The number of ✔️rental properties being repossessed by moneylenders since the proprietors are as well far in arrears on their buy-to-let mortgage has rocketed by 40 per cent compared with last year.
Figures from UK💶 Fund appear that 4,550 buy-to-let mortgages were in arrears of 2.5 per cent or more of the whole borrowing within the third quarter of this year. Of those more than a thousand are in serious arrears of 10 per cent or more.
A further 800 were repossessed in the last quarter, despite lenders being encouraged to offer more help to those struggling with repayments. “Lenders continue to show flexibility to borrowers in financial💳 difficulty and possession is always a last resort,” UK Finance, the trade body for the banking and finance industry, was at pains to point out.
It argues that part of the surge is from a backlog of cases being resolved at the same time, but landlords are clear that this is a sign of things to come.
News from: Buy-to-let repossessions