Buy-to-let mortgage arrears fall

The number of landlords in arrears had fallen by the end of March compared to the end of 2009 according to figures released by the Council for Mortgage Lenders (CML).

Around 19,300 people, the equivalent of 1.56% of all those with buy-to-let loans, were in arrears of at least 1.5% of their outstanding mortgage at the end of March, down from 20,700 at the end of 2009, and 28,800 a year earlier.

Despite the fall in arrears there was a slight increase in the number of properties that were repossessed at 1,400, up from 1,200 during the previous three months, but unchanged from a year earlier.

In a further 11,200 cases a receiver of rent was appointed - an alternative to repossession that enables tenants to stay in their home, but pay their rent to the mortgage lender rather than the landlord - down from 11,900 in the final quarter of last year, but 22% higher than in the same period of 2009.

Landlord insurance