The Council of Mortgage Lenders (CML) has published a press release setting out its latest arrears statistics for 2015. It has found that fewer than 1 in 1,000 mortgages ended in repossessions in 2015, with fewer than 1 in 100 mortgages in any sort of arrears. The annual arrears rate for 2015, at 0.92%, is the lowest it has been for the past decade.
The CML quarterly data shows that the buy to let market has lower arrears of its total loans than the home owner mortgage market. For 2015, the home owner mortgage arrears were running at 1.03% of all loans, whilst within buy to let mortgages, the arrears figure was 0.31%.
Although the arrears rate within the buy to let market is lower, it is interesting to note that these properties are repossessed more often than in the home owner market. In the buy to let market, the statistics show 1 repossession per 2,500 mortgages in the last quarter of the year, whereas in the home owner market this figure was 1 repossession per 5,000 mortgages.