Christopher Tanner, managing director of Blevins Franks Mortgage Services, explained anyone with a poor credit history will find it costly and difficult to get a buy-to-let mortgage, the market as a whole is still strong.
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However, he did warn that anyone entering the buy-to-let market needs to be cautious.
Mr Tanner said: “If you are a first-time investor, make sure you find a property that’s suitable; you’re not taking out loans you cannot afford to repay; you’re not extending yourself where you’ve got no money in the bank when you have a void period, or a tenant doesn’t pay.”
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Anyone who takes a guarded approach and does the necessary planning “should be ok”, he concluded.
Figures released by the Council of Mortgage Lenders show that buy-to-let lending stood at £24.1 billion in the second half of 2007, up from £21.2 billion in the first six months of the year.
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