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News: BTL advice 'failing'

Thu, 07 Feb 08

BTL mortgage advice requires greater regulation, reveals a new survey....

Lenders polled by repossession specialists Moore Blatch overwhelmingly called for more stringent regulations, with nine out of ten saying they thought these are required.

The study also uncovered a mood of pessimism over the fortunes of buy to let mortgage holders this year.

Over eight in ten said they thought that repossessions will increase this year, with four in ten saying they thought a rise of between 10 per cent and 15 per cent is likely.

Meanwhile, eight per cent said they expected an even more marked rise.

Those deemed most likely to fall victim to repossessions were those with 100 per cent plus mortgages and first time buyers, with 70 per cent of the lenders polled identifying the latter as vulnerable.

Paul Walshe, head of lender services at Moore Blatch, told BBC Online: "We have seen a significant increase in repossessions over the year, and with house prices falling, the vast majority of lenders expect this to continue over the foreseeable future."

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