Wednesday, October 21, 2009
NLA Expects New FSA Initiative to Increase Mortgage Costs for Buy to Let Landlords
Yesterday, on October 20th, the National Landlords Association (NLA), UK leading national independent body for residential landlords, expressed its concern over the statement by the Financial Services Authority made on Monday, October 19th. In the opinion of NLA experts, the proposed regulation of the buy to let sector in the UK might result in an increased cost of borrowing for buy to let landlords. Let us remind that the FSA wants to impose tighter control on the UK mortgage market by banning self-cert mortgages and by introducing affordability tests. The FSA is determined that the measures it outlined will help resolve the problems of the UK mortgage market caused by the economic downturn as borrowers will only be granted mortgages they can actually support.