Brokers call for buy to let regulation - buy to let mortgages

17 July 2009

Buy to let mortgages need more regulation, brokers have urged.

Some 54 per cent of the mortgage brokers polled in a survey by Exact asserted that they would like to see the Financial Services Authority (FSA) take over the regulation of the buy to let market.

According to Exact managing director Alan Cleary, lack of regulation meant it has previously been "too easy" for amateur landlords to "jump on the bandwagon" when it comes to renting property.

"It was a mistake to assume that because buy to let was viewed as a commercial endeavour, it could be left unregulated," he said.

Mr Cleary added: "The number of amateur landlords in the private rented sector with sizeable portfolios now well underwater is proof of the fact."

The FSA regulates most financial services across the UK, including firms, exchanges and markets.

Set up by the government, it sets standards financial firms must meet and has the power to take action against them if they do not meet these requirements.

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