At the end of June just 1.46% of its buy-to-let was in arrears; lower than the company’s average and also representing a consistent drop as at the end of 2011, arrears stood at 1.69%.
Council of Mortgage Lenders figures show the three month-rate across the sector standing at around 1.9%, compared to 2% in the owner-occupier market.
CHL has also revealed a significant number of properties that are now managed by a Receiver of Rent are in an improved position; of the properties that can be rented out, 95% have tenant occupancy while 65% of the accounts under a Receiver of Rent have now been repaired and moved from a default to a positive position.
Managing Director at CHL Mortgages, Bob Young, said the fact their arrear levels have now reached a four-year low and continue to reduce month on month is testament to the hard work carried out by CHL’s collections team in helping borrowers in difficulty to arrive at a satisfactory solution for all parties.
He said: “The strategy we implemented a few years ago around this continues to bear fruit and borrowers appreciate the human touch that our highly-skilled and trained team bring to their work.
“We welcome decreasing arrears levels across the industry and the buy-to-let market as a whole but are particularly proud that the performance of our own book continues to outshine the national average by some distance. While we may not be currently involved in new lending, we continue to manage well over 43,000 live mortgage accounts, so staying ahead of the curve in this manner is a strong performance. CHL will continue to work hard in order to keep our arrears levels at such low levels and we fully anticipate greater success in this area over the coming months.”
