78% of buy to let investors fear interest rate hikes...
Brett Alegre-WoodChairman, YPC Group
Hey guys,
Today it's the results of our first survey of our investors and the story that will be released to the press is this...
Buy to let investors are have told us that a massive 78% of investors consider interest rates more a worry than price drops, government spending cuts and double dips.
The survey conducted by YPC Group a leading property investment education group through their website www.yourpropertyclub.com.
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Their Chairman and Author Brett Alegre-Wood says that 'the results are not surprising at all. People fear not being able to pay the mortgage more than they ever do prices dropping. But overall, most buy to let investors are in for the long term so they realise that the long term prospects for property are still great.'
The results show that government spending is the 2nd-biggest worry at 18%, a double dip at 9% and 3% continue to be bothered by prices dropping further.
My advice to investors it to simply start planning ahead now. Don't be a deer-in-the-headlights any longer. It doesn't matter what happens; double dip, prices dropping or massive government spending cuts -- the fact is that interest rates will be going up sooner or later so you need to begin building your provision account up.
Recently the FSA copied my thoughts in saying that affordability should be measured against 6% rather than actual pay rate. I've been saying this for ages through our principle of Mortgage Cost Averaging.
In short, the principle says that living like interest rates are sitting all the time at 6% will keep you well and truly secure. If you find you'd have difficulty cashflowing your portfolio at that level, you need to definitely be building your provisions up now while rates are low so you can handle the interest rates rises in the future.
Give the team a call on 0207 812 1255 if you have any questions about how to implement this principle. Education really is the key to killing fear, so give us a call and we'll be happy to help as much as we can!
Live with passion,
Brett Alegre-Wood
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