Wednesday, April 8, 2015
FCA will regulate some buy-to-let mortgages.
HM Treasury has confirmed the implementation of the European UnionÃ¢Â€Â™s Mortgage Credit Directive will result in the Financial Conduct Authority regulating some buy-to-let mortgages. The regulation will affect buy-to-let loans taken out by individuals where the loan is classified as not being Ã¢Â€Â˜commercialÃ¢Â€Â™. In practice this will apply to the minority of cases where the borrower has lived in the property, or intends to do so. The UK is required to implement the Mortgage Credit directiveÃ¢Â€Â™s requirements by 21 March 2016, in order to meet its treaty obligations.