On reading that the FSA claims brokers are using buy-to-let for self-cert clients I was left wondering if this is the silly season.
We are suffering from a spate of intermediary-bashing, with fraud firmly in the spotlight.
Where does the FSA get all this information that it is using to darken our image?
It is likely that some brokers are involved or complicit in fraud. The same goes for some solicitors, accountants, surveyors, lenders’ staff and various others.
Regarding buy-to-let, some lenders are happy to give first-time buyers loans, and for some people this is a sensible investment opportunity.
Over the years, I have helped several first-time buyers acquire buy-to-let properties. Several of them continue to live in their parents’ homes or have since bought their own homes.
To the best of my knowledge, only one has taken up residence in the buy-to-let property and this was after informing the lender and switching to a residential mortgage.
The FSA should justify its position or withdraw the slur.