CHL BTL ARREAR LEVELS CONTINUE TO OUTPERFORM MARKET
19 March 2014
Specialist lender, CHL Mortgages, has today (19th March 2014) revealed a continuing fall in arrear levels throughout 2013 for its buy-to-let mortgage book.
As at the end of December 2013, out of more than 40,000 live mortgage accounts, only 0.99% of buy-to-let cases were in three-month arrears, a year-on-year fall of 0.28%.
According to figures from the Council of Mortgage Lenders (CML) this means CHL’s figures are outperforming the overall buy-to-let market by 21bps as the corresponding figure at the end of 2013 was 1.2%.
By stripping out those cases which are classified as receiver of rent or under repossession CHL’s figures for buy-to-let cases - which have arrears of more than 1.5% of the balance - were 0.15%. Again, this is an outperformance of the market as a whole by 55bps with the CML reporting 0.7% as the industry figure.
CHL’s arrears levels have fallen consistently since 2009 and are now performing at a five and a half year low. The arrear figures at the end of 2013 beat CHL’s own estimates for performance which were set at the start of the year.
Bob Young, Managing Director at CHL Mortgages, commented:
“Industry figures for buy-to-let arrears have dropped considerably over the course of the year which makes CHL’s continued outperformance of the rest of the market particularly pleasing. As is customary for CHL we set ourselves challenging targets at the start of each year in terms of our book’s performance and it is great news that we have managed to achieve our aims. One of our targets was to take the percentage of cases down through the 1% level and we were able to do this in the last quarter of the year.
“It is always important for us to judge ourselves against the industry benchmark and it is testament to the hard work of our collections team, and the rest of the staff at CHL, that we have maintained this downward curve. Following the spike in arrears and possessions across the board post-Credit Crunch and the tremendous impact the recession had on all types of borrowers, to have improved the performance of our book continually over the course of the past five years is something we are all particularly proud of. The work does not stop here however and this year we remain focused on bettering 2013’s figures and continuing to support our landlord borrowers.”
For full information on CHL visit: www.chlmortgages.co.uk
ENDS
For further information please contact:
Bob Young, Managing Director, CHL Mortgages
Tel: 01252 365890
Rob Griffiths, White Dragon Communications Ltd
Mobile: 07983 641566, rob@whitedragoncomms.co.uk
NOTES TO EDITORS
• CHL Mortgages has been offering specialist mortgage solutions since 1992. It is based in Fleet, Hampshire and is part of the permanent tsb Group.
• CHL Mortgages is a pioneer of both buy-to-let mortgages and self-certification mortgage products for the self-employed. It has now grown to be a leading player in these sectors.
• CHL products are designed to meet the needs of various customers, ensuring CHL Mortgages lends responsibly and treats customers fairly.
CHL Mortgages
Admiral House, Harlington Way, Fleet, Hampshire GU51 4YA
Tel: 01252 812271
Fax: 01252 811826
Website: www.chlmortgages.co.uk
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Rob Griffiths
Director
White Dragon Communications Ltd
Mobile: 07983 641566
E-mail: rob@whitedragoncomms.co.uk
Website: www.whitedragoncomms.co.uk
Follow us on Twitter: www.twitter.com/whitedragonPR
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