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53% of brokers back no regulation for buy to let

The majority of intermediaries support the Treasury&#39s decision to leave buy to let out of FSA regulations for mortgages, according to research by specialist lender Future Mortgages.

But while its survey of 500 brokers shows that 53 per cent agree with the Treasury, a substantial 41 per cent say the sector should be regulated from 2004, with only 6 per cent unsure.

Future says it agrees with the majority view as it has always argued that buy to let is a commercial transaction and that lenders are responsible enough to put safeguards in place such as restricting the size of property portfolios.

The Future 500 survey also found that 54 per cent are in favour of the Treasury&#39s classification of packagers into four categories – mortgage club, mortgage packaging company, broker packager and correspondent lender, with only the last two set to be regulated.

Future says that with only 23 per cent disputing classification, this is what the industry has been arguing for as packagers can decide whether to just provide admin or get involved in giving advice.

Half of brokers think the timetable to introduce FSA mortgage regulation by mid-2004 is feasible and only 23 per cent do not think it will be met.

Communications manager Richard Hurst says: “Brokers who do buy to let deal with professional landlords and realise it is a very different transaction to a couple buying a house as a roof over their heads.”


Manor Park – Guaranteed UK Capital Growth Fund

Monday, 2 September 2002 Type: Guaranteed growth bond Aim: Growth linked to the FTSE 100 index Minimum investment: Lump sum £5,000 Place of registration: Guernsey Investment split: 100% linked to the FTSE 100 Guarantee: Choice of between 85 &#45 110% of capital returned in full at end of five year term regardless of movement of […]

Clementi appointed as new Pru chairman

Prudential has confirmed that the deputy governor of the Bank of England David Clementi will become its new chairman. The appointment was widely anticipated and follows the standing down of previous chairman Sir Roger Hurn following his previous leadership of troubled telecoms company Marconi. Because of his position at the Bank of England, there is […]

Simon Gentry

The ABI&#39s European sentry is finding his skills learnt as an anti-apartheid campaigner useful in trying to negotiate to find harmony between the EU and the UK insurance industry. As head of European affairs, Simon Gentry says his job is to manage a team that scans for EU developments affecting the UK insurance industry and […]

Just a Mortgage deal to become provider to online members club

Introducer Just A Mortgage has signed an agreement with online members&#39 club, Quintessentially, to be its exclusive provider of mortgage services. Quintessentally has chosen Just A Mortgage, part of financial services group Blevins Franks, to arrange and service bespoke mortgages for high net worth individuals. Quintessentially sources a selection of goods and services for its […]


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