Tens of thousands of landlords are struggling to meet their mortgage repayments as the economic downturn devastates the buy-to-let market, according to a new report.

Moody’s, the ratings agency, released figures yesterday showing that 3.55% of landlords were at least three months behind with mortgage payments in the first quarter of the year — compared with 0.95% in the same period a year ago. Repossessions of buy-to-let loans had also risen marginally, to 0.18% in the first three months of this year from 0.13% in the first three months of last year.

There are about a million buy-to-let landlords in the UK, according to the Council of Mortgage Lenders.

The Times