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&#39No fast bucks to be made in buy-to-let market&#39

Buy to let is not the “fast buck” market many borrowers think it is and new landlords must research the market properly before making a purchase, warns UCB Home Loans.

According to the lender, the buy-to-let market grew by a massive 62 per cent last year, with 184,900 buy-to-let mortgages outstanding at the end of December 2001.

Of these, more than 41,000 were taken out in the last six months of the year.

UCB says many of these loans were taken out by amateur landlords looking to cash in on rapidly rising house prices. But the lender is predicting the market will begin to calm down in 2003, with fewer new people entering the market as landlords.

Managing director Charles Reed says: “As house prices shoot upwards, the rental market is having a less favourable time. With the number of landlords increasing as buy-to-let becomes more popular, some areas have seen falling rents and an increase in the length of void periods, during which landlords receive no rent but still have to pay the mortgage.”


Investors needed for comedy film

Film production company Cowboys and Indians plc is aiming to raise £3.5m for a new comedy drama through an enterprise investment scheme.The company already has American-based sales agent Bauer Martinez Studios interested in handling the worldwide distribution of the film.The company also hopes that casting actors from Bollywood will boost the film&#39s commercial potential even […]

Mortgage club deal from SML

Scottish Life Mortgages is piloting a mortgage club with national mortgage intermediary Personal Touch Insurance which it then plans to roll out across the industry.SLM says it will compete head-on with its rivals Prudential Mortgage Service and Legal & General&#39s mortgage club and claims it will have the edge of being the only life office […]

&#39With-profits firms will secure their future&#39 – Save and Invest

With-profits providers will rise to the challenge of the Sandler review and secure themselves a future, claims Save and Invest.The with-profits product has received a battering from critics recently but Save and Invest remains confident that the product will weather the storm of the Sandler and Pickering reports.Save and Invest managing director Jeffrey Deans says: […]

&#39Proposals risk being idealistic&#39 – Selestia

Sandler&#39s focus on asset all-ocation and transparency has been welcomed by Sel-estia but it warns that other aspects of the recommendations do not go far enough or risk being idealistic.Managing director Brett Williams says: “The assertion that simplifying products will prevent them being missold perpetuates rather than resolves much that is wrong with the industry […]

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Preparing for the changes to the pensions market

As more and more providers start to reveal their stance on the charge cap and removal of commission and active member discount pricing, we thought it would be worthwhile to look at what these are, and the steps businesses should be taking to prepare for this.


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