Bradford and Bingley collect rent direct

The troubled buy-to-let mortgage lender has started to collect rents directly on properties that it has lent a buy-to-let mortgage on.

The move comes in an attempt to keep arrears and repossessions under control as the credit crunch also starts to hit the residential lettings sector.

With 2.3 per cent of its mortgages in arrears of three months or more, up from 1.48 per cent this time last year, the bank has decided to take matters into its own hands.

However it still hasn’t stopped the bank from posting a £27m loss for the first six months of the year compared with a £180m profit in the same period of 2007.

As the credit crunch is now in its second year landlords are beginning to feel the strain as much as homeowners.

Many may be tempted to cut costs in the face of tighter lending from banks such as Bradford & Bingley.

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September 04^th 2008

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• Families relying on renting to keep then afloat.
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• Buy to lets can flourish as long as you have the right tenants