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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.”

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