I have been writing to the prime minister, the Treasury and the department for local government and communities regularly for over three years on this topic.
The fraud in the buy-to-let sector is enormous. The latest fraud I have been told about concerns a landlord who has fitted a kitchen in his own home and arranged for the fitters to say it was for one of his BTL properties, so he can offset the cost to the taxpayer. This is the tip of the fraudulent iceberg that is being subsidised by the British taxpayer and is affecting adversely our younger generation as well as our economy.
Why the Treasury has failed to act on this rotten part of the housing sector is beyond me – if they did, they could surely afford to be much more generous in respect of social housing.
I rarely receive mortgage enquiries these days, even though I was once a major mortgage adviser responsible for financial advice to 3,500 staff at the head office of a major provider. However, in the past 24 hours I have received two BTL enquiries, neither of which I am happy about or likely to act on.
I trust that Financial Adviser and the FT will continue to publicise the inequity in our society over the issues posed by the BTL bubble.
Colin Cloy
Director
IHT Free
Horsham
West Sussex
