{"id":800,"date":"2011-05-16T08:28:20","date_gmt":"2011-05-16T08:28:20","guid":{"rendered":"http:\/\/blog.legal4landlords.com\/?p=800"},"modified":"2016-09-20T16:44:15","modified_gmt":"2016-09-20T16:44:15","slug":"btl-lending-arrears-rise","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/lforl\/btl-lending-arrears-rise\/","title":{"rendered":"BTL Lending Arrears Rise"},"content":{"rendered":"

\"\"<\/a><\/p>\n

Latest Landlord News by: Madalena Penny<\/p>\n

An increase in the of the number of Buy-to-Let properties repossessed increased by 0.13% for the first three months of this year compared to Q4 2010.\u00a0 1,700 BTL<\/strong> properties were taken by lenders in the 3 months running up to March 2011 \u2013 a rise from the 1,400 reclaimed in the final quarter of last year.<\/p>\n

Compared to homeowner repossessions, which stood at 0.07%, the figure is indicative on BTL arrears<\/em>, which showed an increase of 22,000 BTL<\/span> investors with a minimum of 3-months arrears<\/em>, accounting for 12.3% of all outstanding mortgages. However the large and usual increase in rent arrears<\/a> that follows the Christmas period would have had an impact on BTL arrears<\/strong> and repossessions.<\/p>\n

With a 10% increase on January, rent arrears<\/a> had increased to a massive \u00a3296m in February as tenants battled to meet increasing rents.\u00a0\u00a0 Never the less, tenants struggling with rises in the cost of living, unemployment, job cuts in the public sector and seasonal financial duress spilled over from Christmas have no doubt accounted for the rise in BTL repossessions for this years first quarter.<\/p>\n

Surprisingly, and according to the Council of Mortgage Lenders, BTL lending<\/a> fell in Q1 with only 27,600 loans agreed compared to the 28,600 loans agreed in the final quarter of last year.<\/p>\n

Despite a rise in the number of BTL<\/span> products available, lending for this sector is still restrictive with investors still victim to strict lending criteria akin to the financial version of ethnic cleansing.\u00a0 Landlords across the UK are complaining bitterly about \u2018brick wall\u2019 austerity doled out by lenders.\u00a0 Missed payments and CCJ\u2019s make traditional high street lending an unlikely avenue for landlords looking to expand their portfolios<\/a>.<\/p>\n

Rental cover requirement by lenders still averages 125% and maximum loan-to-value has still remained at 75%.\u00a0 Regardless of the progression of BTL<\/span> products entering the market, criteria is still restrictive leaving little choice for landlords and BTL investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

Latest Landlord News by: Madalena Penny An increase in the of the number of Buy-to-Let properties repossessed increased by 0.13% for the first three months of this year compared to Q4 2010.\u00a0 1,700 BTL properties were taken by lenders in the 3 months running up to March 2011 \u2013 a rise from the 1,400 reclaimed […]<\/p>\n","protected":false},"author":2,"featured_media":11204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"yoast_head":"\nBTL Lending Arrears Rise - Legal For Landlords<\/title>\n<meta name=\"description\" content=\"An increase in the of the number of BTL properties repossessed increased by 0.13% for the first three months of this year compared to Q4 2010.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.withcreative.co.uk\/lforl\/btl-lending-arrears-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BTL Lending Arrears Rise - 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