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Take care with B2L, brokers warned

Moore Blatch is warning brokers to cover their backs when selling buy-to-let mortgages.

The repossessions specialist has warned brokers that buy-to-let arrears and repossessions levels are rising so they should document that they are not giving investment advice and also provide appropriate investment-style warnings.

While neither are currently required by the Financial Services Authority, Moore Blatch says these measures could help in support- ing brokers’ legal position if clients decide to take civil action.

Paul Walshe, head of lender services at Moore Blatch, says: “We are urging the regulator to ensure that buy-to-let investment is subject to consumer warnings as many amateur investors are facing substantial losses.”

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