Treasury announces definition of ‘accidental landlord’
The Treasury has settled on the definition of an ‘accidental landlord’ as it looks to clear up the confusion surrounding the impending EU Mortgage Directive.
According to a report in Mortgage Strategy magazine, the Treasury has defined an accidental landlord as any borrower who has entered a buy-to-let contract which the borrower has not “wholly or predominantly” been for business purposes.
The aim of the Mortgage Directive is to harmonise the mortgage market across to the EU and implement higher levels of consumer protection.
However, there has been real concern that the buy-to-let market will be adversely affected and amateur landlords will find it more difficult and expensive to obtain a mortgage.
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