Two sets of official data underlined how 14 consecutive interest rate increases, on top of broader cost of living pressures, have piled the pain on many households, with landlords, in particular, struggling.
For many amateur landlords, their property portfolio is their main “pension”, but Ranald Mitchell, a director at mortgage broker Charwin Private Clients, said: “What was once a dream has turned into a nightmare for many.” Justin Moy, the managing director of EHF Mortgages, said the situation was “becoming a disaster for all types of landlord”.
The banking trade body UK Finance said there were 11,540 buy to let mortgages in arrears in the period 1 July to 30 September this year – up 29% on the previous quarter, and up 100% on the 5,760 that were in the red during the same period last year.
Meanwhile, 87,930 homeowner mortgages were in arrears during the three months ending on 30 September. This was 7% higher than the figure for the previous three months, and up 18% on an annual basis.
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