20 Feb

Buy-to-let 'needs more regulation'

Buy-to-let 'needs more regulation'

More regulation should be put in place for the buy-to-let mortgages market, investor website smartlandlord.co.uk has argued.

Spokesperson Michaella Waldren suggested that the Financial Services Authority (FSA) should play a larger role in regulating such mortgages, to help improve the security of those taking them out in the light of the importance the private rental sector has in meeting the UK's housing need.

She stated: "With the private rented sector playing an increasingly important part in the tenure of the UK housing market, it is essential that the FSA regulate buy-to-let possessions as tightly as those in the owner occupied sector."

Ms Waldren made her remarks after figures produced by the Council of Mortgage Lenders (CML) showed that buy-to-let lending dipped by 12 per cent in the fourth quarter of 2008.

She commented that the industry is "much more stable" than the CML figures suggest.

The fourth quarter tally of buy-to-let mortgages recorded by the CML was 37,000, at a total value of £3.9 billion.

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