Buy to Let: Why tenant victims should matter to repossessed landlords
18th September 2008
By Tony Booth
However, for those that empathise with their tenants' situation and who wish to offer them information and advice, here are the facts about how they are likely to be affected by a disastrously unsuccessful property investment.
The statistics speak for themselves. According to data supplied by the Council of Mortgage Lenders (CML), there were over a million outstanding buy-to-let mortgages in the first quarter of 2008 - and of these, 0.15 per cent were repossessed by the lender. While the percentage may seem quite small, it represents 1,610 dwellings, which is 100 per cent more than in the same quarter a year earlier.
If the rate of repossessions continue at the same level over the rest of 2008, there will be 6,440 buy-to-lets repossessed.
More worryingly, many believe the official figures are masking a much more devastating event.
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