Buy-to-Let Mortgages

OooSoo

Just found out today from the FSA that these are un-regulated and not covered by the Financial Ombudman etc. As a Landlord, it would be nice to know what protection the Halifax have for me if things went all Pete Tong with them. Also what's to stop them hiking up interest rates etc etc?

I found this out whilst researching about those dreaded Mortage Arrangement Fees or as I like to call them (Money for Old Rope Fees)!!!!!

GMS

The choice of product protects against interest rate hikes or not.

Take a fixed and you are safe for the chosen period. Take a tracker and you are at teh mercy of the rate to which it is linked. Take a Standard Variable and the lender can amend as and when they choose.


What other protection would you expect? A BTL is a commercial transaction and should only be entered into if all risks are fully understood and accepted.

Thrugelmir

OooSoo wrote: »

Just found out today from the FSA that these are un-regulated and not covered by the Financial Ombudman etc. As a Landlord, it would be nice to know what protection the Halifax have for me if things went all Pete Tong with them. Also what's to stop them hiking up interest rates etc etc?

Same applies to residential mortgages.

The FSA didn't even blink when the Skipton BS broke its customer promise. As ultimately even the FSA in unable to interfere with commercial decisions that are critical to the running of a financial institution.