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Monday, November 14, 2011

FSA consider BTL regulation

The Financial Service Authority has stated that it can see the benefit to bringing the BTL mortgage sector under the same regulations as the  residential mortgage market

Sheila Nicoll of the FSA stated “It is a matter for the Government to decide whether we should regulate buy-to-let, but we certainly see benefit in having the buy-to-let market regulated alongside the residential mortgage market.

We are very alive to the issue of buy to let and the European mortgage directive. One of the problems is that the buy-to-let market is far larger in other member states, such as Germany, so it is difficult for them to see why it should not be regulated but the FSA is very aware of the industry’s concerns on this.”

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