1,592 when compared to end January 2014.

However, the numbers of buy to let (BTL) mortgages in arrears is climbing.

The number of all BTL mortgage accounts in arrears at the end of February is 33,902 accounts, compared to 33,831 at the end of Q4 2013 and 34,139 at the end of January.

The number in arrears of greater than 90 days increased by 176 accounts since the end of January.

Engagement between consumers and lenders has led to 12,484 permanent restructures, an increase of 2,336 accounts on the end of Q4 2013 and 1,952 on the end of January.

In this series permanent restructures for those accounts in arrears of greater than 90 days increased by 503 accounts when compared to the end of January.

The 6 main lenders have reported that they have 4,148 rent receivers in place, an increase of 969 on the end of Q4 2013.