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CHL reveals continued arrears improvement

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CHL reveals continued arrears improvement

Specialist lender CHL Mortgages has revealed that arrears levels across its buy-to-let mortgage book made significant improvements last year.

Figures for the fourth quarter of 2010 show 2.03 per cent of all CHL’s buy-to-let mortgage accounts were over three months in arrears. This compares with industry figures released this month by the Council of Mortgage Lenders (CML) which show a comparable figure of 2.62 per cent.
Bob Young, Managing Director at CHL, said: “I am frankly blown away by the results the team at CHL have achieved. 
“As our figures show, we are consistently outperforming the wider buy-to-let sector by a significant margin.  CHL’s focus is on driving down arrears levels by working with our borrowers and we fully anticipate that our hard work in this area will produce further improvements throughout 2011.  Outperforming the industry is one thing; however we should also remember that CHL’s figures are based on a static mortgage book meaning there is no new lending to make our arrears level look even better.”
CHL claim their products are designed to meet the needs of various customers, ensuring responsible lending and customer service.
“The relationship with our receivers of rents has been central to our success; they have to make sure the borrower’s position is fully protected regardless of what is in the best interest of CHL.  By choosing to work with two of the best companies in the UK we have outperformed our expectations and as a result have a significant number of improving accounts where a receiver of rent has been appointed,” he continued.
“The strategy is working and we intend to keep this focus with stakeholders to ensure the best outcome for all and to maintain the downward momentum we have achieved over the last two years.”
Based in Hampshire, CHL has been offering specialist mortgage solutions since 1992 and is part of the Irish Life & Permanent Group.

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