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Professional landlords are still safe business, says CHL

CHL Mortgages is reminding the buy-to-let sector of the strength of professional landlords following the collapse of Bradford & Bingley yesterday.

The Council of Mortgage Lenders unveiled figures for buy-to-let mortgage arrears in the wake of the bank’s nationalisation.

B&B is the UK’s largest buy-to-let lender.

The latest data from the CML shows 1.1% of all buy-to-let mortgages outstanding are now in arrears of three months or more. This compares with a figure of 1.33% in arrears for the total mortgage market.

Bob Young, managing director of CHL Mortgages, says: “At a time when the buy-to-let sector is under intense scrutiny because of the nationalisation of B&B, these figures at least show that buy-to-let arrears are still below those of the wider mortgage market.

“Buy-to-let lending to genuine landlords – rather than short-term speculators – is not a risky business unfortunately many lenders chose to ignore this in their scramble for volume and their practices have come back to hurt them.”


Homebank says brokers keen to sell firms

National brokerage Homebank Financial Services says has been inundated with offers from brokerages looking to sell their businesses or expressing an interest in merging with Homebank .

World is poised for US Senate vote

Investors and policymakers across the globe are waiting with bated breath for the US Senate to vote tonight on a revised version of the American bailout plan.

FSCS to give £14bn to protect B&B deposits

The Financial Services Compensation Scheme is contributing £14bn to allow retail deposits held by Bradford & Bingley to be transferred to Abbey.

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