MBE 2011: No change for brokers if BTL is regulated
David Finlay, intermediary channel director at Barclays, said his experience told him most brokers already treat buy-to-let in the same way they do regulated mortgage contracts.
He said: “In terms of the paperwork and advice given I don’t think there’ll be a huge change for brokers if we see buy-to-let regulated in the future. And I think regulation is coming whether we like it or not.”
Last month the FSA admitted it could see the logic in accepting a proposal in the European mortgage directive that would see buy-to-let mortgage finance regulated.
Paul Howard, head of corporate accounts at Nationwide and The Mortgage Works, said: “The jury’s still out in Europe but personally I think we will see buy-to-let regulated.
“If they are going to regulate it it should be the decision to invest in buy-to-let because I think it currently misses the target by aiming at buy-to-let mortgages but I think it’s something we’re going to have to get used to.”
Lee Gladwell, director of business development at Platform, said regulating buy-to-let would be “hugely unhelpful”.