Landlord Mortgages in Arrears Double in a Year
Fri 09 Feb 2024
The number of landlords who have fallen behind on their mortgages has jumped, according to figures from the banking industry.
Buy-to-let mortgages in arrears more than doubled in the final three months of 2023 compared to the same period the year before.
The 124% rise was likely to be the result of high mortgage rates.
However, it still only accounts for a fraction of mortgages that are still being paid off.
UK Finance said there were 13,570 buy-to-let mortgages in arrears in the final quarter of last year. There are nearly two million mortgages being repaid by landlords in total.
These arrears - which are mostly of relatively low value - rose by 18% compared with the previous three months. But compared to the year before, the increase was more pronounced.
The trade body also released figures on the number of homeowners who had fallen behind on their mortgages.
A total of 93,680 were in arrears, which was up 7% on the previous quarter and 25% up on the same period a year earlier.