75,000 mortgages advanced in first half of 2003

A staggering 75,000 mortgages worth £7.7bn were advanced in the first half of 2003 research by www.buy-to-let-secrets.co.uk reveals.

However, the website says that while the figures are testament to the fact that property for time-being is a sound investment, it warns those that have been using for a quick fix could come unstuck.

Property investment it says is a skill, and currently, many are choosing the wrong properties, the wrong finance and buying too many properties while managing them badly.

Neil Lewis from the website says: “The recent increase in interest rates equates to a more stable property market, and there are a bunch of offers available from developers now, which means some good priced properties up for grabs.

“However, an all-too-common mistake that private landlords make is to buy a propertyin the wrong area, meaning they could lose money, end up unable to resell the property or possibly not even find a suitable tenant.

“Many private landlords do not fully understand their legal obligations, meaning they are faced with an unhappy tenant and even a legal battle.”