Buy-to-lets could push some to seek debt management solutions
Buy-to-lets could push some to seek debt management solutions
Tuesday 9th June 2009
The market has been transformed by the economic downturn and subsequent recession and reversed the boom of previous years when making a profit was easy, according to David Elms, the chief executive of Unbiased.co.uk.
"Unfortunately this boom couldn't continue forever and those who invested in the buy-to-let property market may now be facing losses due to the current economic climate," he explained.
"If you are considering becoming a buy-to-let landlord, or if you are struggling with existing mortgage repayments, we urge you to speak to a whole of market mortgage adviser for the best possible advice on your situation."
He stated that such a professional can help consumers gain a broader perspective by taking them through "the opportunities and potential pitfalls of the buy-to-let market" and advise on whether it is the right investment.
His comments come amid research from the website showing that nearly a third (28 per cent) of British consumers believe buy-to-let investments will make a loss in the current economic climate.
People in London still have a favourable view of the investments and nearly one in ten believe they will still make money from them.
According to debt charity Credit Action, when mortgages are taken into consideration, the average amount of money owed by every adult in the UK hits £30,500.
News article brought to you by Debt1 – UK debt management specialists.
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