Repossessions and arrears continue to build up

Buy-to-let property investors in Northern Ireland may be facing a bigger problem with arrears and repossessions, according to new data from the Council of Mortgage Lenders (CML).

Solicitors in Belfast may want to know that buy-to-let mortgages have performed better in the past in terms of payment profile but their profile has deteriorated at a rate faster than the market in the third quarter, the CML says.

The revelation comes as the CML published for the first time ever quarterly data and analysis on mortgage arrears and repossessions, which show that arrears and repossessions are rising.

This has prompted the CML director general Michael Coogan to re-affirm that his organisation and lenders "are absolutely committed to ensuring that repossession is only ever a last resort".

NI property investors who may be facing payment problems are advised to get in touch with their lender at the earliest opportunity, before arrears start to build up.

The CML says that most borrowers having difficulty can "successfully keep their home by working with their lender".
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