Buy to Let Mortgage - Non-Regulated Product

newbie99 | 20:46 Tue 04th Jul 2006 | Home & Garden

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Does anyone knows what the above means. The product was offered by the estate agent was told that all Buy to Let mortgage is not regulated by the FSA.

Does anyone knows if this is true? Because we felt its a risk to borrow from someone that is not regulated by a governing body.

Thanks for any thougths/reply.

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chitchat

All residential mortgages i e your home are now regulated by the Financial Services Authority and have been since 31 Oct 2004. This means that the way you are sold a mortgage is different in as much as you can either ask for advice or just information on your mortgage product. It does not cover buy to let mortgages. But you should be no more at risk with a buy to let mortgage - unless of course you dont pay your mortgage payments - than you would with a normal residential one. Hope that helps.

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