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FSA to regulate BTL in 2008
The Financial Services Authority (FSA) will be forced to regulate the buy-to-let (BTL) market within the next 12 months, Landlord Mortgages has predicted.
With an influx of new investors entering the BTL market as a result of growing opportunities in the sector, Lee Grandin, managing director of Landlord Mortgages, admitted that the FSA could be forced to look at the BTL market for potential regulation in the near future.
He said: “It is fair to suggest that novice BTL investors are most at risk from inappropriate investment return claims made by mortgage brokers and investment advisers. I am surprised that the FSA has not given guidance to BTL mortgage brokers and lenders on what it expects them to disclose in respect to likely investment returns.”
However, speaking at the Mortgage Introducer Buy-to-Let Forum in Cardiff, Paul McGuirke, national head of sales at Mortgage Times, and Bob Stanworth, senior product manager at Bristol & West Mortgages, both suggested that the BTL market had many similar practices to that of a regulated environment.
Stanworth said: “As a lender we comply with the FSA anyway, so the practices are the same.”
McGuirke added that he hoped regulation would not hit the BTL sector, but admitted that it could happen.
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