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Government poised to launch "farcical" buy to let mortgage consultation

The government is poised to launch a consultation document which is expected to advocate further restrictions on buy to let mortgage lending.

The formal consultation is expected to be launched within the next 72 hours - and possibly even today - although one prominent buy to let expert, Ray Boulger of independent mortgage broker John Charcol, has already been quoted as branding the exercise “a farce” because so much advance information has already been in the public domain.

Letting Agent Today has already reported that some lenders have voluntarily introduced stricter lending criteria, which is expected to become the norm following the consultation.

“The Bank of England currently has no control over lending in the BTL sector, but the Chancellor will soon hand powers over to the Bank's Financial Policy Committee. The consultation is a farce” Boulger has told the Daily Mail.

Chancellor George Osborne first announced in October that a consultation would take place; a final decision on which powers will be given to the Bank of England will be made next year.

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    Politicians! Always locking the stable door after the horse has bolted....
    Please focus on passing planning permissions at local level and put the resources in place to do it quickly.
    You can't make up for 7 years of sitting on your backsides overnight by targeting Landlord's...
    Still not even enough homes to balance net migration

  • Maxine Fothergill

    BTL landlords collectively are the largest housing providers in the country. However we still have a massive housing shortage, The pending changes being introduced by government will simply cause a crash in the housing market with many selling up. Ultimately this will create hundreds of thousands of poor and low income earners potentially being made homeless with no hope of ever getting on the property ladder. George, get real, local authorities have had the majority of there grant settlements remove and therefore don't have the resources to re-home people. Please consider the poor and low income people and stop this nonsense if you want to avoid another recession!


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