Time to end discrimination against benefit claimants by buy to let mortgage providers is the call by the RLA

October 22, 2018

URGENT action is needed to tackle discrimination against benefit claimants by buy-to-let mortgage providers, this call is being made by the Residential Landlords Association (RLA) following news that a landlord has had the mortgage on a property revoked because she is renting to a benefit claimant.

In a letter being sent to the Treasury Minister responsible for banking, John Glen MP, the RLA is calling for:

The Government to use the influence it has in those banks in which it currently has shares to end such discriminatory practices.

The Financial Conduct Authority (FCA), working with the Bank of England, to undertake a full investigation into the extent of this problem and prepare plans to end it. The RLA believes such practices breach a number of principles within the FCA’s ‘Treating Customers Fairly’ agenda.

The Equalities and Human Rights Commission to undertake a review of whether such practices breach equalities law.

David Smith, Policy Director for the RLA said:

“With growing numbers of benefit claimants now relying on the private rented sector, it is shameful that many lenders are preventing landlords renting property to some of the most vulnerable in society with little or no justification.

“The Banks have had long enough to get their house in order. It is now time to take firm action to stop such unjust practices.”

Read the RLA news release ‘Time to end banks discrimination against tenants on benefits’ in full click here.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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