FSA announce new proposal for landlords

The Financial Services Authority (FSA) launched news plans for a proposal to ban all self-certification mortgages and fast track loans. The proposal will also see buy-to-let mortgages and other types of lending for homes to fall under the FSA's remit, as currently they are treated similarly to business loans.

If the proposals are agreed landlords could start to see the effects as early as June 2010, if the industry does not object before January. The FSA have announced this proposal after describing the recent lending criteria as 'toxic combinations', where borrowers even with poor credit ratings were given high loan mortgages.

The changes if agreed would make it much more difficult for landlords with no other sources of income to get approved for mortgages.

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November 30^th 2009

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