Buy To Let Mortages Should Be Regulated
With buy to let mortgages being ready available before the downturn in the economy the federation has asked that all they now are regulated in the same way that mortgages are done.
With them being considered a business opportunity they did not attract the same guidelines of affordability as mortgages.
The BPF wants the FSA to regulate them the same way it does its mortgages so that when the economy has gained in strength banks will not have the same approach to lending and hopefully avoid them lending money irresponsibly.
Ian Fletcher of the BPF said
Many lenders simply threw money at buy-to-let borrowers during the boom without sufficient checks on who they were lending to or what they were lending for.
He also added
Options to consider:we need to make sure the property-fuelled meltdown doesn’t happen again. Professional landlords have suffered as a result of banks refusing to lend. If landlords can’t expand or invest in new homes, it hurts all areas of society.
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