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Buy-to-let landlords should look for big discounts, expert claims

Wed, 28 May 2008

Buy-to-let investors trying to find a bargain property should look for a discount of around forty per cent, one expert has claimed.

According Lee Grandin, managing director at Landlord Mortgages, buy-to-let landlords who do not get such a reduction in price might find that they have paid over the odds.

He said: "Landlords will naturally buy cheap property so they are under the market value anyway but if you are under market value today but are then undercut by 20 per cent in the next year then no, it wasn't a good time to buy."

A 40 per cent discount is available on some repossessed properties, he added.

Mr Grandin also stated that anyone looking to get a buy-to-let mortgage will also need to raise at least a 25 per cent deposit if they are to be successful.

Recently, Nationwide reported that the average house price fell for the sixth month in a row in April.

According to the building society, the average property now costs £178,555 - a one per cent fall compared to the same time last year.
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