Exact claims its research shows that 54% of mortgage brokers believe buy-to-let should be regulated by the FSA.
After polling 549 mortgage intermediaries, Exact said their findings indicated that two out of every five brokers said at least 90% of their buy-to-let clients were amateur landlords. 63% of brokers surveyed said more than 75% of their buy-to-let clients were amateur investors.
Alan Cleary, managing director of Exact, said: “Buy to let should always have been regulated. The ready availability of mortgage finance and credit up until two years ago opened the door for a lot of amateur investors. The lack of regulation meant it was too easy for amateurs without a commercial head on their shoulders to jump on the bandwagon. It was a mistake to assume that because buy to let was viewed as a commercial endeavour