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NLA calls for sustainability for landlords
Posted by Mark Cunningham
Banks and building societies should make sure all newly-created mortgage products for landlords are sustainable in the aftermath of the global economic downturn.
That is according to Richard Price, director of operations at the National Landlords Association (NLA), who believes financiers should have learned their lesson about offering home loans to professionals in the buy-to-let sector that were not realistic.
Mr Price noted that prior to the recession, "we witnessed the growth of mortgage offers" which gave investors the opportunity to quickly boost their portfolio but failed to take into account the long-term effects of these deals.
Therefore, being as the private rented sector will "continue to play a crucial role" in the near future as demand grows, Mr Price has insisted that the same errors as before the slump must not be repeated.
Recently, Paul Holmes of FirstRung labelled the government's FirstBuy property scheme a "whitewash".
22/06/2011 15:31
News category: Property