Deposit protection laws hailed - buy to let mortgages

06 April 2009

The introduction of legislation designed to protect tenants' deposits has been hailed as a success.

Mydeposits.co.uk claimed that the laws, brought in two years ago, have become a "consumer victory" for those renting a home.

Figures from the organisation showed that over this period, 91 per cent of disputes were ruled in favour of the tenants.

In addition, the data revealed that the average cost of a dispute has been lowered from £1,052 to £733 since the guidelines came into force, with the "time consuming" process of going through the courts being reduced.

Eddie Hooker, chief executive of Mydeposits.co.uk, commented: "We can now clearly see the protection laws are working. All cases are decided fairly using evidence presented by both parties."

Meanwhile, holders of buy to let mortgages are seeking to buy properties in areas of high tenant demand, according to Ian Potter of the Association of Residential Letting Agents.

He explained that "serious" investors purchase homes with a five to 20-year plan in mind.

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