Chainbow calls for protection for buy-to-let mortgage customers


Brits looking for a mortgage that will allow them to rent out a property might be interested in the latest comments from Chainbow.

The residential management firm has claimed that the government should introduce more regulation into the buy-to-let mortgage sector.

Chairman and chief executive Roger Southam claimed it is dangerous to allow letting managers and block managers to operate without some form of qualification.

He noted that the government has twice said it would not entertain the idea of regulation for such professionals – something the expert disagrees with wholeheartedly.

“I don’t know any other profession or sector of the financial world at large that would allow the amount of money to be held that is held by people who don’t need to have a qualification at all,” Mr Southam explained.

“So, you could step out of prison, open yourself up as a letting manager or block manager, take people’s service charge money and run off with it.”

He added that the lack of a need for a professional qualification means anyone could set themselves up in business, even if they are a complete amateur.

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Find the Best Rates from Local Mortgage Advisers!
Finding the best mortgage advisers in your area is easy. Whether you're looking for buy to let, a residential mortgage, or a commercial loan, just enter your location into the form and answer a few questions. Then sit back and let the backend system do all the legwork to put you in touch with independent mortgage advisers near you!

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