There was a significant increase in the number of buy-to-let mortgaged properties taken into possession in the third quarter of the year, new figures show.
Data from UK Finance reveals that 800 buy-to-let mortgaged properties were taken into possession in the quarter, an annual rise of 40%.
In total, there were 4,550 buy-to-let mortgages, which equates to 0.23% of all buy-to-let mortgages outstanding, in arrears of 2.5% or more, 5% fewer than in Q3 2018 and 1,170 buy-to-let mortgages with more than 10%, a 1% annual drop.
Mark Pilling, managing director of Spicerhaart Corporate Sales, said: “Arrears remain low, but with weak retail performance and worsening economic data, it’s difficult to imagine this being sustained long into the new year.
“The mortgage possessions figures are concerning – up 19% year on year for homeowners, and 40% for buy to let. UK Finance are right to point out that this stems in part from historic cases but it is nonetheless a significant jump.”
Want to comment on this story? If so...if any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals on any basis, then the post may be deleted and the individual immediately banned from posting in future.