More support for sale and rent back regulation - buy to let mortgages

17 October 2008

In buy to let mortgages news, another representative body has joined the list of organisations that have pledged their support for more regulation of sale and rent back schemes.

The Association of Mortgage Intermediaries (Ami) has welcomed the recommendation from the Office of Fair Trading that the Financial Services Authority should oversee the sale and rent back sector.

It comes after concerns were raised that a minority of unscrupulous landlords were lowering the reputation of the industry.

Chris Cummings, the director general of the Ami, said that customers should be protected from disreputable firms.

"There are a number of good companies who are trying to distance themselves from examples of bad practice. These companies … and most importantly, consumers, will benefit from statutory regulation."

Other groups that have expressed support for the regulation of the sale and lease back market are the Council of Mortgage Lenders, Safe Home Income Plans and housing charity Shelter.