CHL arrears show signs of improvement
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CHL Mortgages has revealed a further quarterly improvement in the arrear levels of its buy-to-let mortgage book.
It announced at the end of Q1 that its arrears were now back to the same levels as 2008, pre-credit crunch.
Its latest figures for Q2 show that 1.77% of all CHL’s buy-to-let mortgage accounts were over 90 days in arrears.
This is a 0.18% improvement on the figures for Q1 this year which were 1.94%.
90-day arrears levels for all lenders in Q2 of 2011 were 2.29%.
Bob Young, managing director at CHL Mortgages, says: “We work with those borrowers who may be having some form of payment difficulty to ensure we come up with an individually-tailored plan and process which works for all.
“It is this approach which is responsible for our results; we focus on human interaction with our borrowers which means dedicated teams for certain areas and certainly no predicative dialling phone systems.”
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