UK Buy-to-Let Mortgages Sliding Into Arrears Surge by Almost 30%
- UK had 8,980 buy-to-let mortgages in arrears at end of June
- High interest rates, regulation are weighing on landlords
Property adverts in Guildford, UK.
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The number of UK buy-to-let mortgages falling into arrears surged by almost 30% in the second quarter as a cocktail of higher interest rates and tougher regulation weighs on landlords.
The UK had 8,980 buy-to-let mortgages in arrears by 2.5% or more of the outstanding balance at the end of June, according to data compiled by industry group UK Finance. That’s an increase from 7,030 at the end of March, suggesting the Bank of England’s aggressive rate hiking cycle is pushing some owners to the brink.