View more on these topics

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.”

Recommended

Mortgage Times appoints head of marketing and corporate relations

Payam Azadi has joined London-based brokerage Mortgage Times. Azadi previously worked for Network Data for four and a half years, where he undertook various positions including marketing and design, media relations and public relations. His responsibilities at Mortgage Times will include advertising, promotions and further development of corporate relationships. Chris May, director of Mortgage Times, […]

Greenbank signs up Nereus Infotek

Greenbank Mortgage Services has signed up with Nereus Infotek for its packaging system D@shboard. Based in Newry, Co Down, GreenBank provide a specialist mortgage packaging service to brokers in Northern Ireland. Brian Newell, operations manager at Greenbank, says: “After extensive research, Greenbank has chosen Nereus Infotek&#39s D@shboard system as this will provide all the facilities […]

Treasury official retires after 10 years

Professor Sir Andrew Likierman, head of the Government Accountancy Service and managing director of Treasury Financial Management, will retire in the New Year after 10 years in the post. Paying tribute to Sir Andrew, chancellor Gordon Brown says Likierman has made an “outstanding contribution to improving financial management in government” over the course of a […]

Halifax increases SVR by 0.25%

Halifax says it will be increasing its standard variable rate from 5.50% to 5.75%, following the Bank of England&#39s rate rise last week. The increase will come into effect from the December 1 2003 for existing borrowers, with tracker mortgage customers also seeing an increase in rates from the same date.

Newsletter

News and expert analysis straight to your inbox

Sign up