Who Does Buy-to-Let Mortgages?
Many people have seen their pension funds decimated over the past decade due in part to the governments intervention when they came into power. It is the need of a ‘safe’ valuable pension pot that has fuelled the huge growth in the Buy to Let market place.
In the TV world inhabited by the UK’s favourite property duo, Kirstie Allsopp and Phil Spencer, making money from buy-to-let property is simple:
Just follow a few basic rules, buy a place in a carefully researched town or City, and just sit back and wait for the money to roll in, evetually!
Over the past twelve years thousands have made millions from building lucrative property portfolios.
However, with the ‘credit crunch’ things are changing dramatically.
Due to the recent huge rises in property prices, few new investors are making much (if any) profit from the rental income. Instead, most investors are betting they will make a return from further house price rises. Scarily for many property prices are begining to drecrease in value.
To compound the problems Buy to Let mortgages are now few are far between with lenders cirteria being tightened up very sharply.
The net result is many propert investors are suffering from huge increases in their monthly repayments due to coming out of fixed rates that were comparitvely low. They’re now on to the lenders variable rate which can easily be 2%+ above what they were paying which means their monthly mortgae outlay could have increased by hundereds of pounds.
To exasperate the situation these investors are finding it practically impossible to remortgage as the criteria lenders insist upon are far more stringent than a year ago.
However, if anyone can help the Bad Credit Mortgage Centre is on hand with specialist help. It costs nothing to call, so why not contact us to what can be done to improve your situation?..
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