FSA introduce new proposal
The FSA has announced proposals that will see more protection for landlords, currently there is only a small amount available. Recent years have seen a massive increase of investment in the letting sector for example 1999 saw £3.1billion of mortgages approved whereas 2007 saw £44.6 billion, increasing the number of landlords in the UK to around a million. This increase has caused the FSA to force lenders to stick to current standards that banks and building societies currently adhere to, this will include providing clear instructions on total costs and increased protection from repossessions.
The recent recession has caused house prices to plummet causing a potential goldmine for those that want to increase their property portfolio and move into the buy-to-let sector. Figures have increased across the board causing confusion, with no one knowing just where we stand on rent or property prices. Instability within this sector has reduced deals available to potential buyers as the figure dropped form 3,648 in 2007 to a more recent 227.
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October 23rd 2009
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