CHL Mortgages says arrears across its buy-to-let mortgage book are now back to the same levels as 2008, before the onset of the credit crunch.
1.95% of all CHL’s mortgages accounts were over 90 days in arrears in the first quarter of the year. This is a 45% drop on the same period 12 months ago and CHL says the levels for those accounts over 30 days in arrears have also fallen significantly
From the time CHL took on the management of Irish Permanent International’s £295 million buy-to-let book in December last year to the end of quarter one 2011 the Fleet-based lender has achieved a 50% reduction of the arrears levels within the book
Bob Young (pictured, managing director at CHL Mortgages, said: “The start of the credit crunch back in 2008 seems a particularly long time ago given what has happened in the intervening years. The fact that CHL’s arrears levels are now back in line with a time before the market upheaval shows the quality of our collections processes and the skills and experience of those who work in this part of our business. Our arrears levels peaked back in February 2009 and
