Increase in buy to let mortgage arrears reported by Moodys
The buy-to-let mortgage market has seen a marked increase in arrears, bringing it more in line with the wider mortgage market, during the fourth quarter of 2008.
Up until now the buy-to-let market had seen lower arrears than the prime and sub-prime residential mortgage market.
Moody’s however is cautious about its own results as the buy-to-let market has only a short history of data and is yet to have seen a full economic or housing cycle of boom and bust.
It could therefore be that it is those buy-to-let owners who joined late, near the peak of the market, that are now suffering with the prolonged adverse credit conditions who are starting to have mortgage problems and go into arrears.
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