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52% of brokers call for buy-to-let regulation

The majority of mortgage brokers want the buy-to-let market regulated, according to new research from Sun Bank.

The research shows that 52 per cent of brokers think the Treasury has made a mistake by excluding buy to let from the FSA&#39s remit for mortgage regulation.

The exclusive survey for Money Marketing by the specialist lender of 168 brokers also found that nine out of 10 brokers want a single trade body for everyone placing mortgage business.

Fifty-seven per cent of respondents think packagers should be regulated in agreement with the Treasury&#39s Regulating Mortgages paper which suggests that anyone involved in introducing and arranging mortgages should be covered by regulation.

Sun Bank, a subsidiary of Portman Building Society, conducted the research to coincide with the launch of its range of buy to let, self-certification, 100 per cent mortgages and credit repair loans, to be sold through brokers.

It is also starting a trade ad campaign this month which it says has a range of “Benettonstyle” controversial images.

Marketing director Chris Cummings says: “We believe the buy-to-let market should not be regulated. It is a commercial transaction which should not be entered into lightly and regulation would move the responsibility from the customer to the lender. Most brokers feel there should be a trade body that represents them – their views are not being heard as a unified voice.”

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