From Michael Bolton
Regarding the recent letter from Peter Willingham of Accelerated Mortgages (Mortgage Strategy March 15), I suggest he wakes up and sniffs the spring air or he may find his firm accelerating out of business.
Firstly, BM Solutions is the UK's biggest buy-to-let lender. If Peter is unsure, I suggest he calls the Council of Mortgage Lenders who will be happy to provide him with the relevant figures.
Secondly, if Peter regards himself as a buy-to-let expert, presumably he's aware that he is undermining his own position by not embracing regulation. After all, how can he claim to be a buy-to-let expert if he cannot transact all buy-to-let business – a reminder to your readership that some buy-to-let will be regulated under MCOB. I would like to express my sympathy to Peter in advance when, say, a lender realises during the processing of one of Peter's unregulated buy-to-lets that a member of the purchaser's family is one of the tenants. The lender would then either decline the application (such as Paragon who will only accept non-regulated buy-to-lets) or take the application over from the unregulated broker and process it themselves as a regulated loan.
Thirdly, many buy-to-let transactions have a regulated mortgage counterpart e.g. a residential remortgage for capital raising for the deposit on the buy-to-let purchase. Again, how can Peter claim to be a buy-to-let specialist without satisfying all of his clients' needs?
Fourthly, most people believe buy-to-let will shortly be regulated by the FSA along with second charge mortgages and home reversions.
As for Peter's campaign against Century Mortgages, I'm sure he played a significant part in its downfall but what I don't understand is why he would want to launch a similar campaign against those who have championed mortgage regulation and consumer protection. Peter shouldn't waste time bitching about the inevitable. All reputable players in the market should welcome consumer protection and he would be better off investing time in ensuring that regulation works for him and his clients.
Director of mortgages