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UK landlords urged to seek expert advice

Wednesday, 20 February 2008 12:00 AM

Landlords in the UK buy-to-let sector are being advised to seek expert advice when choosing an investment.

The recommendation follows research from specialist lender the Money Centre - which finds some 53 per cent of landlords in the UK do not use an adviser, intermediary or broker to help guide when securing property.

As a result, landlords are in danger of making costly mistakes, wasting time and missing out on good deals when choosing to invest.

"Decisions over your finances shouldn't be taken lightly, so we always recommend potential and existing landlords take their time to research and plan their approach to property investment," said Lynsey Sweales, marketing and PR director of the Money Centre.

"Having a solid strategy and clear end goal is important in making the most of your investments."

The Money Centre finds those landlords who do use a specialist advisor save both time and money when it comes to securing a buy-to-let property - both through initial and ongoing advice.

Of those landlords using specialist advice, 45 per cent said a third party arranged the buy-to-let mortgage with the lender, while 47 per cent said they were provided with advice on lenders for new properties.

Furthermore, 38 per cent of investors said they had their attention drawn to new deals and 32 per cent said advisors ensured their mortgages are continually the best value.

"Building a one-to-one relationship with an advisor you trust can really bring rewards," concluded Ms Sweales.

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